News

Tech entrepreneurs prioritise building their brand over meeting financial targets

Share

Building their brand is the most important decision tech entrepreneurs have to make, according to a survey by serviced office specialist Workthere. Aspects such as choosing the company name and deciding on marketing costs top the ranking of tech bosses’ most important decisions, with 45% of those surveyed saying this is important to them, closely followed by meeting financial targets and achieving work/life balance.

The research by Workthere assesses the most important decisions tech entrepreneurs make during the beginning stages of their business, factoring in everything from securing funding to office location.

Tech entrepreneurs have an average of 17 decisions to make each working day according to the research and, with 40% of small companies in the UK failing after just five years[1], these early decisions can make or break a business.

Along with the wealth of decisions to make, tech entrepreneurs are also clocking in an average of 39.5 hours per week at work, with 31 of these being spent in their office. It is therefore no surprise that tech business owners prioritise the quality of their work space, with the work environment, available technology and flexibility all top considerations.

Workthere’s research shows that 76% of tech entrepreneurs claim that a suitable office space is crucial for success; as equally as important is having a creative work environment (76%). Meanwhile, a cost-effective space (56%), IT infrastructure (38%) and flexibility for room to grow (38%) were the most important decisions tech entrepreneurs made when choosing their first office. Click here to see the Workthere guide for entrepreneurs in full.

Cal Lee, Head of Workthere, says:

Technology entrepreneurs trying to grow their business have an incredible amount of decisions to make, both big and small, and it is these decisions made early that can be the difference between success and failure. Whether this is about the strategic direction of the business, who they hire or the type of office space they would like to occupy, every decision counts.” 

[1] http://smallbusiness.co.uk/business-failure-four-ten-small-companies-dont-make-five-years-2533988/