Skip navigation
Skip navigation
You are using an outdated browser. Please upgrade your browser.

Entrepreneurs and small business owners are often classed as a different breed and research from an accounting software company has revealed some interesting statistics such as nearly 20% of SME owners have been fired from their previous jobs before forming their own business.

Nearly 20% of all small business owners or entrepreneurs have been fired from their previous employment before going on to form their own company according to research from a leading UK accounting-software company.

The research was commissioned by SME accounting software company KashFlow who spoke to 1146 business owners from across the UK in order to try and get a better understanding of user needs and requirements.

Other interesting statistics from the research revealed;

When it came to the reasons why small business owners formed their own company 44.2% said it was because they were sick of their existing job and thought they could do better themselves, 37% said that they identified a niche idea or gap in an existing market, 7.6% said it was due to redundancy and 5.4% said they had no option as they could not find a job.

When asked which SME support network has most helped their business, Business Link led the way with 37.9% followed by the Federation of Small Business with 18.6%, 16.4% for online business advice forums such as UKSmallBusinessForums.co.uk and 15.5% for the Princes Trust.

Less than 10% of people asked said that the Chamber of Commerce had helped their business.

Duane Jackson is the Managing Director of KashFlow and speaking about the results he said,

"Not only have we got some really useful statistics that will help us to get a better focus on further developing KashFlow but we have also found some interesting facts around the mindset of an entrepreneur".

He continued, "The fact that nearly 20% of small business owners have at some time in their career been fired really made me sit up and wonder if there is a potential culture clash between the SME owner and the typical 9-5 brigade".

Wider research found that small business owners see Virgin as the best example of a large organisation that still has the entrepreneurial spirit and cited Dell as the biggest example of a once entrepreneurial company that has left its small business freedom behind.

KashFlow launched its flagship product, an online tool specifically designed to help owner-managers in small businesses manage their accounts, in mid 2005. Since that time it has quickly won a significant share of the valuable accounting software market along with launching a new direct to accountant division in late 2006.

KashFlow recently won a second round of venture capital funding from Lord Young of Graffham, former Secretary of State for Trade and Industry and ex Chairman of Cable and Wireless.

The KashFlow accounting package is securely hosted online, requires no installation and can be trialled for free by visiting KashFlow. The site also displays examples of feedback from actual users.

END

Editors Notes

For further information contact andy@10yetis.co.uk or 01452 527898.

- KashFlow has received two rounds of venture capital funding from Lord Young of Graffham, former Secretary of State for Trade & Industry and ex Chairman of Cable and Wireless

- KashFlow has been nominated in the 2007 Software Satisfaction Awards for the category of Web-Hosted Accounts

- KashFlow is simple to employ, with users instinctively knowing where to click to perform almost any accountancy task

- Owner managers are able to effectively manage their accounts with no need for software training or prior knowledge of accountancy

- KashFlow has been featured in the likes of the Financial Times and The Daily Telegraph

MEDIA QUIZ

Unbranded (so you can pass it off as a gift) prize for the first journalist to send the correct answer to andy@10yetis.co.uk

Q: A group of Dorset farm labourers transported for forming a union in 1834 were collectively known as what?

This press release was distributed by ResponseSource Press Release Wire on behalf of 10 Yetis PR and Marketing in the following categories: Personal Finance, Business & Finance, for more information visit https://pressreleasewire.responsesource.com/about.