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Success traits identified in survey. As budding businessmen and women face make or break in the latest series of Dragon’s Den, what separates the winners from the losers?
New research from Alliance & Leicester Commercial Bank may have the answer. The bank’s study, which profiled entrepreneurs across the UK, identified a number of traits which today’s tycoons have in common – could these be the secrets of entrepreneurial success?
The research shows 60% of business owners are the first born child, revealing their inner confidence and healthy self esteem. More than 85% have one or more siblings, putting to good use leadership and teamwork qualities learnt at a young age.
Unlike the big egos and self-confidence often witnessed on-screen, the research reveals the character traits most successful entrepreneurs believe they have in common are actually being dependable (43%), considerate (22%) and a good listener (22%).
Private education seems to have little influence compared to natural entrepreneurial flair, with nearly three quarters (71%) coming from a state school background. However, further education does help. Nearly a fifth (17%) of business owners left education with GCSEs or O levels, while over a third (34%) were educated to degree level and almost one in five (18%) continued to secure a Masters or PhD.
Upper or lower class?
Meanwhile, a wealthy background appears to deter entrepreneurialism, with more than nine out of ten successful business people describing themselves as either middle-class (50%) or working class (43%).
The research reveals that 33% started their business between the ages of 26 and 35 and London is the most likely place for a small business to start up, with 40% of entrepreneurs launching their future empire in the capital.
With 29% of small businesses failing before they reach three years, it seems business owners are learning to combat risk, with more 51% saying that their approach to business is attention to detail and 28% saying it is being prudent with money.
Why are people starting up their own businesses?
Nearly all entrepreneurs are united in sharing the same motivations for starting up. 62% wanted independence, 56% wanted more control over their lives and 57% wanted to be their own boss so they didn’t have to answer to anybody else.
Steve Jennings, Director of Business Banking at Alliance & Leicester Commercial Bank, said: “Enterprise is the lifeblood of British business and it is vital that we continue to support entrepreneurialism and the small business community.
“The research shows that some types of people are more likely to take the leap into business than others but, whatever your personality, there are certain things that everyone can do to ensure the success of their business."
Striking a balance
Apparently the secret of any successful businesses is remembering to temper bravery with prudence. Running a business does have associated risks, but it’s vital to make sure that contingency plans are in place should the worst happen.
"Many business owners say they pay attention to detail and take a sensible approach to their businesses’ finances. Setting funds aside in a high-interest deposit account and making sure that you have the best deal from all your suppliers will provide a financial cushion so that you can afford to grow and develop further,” continues Jennings.
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