Notable ‘entrepreneur’, James Dyson
People who refer to themselves as entrepreneurs may be a dying breed, new research from Sage has suggested.
As entrepreneurs are being cited as the key to revitalising the UK economy, Sage’s research found an overwhelming majority feel no connection to the term.
The Sage Omnibus of more than 1,200 business minds found that ‘business owner’ (53%), ‘self employed’ (26%) and ‘businessman or businesswoman’ (15%) are the most popular terms people used to describe themselves.
The survey also explored what qualities business owners perceived to be necessary for success.
Vision and drive were seen as key attributes at 70%, and 14% cite numerical or business acumen as critical.
Almost half of all respondents believe that an entrepreneur is someone who has ideas that bring innovations to business, but 25% associate the term with someone who sets up or runs their own business.
Lee Perkins, Managing Director for Sage’s Small Business Division, explained: “The survey suggests that the current crop of business owners find it hard to relate to the term entrepreneur.
“They think of an entrepreneur as someone who has innovation in their DNA, but not necessarily the drive or basic business skills to succeed.
“Ideas are vital, but for a business to discover its true potential the company must be grounded in reality and guided by an owner with a sound understanding of financial information.
“At a time when the UK Government is introducing measures to support start-ups and small businesses through incentives and grant support, translating new business goals and ideas into reality is a significant possibility for many.
“Pairing the right combination of business planning with drive and passion is the key to long term success.”