Relaxation Boosts Entrepreneurs’ Creativity
Posted on 1st July 2014
According to recent research, one in five entrepreneurs have thought up their business idea whilst on holiday, with an average time period of six months between thinking up the concept and starting the business proper.
The study, which surveyed small business owners who have been up and running for at least five years, found that 19 per cent thought up their idea while abroad.
The research was undertaken to find out what makes people start their own business and the main obstacles they have to overcome in the first year. According to the survey, the main concerns of entrepreneurs were the need to take a salary and job security, at 35 per cent and 25 per cent respectively.
It also raised the issue of start-up funding, with entrepreneurs on average spending £3,500 on credit cards and loans during the first few months, although 31 per cent said they had been offered funding to get going, often from potential customers.
The study’s organisers said that having a rare moment to unwind can be the perfect time to allow entrepreneurs to think up a winning concept for a business idea, so those heading off for the beach now could find themselves running their own business by Christmas.
In addition, the UK is becoming a breeding ground for entrepreneurs, with over 500,000 businesses being launched last year, a number that is set to grow in 2014.
However, they may not be getting the help and advice they need when they do start their business, as the Start Up Loans Company, which grants entrepreneurs with loans that are meant to be coupled with mentoring, has reportedly been unable to assign mentors to 20 per cent of loan recipients.