New study reveals just what it takes to run your own business

Traits such as passion, confidence and being able to rise to the challenge are just some of the key attributes needed to run your own business, research finds.

Being a natural leader and having a strong character are must-have characteristics for starting up, according to a survey by Vistaprint.

Determination also ranks highly for people looking to turn an idea into a fully-fledged business.

The study of 800 British small business owners and 800 British full-time employees reveals that small business owners are twice as likely to love their job (33 per cent) and be passionate about their work than full-time employees (16 per cent).

They are also more likely to cite love of the job and achieving work-life balance as their primary career motivation, while full-time employees are twice as likely to cite ‘wanting to be liked’.

Oliver Harcourt, head of Vistaprint UK comments that, overwhelmingly, these passionate individuals have positive stories to share.

‘The survey highlights some of the benefits that can be achieved when starting your own business, whether it’s more time for your family, the ability to evoke change in your community or a renewed love for your job.

‘We want to encourage people to be bold and live their dream.’

The freedom to be flexible

Almost three times as many small business owners strongly agree their job is flexible, with their working hours averaging a mere 33.3 hours a week compared to 39.4 for full time employees.

And when compared to full-time employees, small business owners have significantly more independence, passion for their job and achieve a better work-life balance.

Perhaps surprisingly, making money seems not to be the be-all and end-all, with twice as many small business owners than full-time employees citing love of the job and achieving work-life balance as their primary career motivation over generating cash.

And three times as many small business owners say their work is flexible compared to full time employees.

For more information on Vistaprint’s research, click here for the four personality traits of a business owner.