Small companies ‘should find mentor’

Small firms should attempt to find a mentor who can lend them business advice, it has been suggested.

According to Adam Wayland, editor of smallbusiness.co.uk, people involved in running such companies should identify a businessperson who possesses knowledge of the relevant sector.

He said: "If you can, it’s always preferable to get some sort of mentor in place, someone who’s been through the process of setting up a business."

The expert went on to say that this is preferable to going it alone as people who opt to pursue such an isolated path "always find it more difficult".

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According to research published recently by Barclay’s Bank, more businesses started up in 2007 than in any year since records began in 1988.

Reportedly, the north-east and the West Midlands saw the biggest increases in start-ups compared to 2006, with the establishment of firms in the regions up 11 per cent.