Starting a business is about so much more than just making money, as a new study finds the UK's 5.2 million microbusinesses are highly ambitious but driven by multiple motivations - particularly satisfying customers, personal freedom and flexibility, and adding value to their local communities. While growing profits is understandably a top goal for almost a third (62%) of micro business owners, this is matched by a similar number (63%) wanting more flexibility and freedom over their work lives.
Setting up my business was about so much more than the money. Instead I wanted to contribute to the local area by building a community and a place where people can come together. I love the people who come to my co-working space and many of my customers are now friends. The long-term aspirations of business owners were also revealed - with almost half (47%) wanting to work in their businesses for as long as possible.
The research - produced by the organisers of the popular Small and Mighty Enterprise Programme that helps micro-businesses to grow - identified significant ambition among the UK's smallest and youngest firms, with over two thirds expecting to grow by 50% over the next five years. Almost two thirds (60%) want to share their skills and passion, over half (57%) are keen to contribute to their local community.
The study also found that almost a quarter (24%) hope to grow their businesses to one day become a larger enterprise, showing a blend of ambition and community focus among entrepreneurs. This reflects a changing landscape of business ownership where individual fulfillment and community impact take center stage, alongside conventional profit motives.
Collection
[
|
...
]