The top traits needed to become a successful business entrepreneur include being hard-working (48%) and motivated (44%), according to business owners.
Being well organised is also crucial for success, according to 42% of SME owners and sole traders – while self-belief and resilience complete the top five attributes needed.
A survey of 500 adults, who run their own business, found that over three-quarters (77%) said that starting their enterprise was one of the best things they ever did.
And other personality traits they credit for their success include determination, confidence, good time management, and a focus on achieving their goals.
The study comes as career expert Sarah Berry who has spent more than 30 years analysing the personality traits of successful business owners, also said sales skills, a sense of purpose, and a willingness to take action are key – along with resilience, adaptability, and flexibility.
She said: “Unless you take action, you won’t do anything. Any action is better than no action.
“People often say “I’m worried about making a mistake”. That’s not really important because you’ve got to take action, even if it doesn’t turn out how you want it to.
“You can always change, and you’ll get there in the end.”
The research was commissioned by AXA UK to mark the launch of its Startup Angel Competition, which is supporting small businesses by giving them the chance to win £25,000 worth of funding, along with mentoring.
It also revealed a potential untapped source of opportunity for small British businesses, with 27% of SME owners and sole traders claiming to have a million-pound business idea – but don’t know how to make it a reality.
And 88% of those said this idea is linked to the industry they’re working in.
Sarah Berry added: “People tend to start their own business or make a drastic career decision when they are in a position of pain.
“We often talk about these decisions as coming from a positive place, like “I want to be my own boss”, and the benefits that that statement entails.
“What we should really be doing is confronting this pain. Pains like “I don’t have enough time”, “I’m feeling burned-out”, or “I don’t feel good about some of the elements of the corporate world”.”
However, with hindsight, 35% of SME owners say they don't regret not starting their business any earlier than when they did – due to learning more about the job they are doing (30%), and taking the time to save up capital (26%).
It also emerged that despite the economic uncertainty, 66% remain upbeat about the future of their business, and 58% feel they have achieved their main business goal.
The main opportunities for the next 12 months are seen as clients returning as the economy stabilises (21%), introducing new products or services (20%), and acquiring new domestic clients (19%).
But the biggest challenges for their business include inflation (31%), increasing fuel and energy costs (24%), and rising cost of materials (20%).
As a result, the top safeguarding measures businesses polled, via OnePoll, have in place include additional personal savings (43%), savings from their business (37%), and business insurance (30%).
Deepak Soni, director of SME business insurance for AXA UK, said: “This year continues to present challenges for SMEs, with inflation a growing concern.
“However, it’s encouraging to see two-thirds of those we surveyed feel upbeat about their business prospects – and this has increased by almost five per cent from last year.
“SMEs prove year on year how tenacious and determined they can be, so it comes as no surprise that being hardworking and motivated are the top skills needed for success.
“With self-belief moving closer to the top of required skills, it’s essential that we rally around business owners and support their growth and development.
“With this in mind, I'm proud to see the AXA Startup Angel Competition in its third year as we search for another six deserving businesses to support with invaluable mentorship from some of Britain's best entrepreneurs, as well as 12 months of business insurance.”
TOP 20 PERSONALITY TRAITS CRUCIAL FOR BUSINESS SUCCESS:
- Hard-working
- Motivated
- Organised
- Self-belief
- Resilient
- Determined
- Confident
- Driven
- Good time management
- Open to change
- Passionate
- Focused on achieving goals
- Budget-conscious
- Multi-tasker
- Intelligent
- Willing to take risks
- Decisive
- An ability to sell
- Good leader
- Relentless
