YOUNG ENTREPRENEURS SAY SMARTPHONE IS AS IMPORTANT AS A CAR OR LAPTOP

More than half of young entrepreneurs believe a smartphone is as important to running a business as a car or laptop, a new survey commissioned by accounting software company Xero has revealed.

52 per cent of the 500 young people questioned rated a smartphone and a car or van as the top essentials for business, closely followed by 51 per cent who needed a laptop.
STATIC
Having a desktop PC was seen as important by only 27 per cent, reflecting falling demand for static technology and fixed office premises.
The survey also found that social media is considered an important business tool, with 32 per cent of respondents saying an established social media network was an essential.
“The new generation of entrepreneurs are incredibly switched on when it comes to technology, especially remote working,” Xero UK managing director Gary Turner says.

“This survey is telling us the desktop is dead - the new generation want the ability to access files and documents, speak to customers and associates and run an enterprise from anywhere, whether it is in the street or halfway up a mountain. This accessibility is going to be a key development in the future of business.
“Rather than being deterred by expensive office rental costs, they have the luxury of being able to work remotely and on the move using a smartphone. This, coupled with the fact many are open to doing business in new ways, could lead to some exciting and imaginative new UK businesses.”

OPTIMISTIC
The poll highlighted an optimistic outlook when it came to financial success. 67 per cent of young entrepreneurs said they expected their new business to turn a profit after a year, 10 per cent thought they would be in profit from the outset and 14 per cent thought they would be in the black after 18 months.

However, 36 per cent acknowledged that access to cash was likely to be the biggest single challenge for any start-up, while 22 per cent believed it would be competition from established businesses.