Entrepreneurs are a fascinating bunch. They’re creative and versatile, prepared for hardship, and have the drive to take bright ideas and turn them into successful businesses. But Xero’s second annual Make or Break Report has revealed yet another trait they all seem to share. Small business owners have a sense of control over their own destiny that helps to push them forward.
Positive in the face of change
While small business owners accept changes to rules and regulations, they don’t agree on how (or even if) the changes will affect them. In fact, 78% of our respondents in the in the US express confidence in their future under Trump. But 38% think it will have no impact on their operations. The outlook in Britain is comparable — 74% are confident in the face of Brexit and 52% don’t think it will affect them at all. This ability to adapt in the face of uncertainty is what helps these determined individuals to agree on one thing. They are going to survive regardless of policy twists and turns.
This trait is also reflected in risk-taking. Our research suggests that when faced with economic uncertainty, the majority of successful business owners (54%) still take risks. Interestingly, 77% don’t regret mistakes, saying the learnings have been integral to their business’ success. Another 69% also say they are optimistic and aggressive about achievable targets for 2017. This is another byproduct of their can-do attitude. More than half (53%) have used financial software since day one, giving them full view of their finances to enable them to make the decisions needed to get ahead.
Staying ahead of the game
Our report found that successful small businesses also keep themselves ahead of the game when it comes to tax policy changes. One in four (23%) choose to educate themselves about business tax changes. A further 31% use accountants as one of many sources to keep themselves informed.
Click here to find out more about the traits of a small business owner this year in our Make or Break 2017 report.
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