The AXA Startup Report takes an annual view of the business mindset of the UK, looking specifically at the beliefs and feelings of a community of self-employed workers and SME owners. By reviewing a range of data from surveying a sample of business owners, the report highlights trends that go some way to revealing what it takes to make a startup or SME business a success, year on year.
Now of course, this isn’t an exact science and there are many ways you might be able to make your startup a success. Not only is success subjective, but it relies on many extraneous factors and therefore there is no guaranteed path to success. Here, however, through a careful consideration of the trends and data, the report aims to give business owners an insight into how their fellow entrepreneurs faired during the early days and development of their own successful businesses in order to help new business owners invest their time into improving their mindset and own entrepreneurial traits.
2023 has been a very tough year so far for small business owners, especially for those who are starting out from scratch. Rising inflation, political uncertainty and an economic crisis continues to throw obstacles in the way of businesses nationwide – a select few however have been able to adapt and flourish in a world which remains forever changed by a European exit and a global pandemic.
In the report, careers expert Sarah Berry provides a specialist analysis which highlights the top traits displayed by successful SME owners in a bid to give new entrepreneurs something to aim for. These traits include a range of entrepreneurial skills, some of which may come naturally to you, but others may require more work. The purpose of this is to give startup business owners some guidance on traits they may wish to invest time in developing in order to improve their overall mindset and increase their chances of success. According to Sarah Berry:
“It is a challenging time for businesses it’s ultimately about stepping up. Most people cannot rise to the challenges which come with running your own business. It requires energy and the warrior mindset: to lead the pack and set a course for success.”
“Self-belief is integral to independent business success, as it is the driver for decision-making and action. People worry about making mistakes, but even if an action doesn’t turn out how you think, you can always course-correct. Workers coming from a position of a stable and well-paying job may fear risk and financial instability. If you live in complete safety and certainty, it can lead you to feel mentally and emotionally weak, and that can make the leap to starting your own business - and facing the challenges which comes with that - a real struggle.”