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Vodafone Business Zoom: Czechs are starting their businesses carefully; every third starts their company while being employed

21. April 2008

Nearly one-third of Czech entrepreneurs began their companies cautiously, with a job and the guarantee of a stable income. On the other hand, more than one-fifth of entrepreneurs risked a lot and invested all of their assets at start-up. This comes from a Vodafone Business Zoom online survey, which the Data Collect agency conducted among 400 small and medium-sized business owners for Vodafone. The most common motivational factors when choosing a sector to do business in were, for the majority of company founders, their own hobby or previous employment. Making a living in a field of their own interest was how, according to the survey, 45% of entrepreneurs began.

Nearly one-third of Czech entrepreneurs began their companies cautiously, with a job and the guarantee of a stable income. On the other hand, more than one-fifth of entrepreneurs risked a lot and invested all of their assets at start-up. This comes from a Vodafone Business Zoom online survey, which the Data Collect agency conducted among 400 small and medium-sized business owners for Vodafone.

The most common motivational factors when choosing a sector to do business in were, for the majority of company founders, their own hobby or previous employment. Making a living in a field of their own interest was how, according to the survey, 45% of entrepreneurs began. Experience gained from previous employment, and then in business, paid off for almost one-third of those polled. On the other hand, only 13% of companies found and took advantage of gaps in the market. They began to offer services that were, until then, unavailable.

A mobile telephone was, from the very beginning, a necessity for 59 percent of companies. It is now indispensable for the vast majority - 73 percent of those polled could not last longer than a single day without it.

The majority of companies (70 percent) regard start-up as difficult; nevertheless, 74 percent of those polled decided to give priority to their own business over their job. As the greatest difficulties at start-up, respondents mentioned complicated bureaucracy, complex legislation and problems with financing.

57 percent of entrepreneurs financed their start-up just with their own resources. If the respondents borrowed money at start-up, it was usually only part of the money necessary to get the company going. This came from 34 percent of those surveyed. Almost one-tenth of those surveyed had hardly any cash and borrowed almost all of the necessary funding for start-up.

Entrepreneurs find managing the work/life balance demanding, 31 percent admit that, after starting their company, they have hardly any time for their families. Only 10 percent have more free time for their families now than when they were employed.

49 percent of those surveyed risked only a little; they began their businesses with only a fraction of their available personal funds and strictly separated them from their other private assets that they would never put at risk. Twenty-nine percent of business owners started doing business while still employed. 22 percent of business owners invested all of their assets in their business.