Latest research suggests business owners in the east of England would form another company should their current firm fail, it has today been reported.

A survey in the area by Barclays Local Business claims 85 per cent of entrepreneurs would do so, according to Business Weekly.

The same number believe the failure of a business can be seen as a positive experience, while 39 per cent claim it would have an impact similar to the end of a relationship, the source adds.

Stewart O'Dell, Barclays Local Business Eastern's regional manager, tells the publication owners in the area are operating under "difficult circumstances" due to the credit crunch.

He adds: "However, it's heartening to know that their desire to bounce back from failure is so strong."

Mr O'Dell also states if a business owner does have to start again qualities such as "determination, tenacity and commitment" would stand them in good stead for a new venture.

The news comes after it was announced this week firms in the east of England are not citing access to credit as their main concern, despite the current economic climate, reports Peterborough Today.

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