Abbey: Risk-taking pays off for UK businesses

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Abbey: Risk-taking pays off for UK businesses

Wed 26th Mar 2008

According to new research from Abbey more than half of Britain's business owners believe entrepreneurs must be willing to take major risks if they want to succeed.

Of those questioned by the bank, 50 per cent described themselves as risk-takers, while two per cent even said they were "real business daredevils".

Meanwhile over three-quarters of business people who had decided to take the risk of setting up their own company reported that the decision had been a good one, with six per cent saying their had surpassed their initial ambitions, 40 per cent claiming to have fulfilled them and 30 per cent stating that they are 'almost there'.

However, 44 per cent did admit that they worked more hours now they run their own businesses, with 22 per cent of respondents working 60 hours or more a week.

Paul Ickinger, head of Abbey's business banking, said that "for the majority of business owners" taking the decision to go it alone "has turned out to be a good one and if you put the hours in it seems that for the majority of entrepreneurs their goals have been realised".

In other news, earlier today Abbey warned consumers looking for a new individual savings account to be aware of the restrictive transfer conditions that some accounts have.

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