The answer is yes, according to research from UK insurer, Aviva. The findings show high satisfaction and confidence among UK entrepreneurs, with fewer business owners losing their initial enthusiasm compared with 2012. Entrepreneurs are also become more knowledgeable about business conditions and are able to better predict market changes and understand the practicalities of running a business, from recognising what steps are needed to keep a business healthy, to fully understanding the insurance required to protect the business. Overall, Aviva believes that many SME owners entered 2014 feeling very positive.
Key data
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Only 8% of entrepreneurs lost their initial enthusiasm for running a business in 2014 compared with 32% in 2012. |
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Just 4% of UK entrepreneurs would consider returning to the workforce as an employee, compared with 25% in 2012. |
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Only 9% believe that running a business has a negative impact on their relationships with family and friends. |
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There has been a 50% increase in diversification since 2012 as SMEs recognise the need to actively manage their business and to grow. |
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69% are confident they have the right insurance to protect their business, but 21% do not understand what insurance they need or are covered for. 10% of businesses have no insurance at all. |
Additional facts
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More than half of SMEs surveyed have predicted strong or improved growth for 2014.
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SMEs are getting better at interpreting market conditions, with almost two thirds saying that trading conditions in 2013 were largely as they expected them to be.
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Priorities for SMEs are maintaining good cash flow and halting declines in sales.
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When asked what the government should go to help SMEs grow, companies cited cutting red tape for tax and accounting for small businesses, reducing VAT and encouraging banks to lend to businesses.
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Almost a third of SMEs turn to the internet when they have a problem, highlighting the importance of business information on the web.
The research was conducted online by Redshift Research on behalf of Aviva and involved 500 SME owners, with a focus on business confidence and SMEs’ understanding of insurance cover. You can read more here.
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