'Obsessive optimism' essential to entrepreneurial survival

Date: 12th May 2009

Obsessive optimism is vital to becoming a successful entrepreneur, a new study has suggested.

An investigation conducted by the telecoms group O2 found that eight out of ten impresarios believe that traits such as a desire to achieve and the enjoyment of responsibility were more important than a good education.

Regardless of personality, most entrepreneurs and small businessmen could likely improve on their success with the help of a qualified accountant.

Head of small business marketing at O2, Simon Devonshire, commented: "There are prevailing qualities common to successful entrepreneurs, whether they are just starting out, right through to some of the UK's most celebrated entrepreneurs."

Mr Devonshire added that "an optimistic and resilient outlook is essential" for maintaining confidence in the current economic climate.

Meanwhile, a study by Close Invoice Finance has suggested that smaller businesses are more adept at managing financial risk than their larger counterparts.