Adversity motivates UK’s successful entrepreneurs, says survey

Personal adversity is a driving factor motivating the UK’s successful entrepreneurs according to a survey by the Aldridge Foundation (www.aldridgefoundation.com).

The Origins of an Entrepreneur survey asked 370 of the country’s successful entrepreneurs about their backgrounds, education, motivations and personal characteristics.

Seven out of ten (69%) say they have been motivated by adversity including parental divorce, a car crash, cancer, and under- achieving at school.  And the majority (56%) say determination is the most important characteristic for a successful entrepreneur, followed by passion (22%).

 “Adversity forged my independence and was a major influence over my drive for

success in my career,” says Glen Manchester, CEO of Thunderhead (CBI/Real Business Entrepreneur of the Year).

Businesswoman Laura Tenison says under-achieving at school made her want to prove her teachers wrong and she set up her acclaimed baby wear brand JoJoMaman Bébé after suffering a severe car crash in France. Bar Hewlett says beating cancer gave her the determination to set up weight loss business LighterLife. TenUK founder Alex Cheatle cites the breakdown of his parents’ marriage when he was three: “A government minister once asked me how we can boost entrepreneurship in this country,” he says. “My flippant response was, ‘More misfortune’.”

Rod Aldridge, founder of the FTSE 100 company Capita Group and now Chair of the Aldridge Foundation which conducted the survey, said he was spurred on to succeed by being determined to put behind him the stigma of underachieving at school. He and the majority of entrepreneurs in the survey believe that education is the key to unlocking entrepreneurial talent in young people.

“It is admirable that so many entrepreneurs have overcome personal adversity to lead incredibly successful lives. It’s a lesson to us all that anything is possible – but we can’t take this resilience for granted,” says Rod Aldridge. “There are many young entrepreneurs who are struggling in this recession and need experienced business people to give them mentoring support to help them adapt and survive. And if we want to come out of this recession with a pool of entrepreneurial talent, we need to instil resilience and an entrepreneurial mindset among school children.”

This call is backed by the majority of entrepreneurs surveyed who say the best way to encourage young entrepreneurs is to provide business mentors ( 21%), teach entrepreneurship at school ( 20%) using real business examples and to change cultural attitudes to failure (17%).

Will King, founder of King of Shaves and winner of the Growing Business Awards Company of the Year in 2008, says: “In America, failure is a big part of the entrepreneurial experience. In the UK, it’s frowned upon. There needs to be room for trial and error.”

This survey finding was strongly supported by comments in the online survey given by entrepreneurs who chose to remain anonymous:

“Adversity provides a phenomenal motivator as an entrepreneur sees that nothing other than their own efforts will get their circumstances changed.”

“Seeing family and friends struggle with money motivated me to not want to be in that position. Also, the fact that various people telling me what I cannot do or achieve, usually based on their own fear of failure, made me more inclined to prove them wrong.”

“I had a council estate upbringing and it’s driven me to ensure the next generation of my family don't.”

“In my own circumstances deprivation, debt, and violence all drove me to make a better life for myself and my own family.”

“Adversity creates passion, determination and dedication.”

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The Aldridge Foundation sponsors two Academies, in deprived areas, with an entrepreneurship specialism. www.aldridgefoundation.com

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Media Inquiries: contact Petra Coveney Associate Director for communications and public affairs, tel: 07590 831966 or email petra.Coveney@aldridgefoundation.com

The full survey report is available by following this link: Origins of an Entrepreneur

Interviews are available with Rod Aldridge, Chair of the Aldridge Foundation and the other entrepreneurs mentioned in this survey.

Notes to Editor

The Aldridge Foundation was set up in 2006 by entrepreneur Rod Aldridge to open minds, challenge barriers and change life chances through entrepreneurship and education with a specific commitment to tackling educational under-achievement and social immobility among disadvantaged and excluded young people.

At its heart is a belief that by instilling an entrepreneurial attitude you can empower young people to improve their lives, inspire them to create innovative social and business enterprises, which in turn can stimulate community regeneration.

The Foundation sponsors two community academies in disadvantaged areas of Darwen, in Lancashire, and Falmer, near Brighton. It also funds innovative pilot projects that encourage entrepreneurship among excluded groups of people, such as those not in education, employment or training.

www.aldridgefoundation.com