Ben Marquand
M: +44 7411 633920
E-mail: ben.marquand@hsbc.com
E-mail: UKPressOffice@hsbc.co.uk
HSBC UK’s new Business Growth survey* identifies the key factors that drive the growth ambitions of successful entrepreneurs and business leaders.
The research revealed innovative thinking (45%) and a clear vision (45%) as key drivers of growth ambition; followed by being selective (41%), embracing challenges (40%), curiosity (40%) and being brave (40%).
James Cundy, Head of Corporate Banking, at HSBC UK said: “Entrepreneurs often bring us in to discuss how we can support their growth ambitions and help them take their business to the next level. These strategic conversations often begin with an ask for financial support, but they quickly steer towards a need for in-depth insights on market trends and requests to connect them with suppliers, buyers and consultants both in the UK and overseas.”
The level of personal risk1 that entrepreneurs and business leaders were willing to take varied significantly according to age and business size. Those under the age of 35 were more likely to take on higher levels of personal risk (55%), compared to those aged over 55 (28%). Those working in large companies2 were more likely to take on higher personal risks (42%) than those that worked in microbusinesses3 (25%).
When asked what kept them awake at night, entrepreneurs and business leaders pointed to their ever increasing ‘to-do’ list (36%), money worries (23%) and reviewing past mistakes (21%).
Professor Patricia Riddell, Consultant Neuroscientist, said: “While attitudes to risk generally become more conservative as the brain develops, research suggests entrepreneurs have risk attitudes more akin to younger people than those their own age. Entrepreneurs are also less likely to take on personal risks in microbusinesses because failure is perceived to have a greater impact on individuals involved.”
Notes to editors:
* All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1046 B2B decision makers. Fieldwork was undertaken between 9th - 14th April 2024. The survey was carried out online. The figures have been weighted and are representative of British business size and region.
HSBC UK
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a ring fenced bank and wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,039bn at 31 December 2023, HSBC is one of the world’s largest banking and financial services organisations.