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Expat Investor : October 2008
NEWS Secrets of entrepreneurial success revealed of traits which today’s tycoons have in common – could these be the secrets of entrepreneurial success? The research shows six in 10 business owners are the first born child, revealing their inner confidence and healthy self esteem. More than four in five (85%) have one or more siblings, putting to good use leadership and teamwork qualities learnt at a young age. Unlike the big egos and self- confidence often witnessed on- screen, the research reveals the character traits most successful entrepreneurs believe they have in common are actually being dependable (43%), considerate (22%) and a good listener (22%). Private education seems to have As budding businessmen and women face make or break in the latest series of Dragon’s Den, what separates the winners from the losers? New research from Alliance & Leicester Commercial Bank may have the answer. The Bank’s study, which profiled entrepreneurs across the UK, identified a number ID theft top safety fear little influence compared to natural entrepreneurial flair, with nearly three-quarters (71%) coming from a state school background. However, further education does help. Nearly a fifth (17%) of business owners left education after GCSEs or O levels, while over a third (34%) were educated to degree level and almost one in five (18%) continued to secure a Masters or PhD. Meanwhile, a wealthy background appears to deter entrepreneurialism, with more than nine out of 10 successful business people describing themselves as either middle-class (50%) or working class (43%). The research reveals that a third (33%) started their business between the ages of 26 and 35 and London is the most likely place for a small business to start up, with two-fifths (40%) of entrepreneurs launching their future empire in the capital. With nearly three in 10 of small businesses failing before they reach three years, it seems business owners are learning to combat risk, with more than half (51%) saying that their approach to business is attention to detail and over a quarter (28%) saying it is being prudent with money. Nearly all entrepreneurs are united in sharing the same motivations for starting up. Nearly two-thirds (62%) wanted independence, over half (56%) wanted more control over their lives and almost six in 10 wanted to be their own boss so they didn’t have to answer to anybody else. Steve Jennings, Director of Business Banking, says, “The research shows that some types of people are more likely to take the leap into business than others but, whatever your personality, there are certain things that everyone can do to ensure the success of their business. “The secret of any successful businesses is remembering to temper bravery with prudence. Running a business does have associated risks but it’s vital to make sure that contingency plans are in place should the worst happen. “It is encouraging that many business owners say they pay attention to detail and take a sensible approach to their businesses’ finances. Setting funds aside in a high-interest deposit account and making sure that you have the best deal from all your suppliers will provide a financial cushion so that you can afford to grow and develop further.” Fast Facts 88112 Lack of financial planning forces Brits back to work Identity theft has overtaken street crime (43% versus 41%) and fears of being mugged or attacked (32%) to become the nation’s top safety fear – and, overall, more than three in four Brits (76%) have concerns about family and domestic safety – according to new research from American Express Insurance Services. At a time when the Cabinet Office has suggested that identity fraud costs the UK at least £1.3bn every year, American Express Insurance Services asked more than 2,000 adults across the UK what their top safety and security concerns were for 2008. Key findings ? Over the last year, ID theft has become the top safety fear, particularly for small business owners. More than half (51%) of them are worried about the effects of having their identity stolen. ? As Britons prepare to lock up their homes and set off a family break in the sun, burglary remains a top security fear for around one in three adults (32%). People in the more affluent London (37%) and North West (37%) are those most worried about home break-ins. ? Beyond burglary and theft, vandalism is a significant concern for around one in four people - although people are more bothered about damage to their car (27%) than they are to their neighbourhood (23%), home (19%) or garden (11%). When it comes to car-proud petrol heads, women were just as likely as men to worry about car vandalism. ? Fear of alcohol-related crime is the biggest faller since 2007; falling from 35 per cent to 25 per cent, down a third in three months. More than one in four young Britons ranked this as a top safety issue (27%). ? The so called ‘internet generation' are increasingly on guard when it comes to fraud and identity theft; 35 percent of 18–24 year olds named it as a concern (an 8% rise since 2007). In light of these findings, American Express Insurance Services has announced the launch of a comprehensive Identity insurance product, Defence, to better protect its customers from identity fraud. Chris Rolland, Head of American Express Insurance Services, says “As fast-paced working life drives more people to rely on technology in the way they manage their lives, so the safety landscape is changing and ID theft is becoming a bigger issue year on year. As a service-driven insurer that builds products for busy lives, we offer a comprehensive Identity Defence package for our customers. This is an essential service from American Express Insurance Services, intended to combat one of the UK’s fastest growing crimes.” Top UK safety concerns Identity theft/fraud Yob culture Being mugged/attacked Burglary Vandalism to their car Being threatened by people under the influence Vandalism to their 43% 41% 32% 32% 27% 25% neighbourhood 23% Car theft Vandalism to their home 19% The threat of terrorism 22% 18% Getting the late train home 13% Vandalism to their garden 11% Fast Facts 88121 New research from life insurer Zurich reveals Brits are being forced to delay their retirement, or return to work due to their failure to plan for their retirement. The survey reveals that 64% of Britons of retirement age are considering carrying on working after retirement, with nearly a third (31%) of people expecting to return to work for financial reasons. This emerging trend, identified by independent think tank the Future Laboratory as ‘Returnment’, reflects the changing nature of retirement in the UK. Speaking on the subject of returnment at Zurich’s recent credit crunch conference, the Right Honourable Michael Portillo commented, “The combined impact of the rising cost of living, rising inflation, fears of recession and the constant media coverage of the credit crisis, has created insecurity for a huge number of people approaching retirement concerned about their financial future. Given that so many people are aware that they will face financial difficulties in retirement, more and more people are staying on at work, or returning to work to help ease the financial pressures they face ahead.” The research also reveals that those facing retirement expect to return to work for other reasons as well as financial pressures.Over a third (34%) of people want to stay active through their retirement and therefore are considering continuing to work. About a quarter (26%) of people plan to keep working because they are worried about being bored in retirement. Just over two in 10 believe they still have a contribution to make and would therefore consider continuing to work; and one in ten people say they will miss the buzz of working life. Only 36% of people will not consider going back to work at all.Worryingly, it seems that Britons are failing to seek financial advice to help ensure a comfortable retirement. Zurich’s research shows that 74% of Britons have never sought advice on planning for their retirement. It seems the younger generation are least likely to seek advice, with 94% of those aged 25–34 choosing not to seek advice, whilst for those approaching retirement, surprisingly, almost seven out of ten people (69%) of those aged 55 and over have never sought advice. Unrealistic expectations The research also reveals that Brits have potentially unrealistic expectations of the lifestyle they can expect in retirement. Whilst 42% of people recognise that they are not saving enough now to afford their ideal lifestyle in retirement, people still intend to enjoy a rich and varied retirement with four out of ten people planning to pursue even more activities in retirement. Fast Facts 88120 October 2008 ? EXPAT INVESTOR 3