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With the number of small businesses in the UK at an all time high and growing at a rate of 6.7 per cent a year, it's clear that Brits are becoming increasingly attracted to the life of self employment and entrepreneurship.
However, failure rates are still at 50 per cent in the first couple of years. Sandler Training (UK), a business development consultancy, commissioned research to provide an insight into the portrait of a successful business founder.
Portrait
According to a survey of 1,000 male small business owners, who have successfully been in business for over five years, more than two in five (42 per cent) of came from MD positions, 29 per cent of had career history in sales and the average age that they set up their business was 46. Nearly half (45 per cent) wished they had started their business earlier.
The portrait for the successful businesswoman differed. According to a survey of 1,000 female small business owners, who have successfully been in business for over five years, 71 per cent of came mid/senior management positions – less than a quarter (24 per cent) hailed from an MD role. A quarter (25 per cent) worked in sales before starting their business and over one in five (23 per cent) worked in marketing. The average age for a woman to set up a business was 48, but 50 per cent wished they had taken the leap sooner.
Once in their new business, women tend to be more organised than men; 16 per cent of women started their business with an exit plan, compared to only 12 per cent of men. Over five years down the line, 39 per cent of women are actively working towards an exit plan, compared to only 35 per cent of men.
Biggest mistake
The sexes also differed in their ‘biggest mistake’ in the first year. Nearly a third of men said that decisions surrounding IT were their biggest mistake in the first year, compared to only 22 per cent of women. The biggest mistake cited by women were decisions on pricing – over a quarter of women (28 per cent) claimed bad decisions on pricing was their biggest mistake in the first year, compared to only 19 per cent of men.
Shaun Thomson, CEO of Sandler Training (UK) said: “There is a world of difference between starting a company and building a successful business. The idea is just one part of a very complex puzzle.
"Business growth is dependent on four pillars of business; skills, structure, strategy and staff – the genders may have different backgrounds, but the key commonality was experience of industry. Older workers have a wealth of knowledge, which helps them overcome hurdles that could trip up a younger entrepreneur.”
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Susie Hughes © Shout99 2015
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