Innovative thinking and a clear vision drive business ambition
HSBC UK’s new Business Growth survey* identifies the key factors that drive the growth ambitions of successful entrepreneurs and business leaders.
The research revealed innovative thinking (45%) and a clear vision (45%) as key drivers of growth ambition; followed by being selective (41%), embracing challenges (40%), curiosity (40%) and being brave (40%).
James Cundy, head of corporate banking, at HSBC UK said: “Entrepreneurs often bring us in to discuss how we can support their growth ambitions and help them take their business to the next level. These strategic conversations often begin with an ask for financial support, but they quickly steer towards a need for in-depth insights on market trends and requests to connect them with suppliers, buyers and consultants both in the UK and overseas.”
The level of personal risk[1] that entrepreneurs and business leaders were willing to take varied significantly according to age and business size. Those under the age of 35 were more likely to take on higher levels of personal risk (55%), compared to those aged over 55 (28%). Those working in large companies[2] were more likely to take on higher personal risks (42%) than those that worked in microbusinesses[3] (25%).
When asked what kept them awake at nights, entrepreneurs and business leaders pointed to their ever increasing ‘to-do’ list (36%), money worries (23%) and reviewing past mistakes (21%).
Professor Patricia Riddell, consultant neuroscientist, said: “While attitudes to risk generally become more conservative as the brain develops, research suggests entrepreneurs have risk attitudes more akin to younger people than those their own age. Entrepreneurs are also less likely to take on personal risks in microbusinesses because failure is perceived to have a greater impact on individuals involved.”
[1] Defined as the risk to credibility, salary, personal capital, and personal time
[2] Those employing more than 250 employees
[3] Less than 10 employees
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