It’s no secret that entrepreneurs are widely recognised as being happier in their careers than their employed peers.
Surveys repeatedly show that people are more satisfied when they’re their own boss, and yet only a relatively small number choose to forge that path. To find out what drives these professional pioneers, AXA Business Insurance surveyed hundreds of entrepreneurs about their reasons for biting the bullet and starting their own businesses.
Contrary to some media portrayals, it’s not just entrepreneurs working with new technologies or digital products who are motivated by innovation. Around 17% of small business owners from the professional, service, trade and retail sectors told AXA that they launched their business because they’d found a gap in the market, while 15% were inspired by an original idea.
Almost a quarter of our surveyed entrepreneurs said they started their business after building a client list while employed by someone else.
And beginning with a solid customer base isn’t just about security in the early stages of a business: it can also be an excellent launch pad for growth. Existing clients can be a great source of new leads through networking, recommendations and testimonials.
Love of what you do
All work and no play makes Jack a dull boy… unless your job is also your playground! An impressive 23% of our survey respondents said that their company began as a hobby before blossoming into a full business. Ensuring passion is at the heart of your business can help with everything from sales to publicity and staff motivation.
Perhaps the most interesting finding from the research was that 29% of respondents cited their motivation for starting a business as ‘other’, making it the largest category of all – and a perfect reflection of the diversity of the UK’s small business brains.
Reasons cited ranged from the desire to be their own boss to redundancy from a previous position, which just goes to show that UK entrepreneurs are capable of producing positive outcomes from even the most unexpected of circumstances.