Britain’s business owners embrace risk
26 March 2008
More than half of Britain’s business owners say that you have to be willing to take big risks if you want success, according to new research from Abbey Business Banking. 50 per cent of entrepreneurs questioned said that they would describe themselves as a risk taker, while an additional 2 per cent went as far as to say that they were ‘real business daredevils’.
More than three quarters of businesspeople who made the brave decision to ‘go it alone’ and set up their own company said the decision was a good one. 6 per cent of those questioned said that they had far surpassed their initial ambitions, while 40 per cent said that they had fulfilled them. A further 30 per cent stated that they were ‘almost there’ in terms of achieving their goals.
The entrepreneurial dream comes at a cost however. 44 per cent of those questioned stated that they worked more hours now that they owned their own business, compared to just 35 per cent who said that they worked fewer hours. The average entrepreneur estimated that they worked 42 hours a week but 22 per cent, almost a quarter, said that they worked 60 hours or more each week.
While leaving the safety of employment may seem a huge and risky step for most of us, the entrepreneurs questioned said that the initial decision had paid off. When asked whether they would take the decision to set up their business again 87 per cent said they would make the same choice.
Paula Ickinger Head of Abbey’s Business Banking, said: “Taking the decision to go it alone and realise your business ambitions is a big one, and there will always be some risks involved. For the majority of business owners however the decision has turned out to be a good one and if you put the hours in it seems that for the majority of entrepreneurs their goals have been realised.”
