Happiness not profit is the true sign of business success

Despite the old saying ëmoney makes the world go roundí, nearly six out of 10 (57%) UK entrepreneurs would ërather enjoy what they doí than have a business that makes huge profits according to new research by Bibby Financial Services.

Interestingly only a quarter (26%) of owners and managers believe making large profits is the best definition of business success.

While day-to-day work satisfaction and having a profitable business were found to be the highest and lowest personal indications of success, nearly half (49%) of the entrepreneurs felt having a respected business and enough money to live comfortably were more important.

And, surprisingly, having a happy motivated workforce (47%) was deemed to be more important to the nationís entrepreneurs than creating a profitable business to pass on to their children (35%).

While owners and managers have a clear view of what business success means to them, there was division over the amount of time it took to turn a business idea into reality. Nearly three in 10 (28%) managed it in less than six months, however 10% of entrepreneurs had set up shop in just one month, showing real drive and determination.

Even though the UKís owners and managers are quick off the starting blocks when setting up a business there are still barriers to be overcome. More than a third (34%) lacked the finance to get their business off the ground, while 10% claimed they were held back by family commitments and responsibilities.

David Robertson, chief executive of Bibby Financial Services, said: ìItís encouraging to know that entrepreneurs are more concerned about enjoying their career and having a happy workforce than the size of their bank balance. On the other hand, our research has highlighted a worrying fact, would-be entrepreneurs are failing to fulfil their business dreams due to a lack of finance. Many people automatically think setting up an overdraft or loan is the best way to ensure their business has a sufficient supply of funds, but this is not necessarily the case.î

Entrepreneurs need to look into the variety of flexible funding solutions now available such as invoice finance which provides an immediate injection of cash against the value of outstanding invoices. By investigating the options and choosing the right solution it will make sure their idea becomes a reality.