Almost half of entrepreneurs say clear business strategy is crucial to success

Almost half (47 per cent) of business leaders and budding entrepreneurs believe that having a clearly-defined business strategy in place is crucial to developing and maintaining a successful business.

The figures come from Lloyds Bank’s latest Ambition Index Report – a far-reaching study assessing the key drivers of entrepreneurial ambition.

The study, which quizzed more than 600 entrepreneurs, small and medium-sized enterprises (SMEs) and mid-market business decision markers, suggests that ambition is crucial to business success – but that many entrepreneurs need an occasional boost in order to stay motivated.

More than half (50 per cent) of respondents told Lloyds Bank that surrounding themselves with supportive friends and family members helped them to continually push their budding enterprise forward and strive for success.

Meanwhile, 47 per cent of business leaders said that a having clear business strategy in place was crucial to the success of their SME, while 44 per cent added that it was important to have a good sense of self-esteem and independence in order to be individually successful as an entrepreneur.

32 per cent of those quizzed added that the learning, development and maintenance of strong management and leadership skills was essential to business growth.