New American Express research on entrepreneurship
‘Motivated’, ‘productive’ and ‘risk-taking’ are among the top personality traits that entrepreneurs believe define them and lead them to being successful, according to new research from American Express.
The study highlights public perceptions and understanding of entrepreneurship in the UK, as well as asking business founders what they think are the key attributes needed to succeed when starting up. The top five traits ranked are:
- Motivated
- Productive
- Risk-taking
- Resilient
- Brave
The research also questioned entrepreneurs’ motivations for starting a business. Perhaps surprisingly, ‘making money’ was not listed as one of the top three answers – the most popular response, cited by 58%, was ‘being my own boss’; almost half (46%) wanted better work-life balance; and one third (33%) had an idea they wanted to exploit. ‘Making money’ was cited as motivation for just over a quarter (29%) of entrepreneurs.
Overall, the study found that the majority (78%) of entrepreneurs saw starting their own business as a means of unlocking opportunities that otherwise wouldn’t have been open to them. It also revealed a deep sense of pride among this community, with almost all (94%) respondents believing the contribution entrepreneurs make to the UK economy is important.
Amanda Salt, vice president, small & medium enterprises, UK Card Services at American Express said: “Our research reveals what it takes to be an entrepreneur, the motivations to succeed and the pride this valuable community feels after going it alone. As a company that proudly backs small businesses, we know the path to success isn’t without its challenges and that’s why we remain committed to supporting their growth and rewarding them for their dedication and passion.”
Exciting Enhanced Welcome Bonuses
The research comes as American Express launches generous, enhanced Welcome Bonuses on its American Express® Business Platinum and Business Gold Cards to help reward entrepreneurs for their everyday business spending.
Between 21 February to 9 April, new Business Platinum Cardmembers that sign up can earn a significant Welcome Bonus of up to 120,000 Membership Rewards® points: 80,000 points when they spend £12,000 in the first three months, and another 40,000 points 14 months later. Full terms and conditions below.
Over the same time period, new Business Gold Cardmembers can earn up to 60,000 Membership Rewards points when they sign up and spend £6,000 in the first three months, and another 20,000 points 14 months later. Full terms and conditions below.
Small business owners have the flexibility to choose how they spend their Membership Rewards points in a way that best suits their needs. The points earned on every eligible transaction means that everyday business spending can be turned into rewards for them or their business.
For example,120,000 Membership Rewards points can pay for one Upper Class Virgin Atlantic return ticket from London to New York City, which could be used for a memorable holiday or a business trip. Similarly, 60,000 points plus £150 can cover the cost of an off-peak British Airways economy return flight to Miami, LA, Las Vegas or Cape Town.
Cardmembers can also use the points to invest back into their business, with 120,000 and 60,000 points equating to a £500 or £250 Amazon voucher respectively, which could be spent on new workplace technology.
