Fathers key role models - survey

Fathers are the key factor in turning students into entrepreneurs, according to research by Lancaster University Management School…

Fathers are the key factor in turning students into entrepreneurs, according to research by Lancaster University Management School.

Mothers are slightly more likely to talk about their business-owning experience, but they have little effect on the career intentions of their children, according to the study of 2,600 engineering students in the UK and US.

Fathers are the strongest role models for both male and female students and are ahead of academics, tutors or people students meet while working or on work placements.

Worryingly, almost half of the university staff who have ready-made enterprise experience to pass on, are said to never discuss it with their students.

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Students in the US are found to be more likely to have a larger number of role models and more enthusiasm for the idea of becoming an entrepreneur.

The study of 300 small business owners also finds construction and catering entrepreneurs happiest in their work.

Small "one-man band" businesses spend an average of £1,100 a year on sales and marketing compared with £28,000 for the average UK firm and £119,000 for large companies, according to Marketsafe, a business information firm.

But despite pressures on time and money, many do not do their prospecting homework, it says. Less than half of the firms went to the customer's website before making contact nor do they check who is the most appropriate person to approach. One in six conduct no research whatsoever into a potential customer.