More than half of Brits say that they admire how hard-working small business owners are, but nearly a quarter are too frightened of failure to start up themselves.
The AXA UK research of 2,000 people revealed that 31% of those surveyed fear the lack of security and stability if they were to set up their own business, while 11% wouldn’t want others relying on them. However, 43% love the idea of being able to work on something they are passionate about.
According to the findings, the top traits believed to be essential for starting up a successful business are being hard working (53%), motivated (48%) and organised (46%). A further 35% believe being willing to take risks is key for running your own business.
Claudio Gienal, CEO at AXA UK and Ireland, said, “Launching your own business is a huge decision, one that requires courage, self-belief, and drive. Despite the challenges that face small businesses, the majority of those who have done it believe it’s one of the best decisions they’ve ever made.
“While there are many perceived barriers to going out on your own, the rewards speak for themselves. It’s great to see so many business owners are excited by the prospect of new and returning clients and the introduction of new products and services over the next three years. This ambition, even in the face of challenging times, shows both resilience and an amazing ability to adapt, which should be celebrated.
“32% of Brits polled said they aspire to be a small business owner themselves but stress and not knowing where to start is what’s stopping them. At AXA, we recognise the all-consuming nature of going it alone but with the right support, advice and protection, the opportunities are endless.
“That’s why we’re delighted to announce the return of the AXA Startup Angel competition. We’re giving six businesses the chance to win; including two top prizes of £25,000, invaluable mentorship from some of Britain’s best entrepreneurs as well as 12-months of business insurance.”
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