Creativity + Networking + Risk-Taking = Business Success, say UK's Graduates

LONDON, September 28, 2010 /PRNewswire-FirstCall/ --

- Student Entrepreneurs Rate Key Personal Skills Above Academic Achievement

New research conducted by specialist small business insurer (http://www.hiscox.co.uk/business-insurance/) Hiscox*, shows that students put personal skills ahead of academic achievement when ranking predictors of entrepreneurial success.

Only 1% of graduates believe that qualifications are the most important factor when thinking about setting up a business. Instead they rate creative thinking (40%), the ability to network (38%) and risk-taking (28%) as the key attributes of successful entrepreneurs.

The research also showed that this year's graduates admire businesspeople that display these qualities, with Sir Richard Branson (24%) and Lord Alan Sugar (20%) being rated as the most inspirational entrepreneurs globally.

Graduates also expressed admiration for young entrepreneurs, with four in five (82%) saying young people had founded some of the best companies.

According to the study, IT and computing students are most likely to become entrepreneurs (38%), followed by business management students (27%). It also showed that those studying core subjects, such as maths (20%) and science (15%), are less likely to go into running their own business.

    Location     % of students starting a
                            business

    London                    40%
    Hull                      36%
    Glasgow                   32%
    Cardiff                   22%
    Newcastle                 21%
    Manchester                16%
    Nottingham                12%
    Birmingham                 9%

London students topped the list as the most likely to set up their own company, with four in ten of them already in business whilst at university, or in the process of setting up their new venture. Other cities nurturing entrepreneurial students include Hull (36%), Glasgow (32%) and Cardiff (22%).

John Heaney, SME expert at Hiscox, said: "The research shows an interesting perspective on the business world from the UK's next generation of entrepreneurs. The students are right to recognise the importance of skills like creativity and networking for business success. Together with the knowledge gained from studying and on the job experience, they are invaluable to aspiring entrepreneurs.

"It's clear that the cities surveyed are full of enterprising students optimistic about their future careers in business, which is great for the future of UK entrepreneurship."

Notes to editors

*Research conducted amongst 1,000 students graduating in 2010 and 2011 by independent market researchers Redshift during June 2010.

About Hiscox

Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.

For further information, visit http://www.hiscox.com.

SOURCE Hiscox

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED