A report from the British Business Bank flags what many of us will have suspected - there is a link between the success of a new business and the background of the entrepreneur.

The report flags disparities in business outcomes based on the gender, ethnicity and economic background of the owner.

The issue is particularly acute for female entrepreneurs from ethnic minorities, with over a third female business owners from minority backgrounds making no profit last year, compared to 16% of white male business owners.

Access to finance appears to be a major barrier as do other factors such as access to education. Location is also important. Contrary to what Dick Whittington suggests, London is the toughest place to turn a profit.