Researchers who asked entrepreneurs and small business leaders about their motivations for achieving business success found that only 6.9% were driven by financial reward. Those surveyed cited a ‘lack of money to invest’ and the ‘fear of failure’ as barriers to starting up a business.
The survey was conducted by VentureNavigator - a state-of-the-art online service based at the University of Liverpool designed to help start-ups and small businesses improve their chances of success.
The research found the greatest motivator for entrepreneurs is passion about new ideas with 41.4 per cent of those surveyed citing this as their prime motivation for starting a business. 39.7 per cent were primarily driven by ‘wanting to be their own boss’.
Professor Jimmy Hill from the University’s Management School said “We were surprised to see that only a small number of people cited financial gain as their motivation to start a new business. It is great to see that entrepreneurial spirit is not dead and that so many people are driven by their passion for new ideas.
“Passion is not enough on its own, however, and anyone starting a business needs to be realistic about the financial viability of their plans. There must be adequate business insight to turn an idea into a viable business opportunity and this is where entrepreneurs need help from experts and peers who can advise.”
Dominic Schiller, Director of EntrIPneur who uses Venture Navigator to support his business, said: “Many businesses can run into financial problems after the start-up phase. Venture-Navigator is a good tool - it can outline these issues and offer sound advice before it’s too late.”
Charlotte Roberts | alfa
New study: How does Europe become a leading player for software and IT services?
03.04.2017 | Fraunhofer-Institut für System- und Innovationsforschung (ISI)
Reusable carbon nanotubes could be the water filter of the future, says RIT study
30.03.2017 | Rochester Institute of Technology
An international team of physicists has monitored the scattering behaviour of electrons in a non-conducting material in real-time. Their insights could be beneficial for radiotherapy.
We can refer to electrons in non-conducting materials as ‘sluggish’. Typically, they remain fixed in a location, deep inside an atomic composite. It is hence...
Two-dimensional magnetic structures are regarded as a promising material for new types of data storage, since the magnetic properties of individual molecular building blocks can be investigated and modified. For the first time, researchers have now produced a wafer-thin ferrimagnet, in which molecules with different magnetic centers arrange themselves on a gold surface to form a checkerboard pattern. Scientists at the Swiss Nanoscience Institute at the University of Basel and the Paul Scherrer Institute published their findings in the journal Nature Communications.
Ferrimagnets are composed of two centers which are magnetized at different strengths and point in opposing directions. Two-dimensional, quasi-flat ferrimagnets...
An Australian-Chinese research team has created the world's thinnest hologram, paving the way towards the integration of 3D holography into everyday...
In the race to produce a quantum computer, a number of projects are seeking a way to create quantum bits -- or qubits -- that are stable, meaning they are not much affected by changes in their environment. This normally needs highly nonlinear non-dissipative elements capable of functioning at very low temperatures.
In pursuit of this goal, researchers at EPFL's Laboratory of Photonics and Quantum Measurements LPQM (STI/SB), have investigated a nonlinear graphene-based...
Dental plaque and the viscous brown slime in drainpipes are two familiar examples of bacterial biofilms. Removing such bacterial depositions from surfaces is...
23.05.2017 | Event News
22.05.2017 | Event News
17.05.2017 | Event News
23.05.2017 | Physics and Astronomy
23.05.2017 | Life Sciences
23.05.2017 | Event News