Out of the recession is emerging a ‘new breed of business owner’
Posted by jorbell on March 22, 2009
Story from Bytestart.co.uk – the samall business portal
New research has revealed that a new breed of ‘super entrepreneurs’ is evolving as a result of the downturn.
These business owners, who Darwin would have been proud of, are making themselves fit to survive the current downturn and thrive in the future.
Super entrepreneur profile
The study, conducted by Bibby Financial Services, shows that the the new breed of ‘super entrepreneur’ is most likely to be:
- Aged between 45 and 54
- Living in the South East
- Have started their business between 1995 and 1999
- Running a business with a turnover of between £250,000 and £500,000
- Running a business that employs five or more people
- Experienced two downturns including this one
Related statistics from the study
79% of small and medium-sized firms making, or planning to make, positive steps in order to survive and face economic uncertainty head on.
69% of owners and managers claiming the recession has encouraged them to keep a closer eye on their finances.
84% of owners and managers also making positive changes specifically in relation to their clients/customers and suppliers.
37% are cutting their marketing or advertising and 33% are even going as far as to use their personal savings to ensure the existence of their business.
28% are scaling back on production and 26% are having to bring services back in-house
7% are downsizing premises or cutting office spend altogether and opting to run the business from home.
The figures from the Bibby study also show there is no substitute for experience – over half (54%) of business owners and managers have never experienced a prior recession or downturn.
But it is business owners who have ridden out past downturns who are more likely to be scrutinising their finances more carefully, with 81% of business owners who’ve experienced a number of downturns since the early 1980s paying more attention to finances compared to just 64% of those who’ve experienced this recession only.
However, 35% of those who started their business in the last three years know they need to develop their understanding of financial management.
Story source: www.bytestart.co.uk