What does it take to start a new insurance brand and develop it into a successful company? Well, the AXA Startup Report 2023 has revealed the main personality traits SME owners feel are crucial for success include being hard working (48%), motivated (44%) and organised (42%). Self-belief (36%) and resilience (35%) also ranked as top character traits.
The research, which surveyed 500 SME owners, is supported by the expertise of Sarah Berry, specialist career coach and consultant, who has spent years analysing the personality traits of successful entrepreneurs.
AXA’s research also highlighted a potential untapped source of opportunity for small British businesses. More than a quarter (27%) of SME owners and sole traders feel they have a million-pound business idea but don’t know how to make it a reality. 88% said their business idea is linked to the industry they currently work in – highlighting a possible source of untapped revenue and potential for the UK economy. This research comes during the application period for AXA’s Startup Angel Competition which helps small businesses achieve their full potential.
Overall, the research paints a positive picture of the UK economy from the perspective of small business owners. An overwhelming 77% of respondents felt taking the plunge to start their small business was one of the best decisions they have ever made and two-thirds (66%) remain upbeat about the future of their business despite the economic uncertainty facing Britain. These figures have remained stable since the AXA Startup Report 2022, showing that SMEs are still determined and positive despite the ongoing challenges they face.
When it comes to the issues SME owners feel will be the biggest challenges for their business over the coming 12 months, almost a third (31%) see inflation, increasing fuel and energy costs (24%) and rising cost of materials (20%) rank among the main concerns. However, the main opportunities over the coming 12 months include clients returning as the economy stabilises (21%), introducing new products or services (20%) and acquiring new domestic clients (19%).
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