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Are you a Small Business Owner or an Entrepreneur?

According to research by AXA, small business owners in the UK are unlikely to consider themselves to be entrepreneurs. The research found that under 50% of those surveyed identified with the title 'entrepreneur' with many respondents rejecting the label completely.

Interestingly, there were distinct differences in responses dependent upon the age, gender and geographical region of the respondents:

- Only 32% of over 55 year olds claimed to be entrepreneurs compared with 82% of small business owners aged under 24 - Only 38% of women see themselves as entrepreneurs while 52% of men accepted this title - 60% of business owners in the north east identified themselves as an entrepreneur, compared to a national average of 39%

Darrell Sansom of AXA Business Insurance explained why he believes that small business owners don't always identify themselves as being entrepreneurs: Rich and Risk.

"It's partly explained by the word 'rich', the idea an entrepreneur is someone who flies in from New York every day. It's also this notion of being a ‘risk taker'...risk is a huge part of any business - just as much for a man in a van with a plastering business as for a tycoon. You're not risking millions every day, but you're still staking your financial future on your business."

Whether you consider yourself to be an entrepreneur or a business owner, sound financial planning and working with the right professionals is key to your business success. As a practice of ACCA Chartered and Certified Accountants, Henry Reeves & Co. can support your business and help you to reach your goals.

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