Look beyond your first impressions and let us challenge what you think you know about business owners.
From leaving school at 15, to selling your home in order to raise funds, there is no single path to small business success.
Some data suggests that entrepreneurs often have demographic similarities [1], but that doesn’t mean their business journeys will also be comparable. When you consider that 1 in 4 individuals of working age in the UK are engaged in some type of entrepreneurial activity or intend to start a business within the next three years [2], it’s impossible to think that all of these individuals follow a business-owner blueprint.
In this video, we set out to challenge people’s perceptions of what being a small business owner looks like. We gave Gresham Blake, creative director of the eponymous bespoke tailoring business, the task of matching five statements to five fellow entrepreneurs.
This meant asking some pretty big questions, such as: ‘Are you comfortable with failure?’ and ‘Is being a small business owner everything you thought it would be?’ in order to uncover five very different paths to success.
Through answering these questions, we smash some of the stereotypes surrounding small business ownership. One business owner admitted to launching a first endeavour with no prior business knowledge, which meant quickly learning key skills – like how to forecast revenue growth and create and read a cashflow statement – while on the job. Another revealed their previous work experience involved selling watermelons on a beach in Greece. What would your responses say about your experience?
Keep watching as Gresham digs into their backstory, revealing the various routes our panellists took to get them where they are today. Among other fascinating stories, we hear about helping out at the family’s locksmiths shop aged 13, embarking on a corporate career and gaining experience in the retail sector. But while all five owners’ journeys are different, they are all part of a small business community that strives to provide the best possible customer experience while also achieving their financial goals.
From advice on addressing your supply chain issues to discovering digital marketing tools that can drive awareness and promote engagement, American Express understands that being a small business owner means adopting an ‘always learning’ mentality. That’s why we’ve compiled an online library of resources that’s by your side throughout your journey – whatever it looks like.
[1] Startups, The Average Entrepreneur
[2] Global Entrepreneurship Monitor, UK Monitoring Report 2020