Earlier this year, American Express partnered with the think tank, The Entrepreneurs Network, to better understand what fuels the UK's entrepreneurial spirit. Our survey of both the public and business owners reveals what Britain really thinks about entrepreneurship, uncovering some fascinating findings.

Our research reveals an encouraging level of public support and recognition for entrepreneurs, along with a growing understanding of their motivations and the benefits that drive them on their entrepreneurial journey.

What makes a typical entrepreneur?

The research suggests that entrepreneurs and the general public are pretty much aligned on the characteristics required to start a business. Specifically, 54% of entrepreneurs and 59% of the general public highlight ‘motivation’ as crucial to becoming a business owner. A willingness for ‘risk taking’ is significant, with about half (51%) of the general public and slightly fewer entrepreneurs (47%) considering it important. However, entrepreneurs place a higher emphasis on ‘resilience’, with over half (57%) identifying it as a critical trait, compared to 46% of the general public.

Entrepreneurs recognise the need for ‘bravery’, with almost half (47%) viewing it as an important characteristic, whereas only 27% of the general public acknowledge this. So while it’s clear the two groups broadly agree on the key traits, greater understanding may encourage aspiring entrepreneurs to take the leap to start their own business.

What are the benefits of being an entrepreneur?

Running a business is not without its challenges, but the research highlights the personal and professional benefits of entrepreneurship. A sense of autonomy, and the freedom to manage their own workload, were identified as key benefits by both entrepreneurs and the general public. Entrepreneurs place a strong emphasis on achieving a better work-life balance with 42% considering it a reason to set up their own business. 

Almost two-fifths (38%) of the general public believe that entrepreneurship can help deliver a good standard of living, but this sentiment is more strongly felt among entrepreneurs, with 62% saying that running their own business has improved their lifestyle.

Business role models key to inspiring future entrepreneurs

The research also delves into the factors that inspire entrepreneurs to start a business, highlighting the influence of business role models on their journey. What we found clearly shows that early entrepreneurial influences can play a crucial role in shaping future business leaders. Nearly two-fifths (39%) of business leaders say they admired businesspeople during their formative years, a stark contrast to just 11% of the general public. The latter group are more inclined to view parents (35%) and teachers (31%) as their role models.

Early exposure and understanding of entrepreneurship clearly also have an impact, with 85% of entrepreneurs reporting they had family members or friends who ran businesses while they were growing up. This exposure is markedly lower among the general public; just over half (56%) having similar experiences in their childhood.

While some misconceptions about the life of an entrepreneur persist, the public overall has a positive view of them and the attributes required to become successful. Entrepreneurship – which may be anything from launching a new e-comms business to running an independent shop - plays a vital role in powering our economy. Helping to shine a spotlight on, and continued backing the the UK’s entrepreneurial community, which is our focus at Amex, can help create the right environment that sets them up for long-term success.