The survey revealed that 13% of entrepreneurs have at least doubled their turnover.

However, the research also found that entrepreneurs are concerned about the potential for a disorderly Brexit at the end of October.

Half of the entrepreneurs questioned thought no deal would be negative for their organisation, against only 10% who judged it would be positive.

Company founders were also twice as likely to find the prospect of no-deal more worrying than a further extension.

Brexit was generally considered more of a threat than an opportunity, though many felt it was both, while survey respondents were in favour of maintaining a close economic relationship with the EU in future.

The findings of the IoD report include:

• A total of 59% of respondents had seen turnover increase over the past year.
• After UK economic conditions, Brexit concerns were the top factor having a negative impact on respondents’ organisations (37%), ahead of business taxation (23%) and global economic conditions (20%).
• 34% felt Brexit was more of a threat than an opportunity to their business, while 15% felt the opposite; 39% felt it was both.
• 55% felt staying in the single market would be better for their organisation compared with 13% who thought leaving would be more beneficial.

Malcolm Cannon, national director at the Institute of Directors Scotland, said: “Despite the most challenging market conditions that businesses across Scotland and the UK have seen in more than a decade, our research reveals that entrepreneurial spirit remains alive. I am encouraged to see more than half of our start-up members seeing growth over the last 12 months and it is testament to them that their hard work and dedication has paid off through increases in turnover.

“However, we must also be mindful of the significant ramifications that a no-deal Brexit will have on our economy which will then directly impact business owners. It is clear that this sector is clearly nervous about Brexit’s impact on their future success, and so it is vital for politicians both in the UK and EU to redouble their efforts to secure a deal over the next week.”