Entrepreneurs doubt 2012 Olympic opportunities
As Beijing gets set to hand over the Olympic torch to London in preparation for 2012, UK entrepreneurs are sceptical about the opportunities this major sporting event will bring.
Excitement is mounting in advance of the official handover on Sunday 24th August, but UK owner-managers are feeling less upbeat. According to new research from entrepreneur think tank the Tenon Forum, just one in 10 entrepreneurs think the Olympics will have a positive impact on their business, with a further three quarters (71 per cent) believing the Games will have no impact on their business at all. A further 15 per cent are actually predicting a negative impact.
And it seems that UK’s SMEs feel they are losing out to big businesses, with nearly three quarters (70 per cent) of entrepreneurs stating the world’s highest profile sporting event will only benefit large corporations with lucrative sponsorship deals.
Entrepreneurial businesses outside the host city believe any impact will be solely London-centric, with two thirds of Northern entrepreneurs thinking that only London-based businesses will benefit from the Games.
But even in London, the home of the 2012 Olympics, entrepreneurs are cynical about the impact of the Games on their businesses. Just 16 per cent believe there will be a positive impact from the Games taking place on local turf and only one in 10 (12 per cent) are excited and actively looking for opportunities surrounding 2012. The consensus for a significant proportion (40 per cent) is that the Games will not impact on the Capital’s smaller businesses at all.
Michaela Johns, Director of Business Services at Tenon, commented: “The 2012 Olympic Games have the potential to generate a huge amount of revenue for the UK’s businesses and not just for the obvious targets, such as the leisure, tourism and hospitality trades, so we would urge entrepreneurs to start thinking creatively now about the potential for their businesses.
“Prior to the start of the Beijing Olympics, Chinese companies supplying a huge array of goods and services were using the Games as a chance to bolster their businesses, including suppliers of air-conditioning, washing machines and beer for the Olympic media village, as well as the more prominent big business sponsors and suppliers. Entrepreneurs should remain open to ideas and seek out more unusual business leads for their company to take advantage of any potential opportunities that may arise in the run-up.”
Ends.
For more information or to arrange an interview with a Tenon Forum spokesperson or case study, please contact:
Sarah Weston 020 7419 7323, sarah.weston@bbpr.com
Phillip Ward 01257 518000/ 07800 617069, phillip.ward@tenongroup.com
Notes to editors
About Tenon
Tenon is a leading provider of accounting and business advice to entrepreneurs, providing clients with expertise in Business Services, Tax, Financial Services, Corporate Finance, Recovery, Outsourcing and Forensic Accountancy. Tenon is the 9th largest UK accountancy firm with over 1900 staff UK wide with a turnover of £137.1m. Operating through a network of 46 offices, Tenon is able to offer local expertise but with the backing of a national plc. Tenon is a sponsor of the National Business Awards and the award category is the 'Tenon Award for Entrepreneurial Spirit'. To learn more, please visit www.tenongroup.com/nba
About the Tenon Forum
A regular survey of SMEs is carried out every six months for the Tenon Forum. These findings, combined with the analysis by an independent think tank of entrepreneurs, form the Tenon Forum report. The Tenon Forum is an independent think tank made up of leading entrepreneurs from the UK’s small and medium sized business community. The Tenon Forum Think Tank meets to analyse issues arising from this research.
About the research
YouGov interviewed 1,010 private sector senior managers and above from small and medium businesses with between 5 and 499 employees. Research was carried out online between 25th April and 5th May 2008. The survey covers all business sectors across the whole of England, Scotland and Wales. Results have not been weighted. YouGov is a member of the British Polling Council.
