New study shows what makes entrepreneurs successful

A new study has shown the methods that successful entrepreneurs use compared to those who fail. Software company Zero carried out the research, surveying 2,000 entrepreneurs across the US and UK. All of the respondents were owners of small businesses with 20 employees or less.

The research provided some surprising results, showing that the habits and practices used by entrepreneurs to achieve success are not ones that people would expect.

Connected

Research showed that out of those surveyed, over 50% of entrepreneurs have held a corporate job in the past.

The survey also showed that in order to be successful, entrepreneurs do not need to work long hours as most people would assume. Over 50% of respondents said that making time for their family in the evenings was “critical” as it enables them to perform well as a business owner, and 55% said that they do not work at weekends, choosing to spend time with family instead.

However, the majority of respondents stay connected after business hours, with just 28% saying that they switch off their digital services after hours.

The study also showed that entrepreneurs are not as self-reliant as people would expect, with one-third of successful entrepreneurs revealing that they received support and advice from a group or mentor on running their company.

Software

The study also highlighted the benefits of businesses using an accountant or software to understand their financial status.

Research showed that the majority of entrepreneurs who went on to be successful did not do all the work themselves, instead choosing to use an accountant or software to manage their finances.

Social media was also found to contribute towards an entrepreneur’s success, with 49% of successful businesses spending money on social media and advertising compared to 20% of owners with failed businesses.