Small businesses start as 'accidental entrepreneurs'

According to new research into the concerns, inspirations and needs of UK's small and medium sized business community, 54 per cent of UK businesses start life without any kind of plan, indicating that the style of the UK small business boss is one of "accidental entrepreneur" rather than "five year plan man".

The research shows that when it comes to whether men or women are the better planners, it is the men who are thinking ahead with 53 per cent of men starting their businesses with a plan compared to only 40 per cent of women.

The key findings are:

• Over two-thirds of UK men are concerned about their business being seen as too small
  
• Over half of UK businesses are started without a business plan making us a nation of "accidental entrepreneurs"
  
• One fifth of UK women are inspired by their mothers to start their own business, not by female business figures
  
• The "People's Entrepreneur" is Sir Richard Branson
  
• Paperless office is not alive and well: 38 per cent of UK businesses still rely on well-produced documents

The research was conducted to mark the launch of Panasonic's Be Your Own Boss campaign. It claims that when it comes to why bosses had set up on their own, over a quarter of those surveyed cite the major catalyst as wanting more freedom and flexibility, indicating that they had had enough of traditional working practices. This is supported by one in ten women making the decision because they wanted a lifestyle change or because of children.

According to the survey 38.3 per cent started afresh in the spring time and six out of ten respondents reckon the best age to go it alone is in your 30s when you have both experience and energy.

What's important to UK SMEs?

Technology resources are heavily relied upon to help these businesses appear more professional and able to compete with more established competitors, with over 64 per cent of those surveyed nominating the PC and broadband connection as indispensable. Relating to making a good first impression, 57 per cent of these bosses were concerned about coming across as too small; with over two-thirds of men wanting to appear bigger than they really were, whilst women hold more store in their experience and that it will shine through despite the size of the company.

The survey has revealed that attitudes to small businesses have changed and that they are able to compete on a level playing field with larger organisations. To combat the size issue and to appear professional, 38.9 per cent of the UK's growing businesses are still reliant on well-produced documents, indicating that the paperless office may still be a long way off. Other ways to boost the size of a company include a well-developed web site indicating that an online presence is essential; good branding was also important. The old-style traditional status symbols of a smart address and an efficient receptionist did not seem to matter much to today's bosses.

Reassuringly, even though today's self-made bosses are hugely reliant on technology a massive two-thirds of those surveyed said that people were still their most important asset.

Women not inspired by female entrepreneurs

The overwhelming "people's entrepreneur" is Virgin boss Sir Richard Branson - with one-third of respondents nominating him. The women who were surveyed did not nominate a female entrepreneur highly and their first choice was Branson, followed by their mothers/family as their second choice. Twice as many women than men voted for Jamie Oliver, and more men said that Vivienne Westwood was an inspiration to them.

Best and worst things about being your own boss

From the survey, there are no regrets from those who had gone it alone, with over 83 per cent saying that they prefer being their own boss. This was supported by the fact that 86.8 per cent don't miss receiving the same salary, probably because they have more control and flexibility to increase their earning capacity whenever they want, as opposed to waiting for an annual pay review. Over 60 per cent don't miss the boredom of being an employee and prefer the fact that they are a lot busier. This is backed up by the fact that for 60 per cent of those surveyed the biggest hidden expense was time and chasing invoices.

Bob Tate, Head of Panasonic Business Systems, said: "The small and emerging businesses in the UK today are increasingly aware that they can compete on a level playing field with the help of the right infrastructure and resources. These bosses have made this choice to give themselves more flexibility and control in their lifestyles, as well as a larger earning capacity. Although they may not have planned as thoroughly as they could for the future, these people are committed to being their own boss and putting in the time and energy to making it work."