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No regrets for 83% of small business owners

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According to new research into the attitudes, inspirations and needs of the UK' s small and medium sized business community, an overwhelming, 83% prefer being their own boss. The main results of the survey found that;

• Over two-thirds of UK men are concerned about their business being seen as too small
• Over half of UK businesses are started without a business plan making us a nation of "accidental entrepreneurs"
• 1/5 of UK women are inspired by their mothers to start their own business, not by female business figures
• The "People's Entrepreneur" is Sir Richard Branson
• 83% of business owners say that they have 'no regrets' about starting their own business

The fact that 54% of small businesses start up without a business plan indicates that the style of the UK small business boss is one of an "accidental entrepreneur" rather than "five year plan man" the survey concludes.

When it comes to whether men or women are the better planners, it is the men who are thinking ahead with 53% of men starting their businesses with a plan compared to only 40% of women. This research, which was conducted to mark the launch of Panasonic's Be Your Own Boss campaign, flies in the face of much anecdotal evidence that women are better at planning their businesses.

When it comes to why bosses had set up on their own, over a quarter of those surveyed cite the major catalyst as wanting more freedom and flexibility, indicating that they had had enough of traditional working practices. This is supported by one in ten women making the decision because they wanted a lifestyle change or because of children.

According to the survey 38.3% started afresh in the spring time and six out of ten respondents reckon the best age to go it alone is in your 30s when you have both experience and energy.

What's important to UK SMEs?
Technology resources are heavily relied upon to help these businesses appear more professional and able to compete with more established competitors, with over 64% of those surveyed nominating the PC and broadband connection as indispensable.

When it comes to making a good first impression, 57% of these bosses were concerned about coming across as too small; and for men size really mattered with over two-thirds wanting to appear bigger than they really were, whilst women hold more store in their experience and that it will shine through despite the size of the company.

The survey also revealed that attitudes to small businesses have changed and that they are able to compete on a level playing field with larger organisations.

A well-developed web site can help to give the impression that you're business is bigger than it really is and good branding is also important to support a slick web site. The old-style status symbols of smart address and an efficient receptionist did not seem to matter much to today's bosses.

Reassuringly, even though today's self-made bosses are hugely reliant on technology a massive two-thirds of those surveyed said that people were still their most important asset.

Women not inspired by female entrepreneurs
The overwhelming "people's entrepreneur" is Virgin boss Sir Richard Branson - with one-third of respondents nominating him. The women who were surveyed did not nominate a female entrepreneur highly and their first choice was Branson, followed by their mothers/family as their second choice. Not a great testament when it comes to UK women in business. Twice as many women than men voted for Jamie Oliver, and more men said that Vivienne Westwood was an inspiration to them.

Best and worst things about being your own boss
From the survey, there are no regrets from those who had gone it alone, with over 83% saying that they prefer being their own boss.

This was supported by the fact that 86.8% don't miss receiving the same salary, probably because they have more control and flexibility to increase their earning capacity whenever they want, as opposed to waiting for an annual pay review. Over 60% prefer the fact that they are lot busier.

Posted June 2, 2006