Friday 10th March 2006
Secrets of success
Ambition, an affinity for free thinking and the ability to network are the key traits of a successful entrepreneur, according to new research from GrowthBusiness.co.uk and the London Business School.
In a survey of 145 company chiefs and senior managers, a staggering 84 per cent viewed ambition as being an essential aspect of entrepreneurial success. Three quarters cited the ‘ability to think outside the box’ as being vital too, while 56 per cent espoused the importance of being a strong networker. Only 22 per cent believed that skills in finance and accountancy were key to success.
This infatuation with ambition was mirrored in the hopes respondents had for their own businesses. Over half (54 per cent) expected sales to grow by more than 50 per cent within five years, while one in three expected their firms to complete at least two acquisitions over the same time period.
The evaluation of education, meanwhile, produced some rather paradoxical results. Just over 50 per cent of those questioned stated that qualifications did not necessarily aid entrepreneurial success, yet 57 per cent were educated to at least degree level, 20 per cent possessed a vocational qualification and a further 20 per cent held an MBA.
Overall, just 17 per cent of those who didn’t view qualifications as being important were without higher education themselves and only 48 per cent agreed with the statement that entrepreneurs are born rather than bred.
As for the relevance of specific training, a third of respondents felt that courses in marketing would be of most use to them, with business finance (24 per cent) and leadership (24 per cent) next most popular. The prospect of additional training in technology (8 per cent) and law (2 per cent) were seen as least appealing.
When it came to defining success, 74 per cent believed that bigger profits were key, while 64 per cent claimed to value personal work satisfaction and 63 per cent a motivated workforce.
Last, but by no means least, Sir Richard Branson seemingly remains the great entrepreneurial icon for many in the UK (53 per cent). In fact the Virgin boss easily outpaced his closest rivals (current TV favourite Sir Alan Sugar, Microsoft founder Bill Gates and Body Shop founder Anita Roddick) who mustered just 8 per cent of the vote each.
Elliott Davis
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