Small business finance: Young entrepreneurs share their views

One of the key interests for any start-up business is how to raise finance. The different options open to new firms can be a minefield to navigate, and choosing the correct one could be the difference between success and failure.

BusinessZone was at the recent British Chambers of Commerce annual conference to hear the thoughts of some of the UK's leading young entrepreneurs on financing new ventures.

Playing the right card

Chris Philip was voted UK entrepreneur of the future in 2005 and London's entrepreneur of the year in 2003. He set up his first company with very little more than a laptop and a good idea. In 2003, with his partner Sam Gyimah he established Clearstone, an HGV training provider. The firm trained over 2,000 drivers in 2005, with turnover soaring to £5m.

"The key thing is to raise enough money, and to raise it in the correct way," he says. "I think in general in the UK, we're very lucky, especially in London in that we do have extremely liquid markets for raising money."

He says every different method of raising finance has different characteristics.