- A new study from AXA UK reveals that more than half of Brits say they admire how hard-working small business owners are but a quarter don’t want the stress of becoming their own boss
- The top advice small business owners would give others looking to follow in their footsteps would be to simply believe in themselves – and to learn from their mistakes
- AXA UK has this week launched their Startup Angel competition, for the second year, giving two small businesses the chance to win £25,000, mentorship from some of Britain’s most successful entrepreneurs and 12-months business insurance
New research from AXA UK1 has revealed that more than half of Brits say they admire how hard-working small business owners are – but a quarter don’t want the stress of becoming their own boss.
AXA UK’s poll of 2,000 adults revealed 23% are too frightened of failure to take the plunge and start their own enterprise.
The top traits deemed essential for a startup owner to be successful 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.
When it comes to starting up a business, 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. On the plus side, however, 43% love the idea of being able to work on something they are passionate about.
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.
Further research of 500 small business owners in the UK (with under nine employees) found more than a fifth have borrowed cash from a family member to help support their business. But in terms of emotional support, 44% rely mostly on their partner, while 19% find other entrepreneurs are the people who truly understand them.
The top advice small business owners would give others looking to follow in their footsteps would be to simply believe in themselves – and to learn from their mistakes.
This week, AXA UK has launched their Startup Angel competition for the second year running. AXA is 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.
Top advice from British small business owners:
- Believe in yourself
- Learn from your mistakes
- Be ready to learn
- Be patient
- Care about your work
- Spend money wisely
- Don’t be afraid to change
- Be prepared to listen to advice
- Do work you care about
- Learn how to market your business
1Research carried out by OnePoll on behalf of AXA UK between 21 to 27 April 2022, among a poll of 2,000 UK adults and 500 small business owners with under nine employees.