Despite the old saying, ‘money makes the world go round’, 57 per cent of UK entrepreneurs would ‘rather enjoy what they do’ than have a business that makes huge profits, according to new research from Bibby Financial Services.
While day-to-day work satisfaction and having a profitable business were found to be the highest and lowest personal indications of success, 49 per cent of entrepreneurs felt having a respected business and enough money to live comfortably were more important.
And, surprisingly, having a happy, motivated workforce was deemed to be more important to the nation’s entrepreneurs than creating a profitable business to pass on to their children.
While owners have a clear view of what business success means to them, there was a division over the amount of time it took to turn a business idea into reality. Nearly three in 10 managed it in less than six months, while 10 per cent had set up shop in just one month.
But even though UK entrepreneurs are quick off the starting blocks when setting up a business, there are still barriers to be overcome. More than a third (34 per cent) lacked the finance to get their business off the ground, while 10 per cent claimed they were held back by family commitments and responsibilities.