British business owners reveal their most important milestones
At Current Capital, we wanted to find out more about what really matters to British entrepreneurs – so we conducted an online survey asking business owners across the UK which professional milestones mean most to them.
With options ranging from securing their first big sale to making it past their first year, we wanted to know what Brits consider key points on the journey to business success.
Respondents were able to select more than one answer, and the results are recorded below.
Which of the following business milestones mean most to you?
- Making your first profit: 47.0%
- Securing your first big sale/large contracts: 41.0%
- Making it past your first year: 34.0%
- Hiring your first employee: 22.0%
- Moving into your first office space: 18.0%
- Securing funding: 12.0%
- Making your first profit: 53.8%
- Securing your first big sale/large contracts: 48.1%
- Making it past your first year: 34.6%
- Hiring your first employee: 26.9%
- Moving into your first office space: 19.2%
- Securing funding: 13.5%
- Making your first profit: 39.6%
- Making it past your first year: 33.3%
- Securing your first big sale/large contracts: 33.3%
- Hiring your first employee: 16.7%
- Moving into your first office space: 16.7%
- Securing funding: 10.4%
It wasn't surprising to see that making a company's first profit was the most often identified as the biggest milestone for business owners. What was interesting was the variation between men and women, with men much more focused on this milestone than women were.
The differences between the sexes continued with men less concerned with making past the first year than women were but more focused on getting the first big sale - the inverse of the women's choices. This may point to the fact that women look at structuring a business over a longer term with a more calculated and planned growth plan, while men may be more concerned with the "home run" sale early in the company's life cycle. This assumption is backed up by the survey results which shows that men are less concerned with getting through the first year than women.
While all businesses and entrepreneurs are different, it was interesting to get the feedback from the respondents to see what the primary goals were. While we totally understand the desire to make profit and get through the first year as the primary milestones, many of these milestones could be assisted with appropriate funding at outset, whether that be via own funds, equity investment or debt finance (or a mixture of them all).
If you'd like a little steer on which option or options are best for your business, please get in touch.
Thanks again to all that participated!