The vast majority of entrepreneurs (93%) believe learning from their own experience is the best way of developing their business skills, according to research by SFEDI.

The study found that self-learning and picking up tips from other business owners (49%) were far more common that business coaching, which was used by just 12%.

Two-thirds of the entrepreneurs questioned had no previous experience of running a business when they set up their current venture.

The research also found that managing cashflow and finance was the biggest headache for entrepreneurs, with 35% pointing to this, ahead of winning new customers (29%).