The research reveals that the British bulldog spirit is alive and kicking among the region's small business owners who, on average, wait just four months after a business fails before they get started with their next venture.

The research confirms that it takes more than a brush with failure to kill the entrepreneurial spirit. 90 per cent of bosses surveyed said they would be keen to start another company if their current enterprise went under.

Paul Titterton, regional director for Barclays Local Business said: "The region's small business owners are operating in more difficult conditions at the moment, and unfortunately, as the credit crunch begins to bite, there's a risk that some entrepreneurs will find their livelihood under threat. However, it's heartening to know that their desire to 'bounce back' from failure is so strong. It takes determination, commitment and tenacity to run your own business, and these qualities clearly stand entrepreneurs in good stead if they're forced to start all over again."

Given their survival instinct, it is no surprise that bosses in the North West refuse to succumb to self pity when the going gets tough. A massive 83 per cent felt that business failure was a positive experience, leaving you better equipped for running your next venture. Nearly three quarters (73 per cent) felt that they would be less likely to make the same mistakes again, while nearly a third (32 per cent) said that business failure would leave them more risk-adverse, thereby increasing their chances of success next time around.

Despite this optimism, losing a business is still considered a bitter blow. More than two fifths (43 per cent) of respondents felt that their business going under would impact them on a personal as well as professional level, admitting that it would be comparable to a relationship ending.

Titterton added: "No one can deny that failure hurts - particularly when it relates to a venture that you've put your heart and soul into. However, the research suggests that the stigma associated with failure is on the wane, and the entrepreneurs in the North West are recognising that they can emerge older and wiser from such an experience. At Barclays, we're committed to doing all we can to foster this entrepreneurial spirit, and help small business owners stay in business or quickly start-up again."

Men were more likely than women to have run another business, with 36 per cent of those surveyed having owned another enterprise, compared to 17 per cent of female respondents. Women were more likely to suffer business failure due to financial problems (22 per cent compared to 12 per cent) than men, suggesting that business acumen does come with experience.