Business owners don’t need to take risks

Brits don’t need to take risks or even have an original idea to start a business, a new study has suggested.

A report by think tank Demos, which observed 1,000 business owners across the UK, has concluded that the majority could make ‘safe’ decisions to succeed in the world of business.

The results of the report, cited by bbc.co.uk, may not come as a surprise to franchise owners. After all, many of those choosing to start a franchise like to invest in proven business models because the risk of failure is lower.

However, it arguably quashes the myth that business owners have to be of a certain mindset.

This attitude appears to be bringing success to lots of business owners as well. A separate survey conducted by the Entrepreneurs Organisation (EO) has indicated that 84 per cent of British business owners would consider starting a new firm. That’s a far higher proportion than corporate leaders in India, Japan, China or the United States.

Hugh Chappell, of the Entrepreneurs Organisation, was far from surprised to see so many Brits trying to make a go of being a business owner.

Speaking to freshbusinessthinking.com, he said: “Now is a great time to start a business. There are opportunities to transform the way we do business in so many sectors and technology is going to be the driver of that change.”