Member Article

'Buzz? of business for entrepreneurs

Running your own business exerts a powerful attraction and provides a real ‘buzz’ for most entrepreneurs, according to a monthly internet survey run by The University of Nottingham Institute for Enterprise and Innovation (UNIEI). Respondents to the UK Business Barometer singled out the most exciting things about being in charge as: ‘control of one’s own destiny’, ‘success’, ‘freedom’, ‘challenge’, ‘satisfaction’, ‘profit’ and ‘winning’.

More than 70 per cent of businesspeople taking part in the latest survey said they got a definite ‘buzz’ from entrepreneurship. Being their own boss allows them flexibility on one issue in particular – retirement age. The results of the survey suggest that state retirement age is of little relevance, with 38 per cent of UKBB and 42 per cent of respondents to its sister survey, the UK Business Adviser Barometer (UKBAB), saying they intended to retire as soon as possible. On the other hand, 30 per cent of UKBB and 34 per cent of UKBAB respondents would like to go on working after state retirement age. Only one in ten saw themselves retiring at state retirement age.

The UK Business Adviser Barometer (UKBAB) survey asked people who run small and medium-sized businesses about the biggest problems they faced day to day. The top three responses were market conditions, cited by 32 per cent, time pressure, cited by 22 per cent, and government red tape which was singled out by 16 per cent of respondents. When asked about the single most important factor for stimulating business, 34 per cent of respondents said a ‘low administration burden’, while 27 per cent said low interest rates.

The UKBB and UKBAB are run by The University of Nottingham and operate over the web. The survey results are published monthly and more information can be found on the web at www.ukbb.ac and www.ukbab.ac.

This was posted in Bdaily's Members' News section by Ruth Mitchell .