smallbusiness.co.uk: Helping your business think big

Going the extra mile

Going that extra mile and selling harder doesn’t necessarily mean...
Have your say »

RSS

Wealth is 'not the main motivation' for SME owners

Nov 12 2007

Making money is not the primary motivation behind entrepreneurs starting a small business, according to a new study.

The survey, undertaken by small business think-tank Tenon, revealed that 85 per cent of SME owners cited the idea of working on something that interests them as being the chief motivating factor in them starting up a new business.

According to the research, SME owners also placed great importance in working on something they really believe in, while large numbers were also stimulated by working with people they get along with.

However, the study also discovered that nearly three-quarters of small business owners are motivated by the prospect of financial independence and wealth that running an SME can bring.

Andy Raynor, chief executive of Tenon, says: 'In our experience of working closely with entrepreneurs across the country, the buzz of creating a business and then watching it grow is increasingly cited by clients as a key motivation.'

Figures recently published by Barclays revealed that levels of entrepreneurship are increasing particularly fast amongst under-25s.

Comments

There are currently no comments on this article

Prize Draw

Free prize draw!

Smallbusiness.co.uk has teamed up with Avery® Quick&Clean™ Business Cards to offer five lucky readers the chance to win a copy of BBC Dragons' Den James Caan's new book The Real Deal and a pack of Avery® premium heavyweight business cards. To enter the prize draw, simply answer our question here

Polls

Latest News

Now is the 'ideal time' for marketing

Consumers will be more open to direct marketing in the current economic climate as they are looking for more information before making a purchase, an expert states.

Sales figures predict lean Christmas

Christmas this year could be harsh for small retailers, after figures from the Confederation of British Industry (CBI) show sharp falls in high street sales.

Small businesses 'hit with VAT burden'

Small firms will be especially burdened with administration costs from the reduction in value-added tax (VAT), according to the Chartered Institute of Taxation.

Government to review procurement

A review into the public sector contract procurement process has been welcomed by the Federation of Small Businesses (FSB), which hopes it will lead to a fairer deal for firms.

Social networking marketing 'is a risk'

Using direct marketing through social networking sites is a risk as it cannot be controlled in the same way as other forms of marketing, according to an expert.

Assess marketing campaigns 'frequently'

Marketing campaigns need to be constantly assessed and adapted to ensure they are still working, an expert warns.

Scottish businesses struggling in crunch

Scottish businesses are not helping themselves in the credit crunch as 30 per cent do not advertise their firm and over a quarter do not ask for advice, both the highest rates in the UK, according to BT Tradespace.

Online marketing aids small firms

Small companies using efficient online marketing can 'punch above their weight' and develop their brand more than other forms of marketing would allow.

Brewers cheer ale sales

Small brewers have reason to celebrate as cask ale sales buck the industry trend, with an increase of eight per cent, reports the Small Independent Brewers Association (SIBA).

'Cut red tape' for small businesses

David Cameron has called for Gordon Brown to cut the red tape surrounding government contracts to allow smaller, newer firms to win business.

Companies looking for growth

Cash rich, well-run businesses will be in a strong position to gain market share and make acquisitions over the coming months, a source reports.

Guides & Tips

Retaining and developing existing customers

In the effort to win new business, it's often easy to forget what a significant revenue stream existing customers can be. Here are five tips on customer retention:

Your company in 30 seconds

‘What do you do?’ is a question that can put even the most seasoned business brain under pressure. Craig Fisher, founder of business consultancy The Sales Expert, explains how to put together a concise and compelling elevator pitch.

Naming your price

Setting the right price is crucial, but using it to win business often demands a subtle touch. Three company directors tell SmallBusiness.co.uk how they use pricing in sales negotiations

Don't Miss

Rising Star: Paul Kelly

Championed by the likes of Delia Smith and Jamie Oliver, Paul Kelly started KellyBronze turkeys more than 20 years ago with his dad Derek Kelly. The company is now supplying House of Fraser with its Christmas turkey hamper.

Seven ways to boost sales

If you’re struggling to pep up your sales strategy, here are seven sure fire tips to bolster your bottom line

Marketing an SME online

In this web seminar an expert panel from BT, Cisco and a top online marketing agency explain how you can make sure the web is working for you and discuss how small businesses can market themselves online.

Store

FT Guide to Personal Tax

Formerly the Lloyds TSB Tax Guide, the FT Guide to Personal Tax is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc and Jonquil Lowe, this unique guide gives step-by-step advice to completing your tax return as well as 100 tax-saving tips.

FT Guide to Business Start Up

Formerly the Lloyds TSB Small Business Guide, the FT Guide to Business Start Up is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc, this unique guide has sold over two million copies. It offers practical advice about starting and running your own business.

Growth Company Investor

Growth Company Investor is widely recognised as the leading magazine for investors interested in AIM and smallcap companies. Published 10 times per year, and brought to you by an award-winning analyst team, it offers subscribers unrivalled insight into high-potential smaller companies. Subscribe today with a 50% discount in your first year.