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Olympics 'not good' for small businesses

Published 3 Sep 2008
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Now that the Olympic torch has been handed over to London following the Beijing games, new research suggests that entrepreneurs are unsure whether the 2012 event will benefit smaller companies.

The report from entrepreneurial advisors the Tenon Forum suggests that just 10% of the nation's entrepreneurs believe that the 2012 games will have a positive impact on their companies, with three quarters (71%) expecting the Olympics to have no impact on their businesses at all. Strangely, 15% of those surveyed actually thought they would suffer a negative impact in 2012.

Unsurprisingly given the colossal projects being undertaken to prepare for the games, most entrepreneurs (70%) thought that they would lose out to big companies, as large corporations would be the biggest beneficiaries of the games.

Following many recent suggestions in the mainstream media, entrepreneurs based outside London believe that the games will only benefit firms in the Capital - over two thirds of business people in the North shared this view.

Michaela Johns, Director of Business Services at Tenon, stated: "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."

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