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Small business owners are 'unsung heroes'

Entrepreneurs have been hailed as the unsung heroes of the recession by a new study focusing on small businesses.

A report from insurers Hiscox found that small business owners had made significant sacrifices to pull their companies through the recession.

The study estimated that in total entrepreneurs poured in more than 16 billion pounds of their own savings to keep enterprises afloat.

It also found that while over a third of bosses cut their own salaries, only ten percent cut those of their staff.

Focusing on securing new business was identified as a key survival strategy, with a quarter of firms planning to expand this year.

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