A WILLINGNESS to work hard is the most important attribute when starting up a business, according to a survey among graduate entrepreneurs.
Almost two-thirds of graduates in Yorkshire who have gone on to launch their own enterprise said that hard work is the most important attribute when starting a business This was followed by determination (52%) and drive and energy (44%).
The study by Lloyds TSB Commercial canvassed the opinions of recent graduates and university students towards enterprise and included some who have already started their own business.
The research was commissioned as part of the launch of the annual Lloyds TSB Commercial Enterprise Awards, which scours the nation for Britain’s best university and graduate businesses.
When graduates in Yorkshire who have already set up a business were asked about the practical steps they considered the most important for getting their start up off the ground, the most commonly ranked as “extremely important” was financial planning (41%).
That was followed by funding or investment to start up; getting the knowledge on how to run a business; and marketing the business, each with 32%.
All entrants to the Enterprise Awards will be considered for two titles – Best Start Up, which will be awarded to a business in its early stages; and Best Enterprise. which will be awarded to the business judged to show the most potential to grow over the next five years to become a successful SME within its respective sector.
The study revealed that eight out of 10 students and graduates (83%) would like to see more advice available at university on how to set up a business. When asked about the help and guidance available to young entrepreneurs, nearly two-thirds (62%) of young student and graduate business owners felt that there wasn’t sufficient support or didn’t know about the level of support available in their local area.
The research found that the most popular sector for UK graduates who have gone on to establish their own business is the design and creative industry.
Almost a quarter of all respondents have set up their enterprise in this field. IT services (15%) and publishing, media, marketing and advertising (10%) are the next most popular sectors.
Martyn Kendrick, area director for Lloyds TSB Commercial in Yorkshire, said: “There are a lot of savvy young entrepreneurs in the region who recognise the qualities that are vital to setting up a sustainable business.
“This needs to be matched by the support and guidance available to them as they start their enterprises to ensure their future success.
“Through the launch of our second annual Enterprise Awards, we are helping aspiring businessmen and women across Yorkshire to achieve their ambitions by giving them the support they need and showcasing the work done by some of the UK’s brightest entrepreneurs.”