Launching a business requires the nurturing love and care you would expect to find between family and friends. So it’s hardly surprising that a new study has revealed those close relationships may help out in great way early on in startups’ journeys.
Having surveyed 1,000 business owners, Xero, the software company, revealed that many entrepreneurs find sourcing the best talent to be one of their biggest challenges in their startup journey. Fortunately, 85% of them resolved this issue by resorting to hiring friends and family over outsiders.
However, the researchers didn’t stop there but also revealed that most entrepreneurs are relatively young. Indeed, the average small-business owners’ age for taking the plunge and launch a startup was 27, with almost 69% of new businesses in the past five years being established by those aged between 18-34.
The study also revealed that nine in ten small business owners view setting up shop as one of their proudest achievements, with 48% comparing it to the excitement of buying a first home. When asked about the most rewarding aspects of entrepreneurialism, 51% cited the freedom to be their own boss, 38% spoke about being able to control their work life balance and 38% enjoyed being able to accomplish things on their own terms.
Additionally, the research also offered unique insights into the kind of business leader they wanted to be. While Elon Musk may hit the headlines at least once a week, Bill Gates Richard Branson and James Dyson were named the three living business icons entrepreneurs look up to the most.
Commenting on the research, Gary Turner, co-founder of Xero, said: “Small-business owners don’t always have an easy run of it. But, despite this, every day I see just how passionate and eager they are to turn their dreams into realities.”
“While this passion is fantastic, it will only get you so far. We know that survival rates of small businesses with watertight business plans and the right processes are far greater than those who fail to put the right provisions in place – so it would be a huge shame to see this enthusiasm go to waste.”
So if you want to launch a business grooving to Sly and the Family Stone’s hit song Family Affair, then rest assure that you’re hardly alone.