…Researched and contributed by Joseph Benjamin for TDPel Media.
According to a recent poll of 500 small business owners and sole traders in the UK, nearly 77% of them believe that starting their own business was one of the best decisions they ever made.
Furthermore, 2/3 of respondents feel optimistic about the future of their ventures, despite the ongoing economic uncertainty caused by the cost-of-living crisis.
A significant 21% of the surveyed SME owners and sole traders are looking forward to welcoming back clients over the next 12 months as the economy stabilises.
Additionally, 19% feel optimistic about the opportunity to acquire new clients, while 20% are looking to introduce new products and services.
The research also found that almost 58% of small business owners have achieved the main business goal they set for themselves.
The most important personality traits for success in the business world were found to be hard work (48%), motivation (44%), and organization (42%).
Sarah Berry, a career expert who has analysed the personality traits of successful business owners for over 30 years, said that sales skills, a sense of purpose, and a willingness to take action are also key.
Other important characteristics include resilience, adaptability, and flexibility.
AXA UK commissioned the research to mark the launch of its Startup Angel Competition, which is supporting small businesses by giving them the chance to win £25,000 worth of funding along with mentoring.
The survey also revealed that 27% of SME owners and sole traders have a million-pound business idea, but don’t know how to make it a reality.
Among them, 88% said that the idea is related to the industry they are working in.
While 35% of SME owners say that they don’t regret not starting their businesses any earlier, inflation (31%), increasing fuel and energy costs (24%), and the rising cost of materials (20%) are the biggest challenges they face.
Business owners have additional personal savings (43%), savings from their business (37%), and business insurance (30%) as the top safeguarding measures against these challenges.
Commentary:
The findings of this survey indicate that small business owners in the UK remain optimistic despite economic uncertainty.
The results also highlight the importance of hard work, motivation, and organization for success in the business world.
The Startup Angel Competition, launched by AXA UK, is a great initiative that will support small businesses and promote their growth.
The fact that a significant number of SME owners and sole traders have a million-pound business idea but do not know how to make it a reality indicates the need for more support and mentoring programmes.