Small business owners reveal what drives them

 In Small Businesses & Startups

A brand new study has shone light on what drives small business owners’ sense of ambition.

Let’s take a look at the study and what the results can tell us about the ingredients needed to succeed as a small business owner.

Study overview

This research has been conducted by the Lloyds Bank National Business Awards and forms part of the Ambition Index Report.

309 small business owners and 301 mid-market bosses were surveyed for the report. It focuses on ambition and the factors that motivate commercial decision makers.

Nearly two thirds of respondents cited ambition as the most significant catalyst for business success.

41% believe they will need to become more ambitious to drive their company through today’s challenging business environment. 36% have already had to motivate themselves in the face of adversity.

Let’s take a look at the factors respondents noted as helping them find their ambition.

What are the key driving factors for small business owners?

According to the survey, these four factors are a source of ambition for small business owners:

Support from family and friends

50% stated that support from friends and family was key to their ambitiousness.

This figure rose to 71% among people who had run a small business for less than a year.

This demonstrates the importance of having a safety net in place to support you with advice and reassurance, especially when times are hard.

Clear strategy

47% noted a clear strategy as something that drove their ambition.

Knowing where you want to be and how you’re going to get there are at the heart of being a small business owner.

By getting to grips with your strategy and business finances, you can define the steps you need to take to develop the business and meet your goals.

Good self-esteem

44% said good self-esteem was at the root of their ambitions.

As a small business owner, you need to believe in yourself if your clients are to believe in you.

You need to have a healthy perception of your strengths and weaknesses, but also have the confidence in yourself to drive things forward.

Strong management

32% cited strong management as something that made them ambitious.

This was especially true among 16–24 year olds (46%) and people who had been in work for 1–5 years (43%).

Strong leadership can be infectious. Seeing an example of what you can achieve and observing what makes a person a strong leader gives you a point to aim for.

Your leadership acumen – derived from people who’ve inspired you and your own experiences – can then be passed on to your own staff.

Ambition is critical for small business owners. And, this report should help you think about the things that drive you forward. But, many more ingredients also go into making a successful small business.

Augment your ambition with a highly accurate and versatile accounting solution that utilises advanced software and specialist expertise, and you will succeed.

Call on 3 Wise Bears to receive the accountancy advice you need to optimise your small business performance.

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