UK ENTERPRISE FUELLED BY DESIRE FOR PERSONAL WEALTH … AND THE DREAM OF BEING YOUR OWN BOSS
5 June 2002

UK entrepreneurs start their own companies to make money - it's as simple at that. The traditional dream of wanting to break free and be your own boss is actually less of a motivation than you might think, according to new research from Coutts, the UK's leading private bank.
"We commissioned research among the UK's top entrepreneurs to find out what motivated them to start their own business and see what advice they could offer would-be business owners," says Paul Crook, private banker at Coutts regional office in Bath who specialises in looking after entrepreneur clients.

Wealth creation was the prime motivator, with 40% saying this was the main reason they started their own business. Just under a third (30%) cited the traditional dream of wanting to be their own boss. Risk taking and challenge inspired 13%, while 11% desired the thrill of building a company from scratch.

However, once businesses are up and running, motivations change. Providing security in retirement (25%) takes over as the main driver for those running their own businesses, though continuing wealth creation is still important for 19%. Wanting to leave an inheritance (18%) and continuing to build the business to sell at a good price (15%) also feature as incentives.

"Interestingly, the research also revealed that many entrepreneurs never fully retire because they enjoy what they do," says Crook. "This is borne out by Coutts' experience with entrepreneur clients, over half of whom are serial entrepreneurs, going on to start new businesses after selling or floating their first, and working well into their retirement years".

So what advice can the UK's successful entrepreneurs offer budding business owners? They outlined the most important factors that contribute to business success.

	Timing - the most important factor of all - 30%
	Idea and strategy – make sure your initial idea is backed by a good strategy – 26%
	Planning - a detailed and realistic business plan is vital – 13%
	Finance - seeking proper finance arrangements is important – 12%
	Calculated risk - you must be willing to take risks – 12%

Paul Crook said: "Having a good idea and a viable business plan is absolutely key, but it is essential to bein the right market at the right time - and having just a little luck".

-	The Entrepreneurs Group is the largest client group, making up 17% of Coutts' client base.
-	Coutts & Co's regional office in Bath looks after entrepreneurs throughout the area.

The research was completed in the first quarter of 2002 by BDRC on behalf of Coutts among 100 entrepreneurs across the UK. Businesses spanned a wide range of sectors, and ages ranged from 25 to over 65. 17% of the entrepreneurs questioned were female. The survey included both serial and lifetime entrepreneurs.

For further information, please contact:

Anita Saunders, Public Relations Manager, Coutts Group on 0207 957 2427 or mobile 07970 001149, or e-mail anita.saunders@coutts.com.

Telephone calls with Coutts Group companies may be monitored or recorded in order to maintain and improve our service.


Issued on behalf of the Coutts Group by Coutts & Co, which is regulated by the FSA.

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