The study, conducted by Samsung UK & Ireland, surveying 1,500 consumer entrepreneurs, reveals while financial freedom (40%), a sense of accomplishment (29%), and more peace and joy in life (12%) are key reasons for them wanting to start a business, 27% say they simply don’t have the time to do so.

One of the barriers identified by the research was a lack of mentorship. Having a mentor was acknowledged as crucial to getting their idea off the ground (42%) yet just one in ten say they have one. Instead, Brits turn to their mum or dad (36%), and a quarter turn to friends (26%). One in ten reveal they even seek career inspiration from their favourite character on TV or a social media influencer, whilst others say they have chatted career goals with a bartender.

Annika Bizon, Marketing and Omnichannel Director at Samsung UK & Ireland said: “Transforming a business idea into a reality is never just one leap, it’s many, many steps – some bigger than others. Whether it’s listening, providing advice, or sharing honest experiences, it’s important to encourage and nurture a friend or colleague to embrace their entrepreneurial spirit where possible, as that one idea, could end up being an incredible business reality.”

The role of friends and family in the pursuit of achieving career aspirations is clear, yet findings reveal that entrepreneurs lack support and encouragement from their nearest and dearest. A quarter (25%) of would-be business owners say more backing and belief from friends and family would help them bring their ideas to life. In fact, 13% who told their idea to friends at the pub were laughed at. The same number shared their idea with their parents but felt they didn’t understand or encourage them.

Coinciding with the findings, Samsung UK has launched a three-part video series on its YouTube channel – ‘9 Minute Mentors’ – giving nine minutes of valuable insights to those businesses who aren’t losing that time to incompatible tech^[1]. The series features three hugely successful UK start-ups: London coffee business Grind; premium synthetic hair extension brand, RadSwan; and subscription-based flower company Freddie’s Flowers. Hosted by Samsungs’ Annika Bizon, Marketing and Omnichannel Director and Joe Walsh, Director of B2B, the series gives aspiring business owners the opportunity to hear from the best in the business, as they discuss challenges faced, opportunities embraced, and their top tips for aspiring entrepreneurs for how they can turn their business idea, into a successful reality.

According to the research, over half of respondents said they lack the confidence to invest time into themselves and their ideas (56%) or don’t have enough financial backing (51%) to make a go of things. Close to a third (32%) say they simply wouldn’t know where to start, while around a quarter (22%) say they don’t have the right technology or knowledge to get their idea off the ground.

Samsung knows that having the right technology to back up a business is imperative and that every second counts. In fact, better technology to give entrepreneurs time back to make a go of their idea, was cited by one in four (24%), as a barrier to pursuing a new business idea.

“The most successful enterprises originate from a single brilliant concept, but aspiring business owners need to rely on other building blocks, such as good technology to move from ideation to action. Samsung for Business offers solutions that empower organisations to overcome challenges that impede productivity and profitability, ensuring technology works efficiently, so leaders can focus on what truly matters. To foster greater entrepreneurship in the UK and stimulate robust economic growth, it’s our collective responsibility to identify and eliminate the obstacles faced by those striving to pursue their dreams.” Joe Walsh, Director of B2B, Samsung UK & Ireland concludes.

Samsung For Business’ unique ecosystem gives business owners what they need to take their business from where they are to what’s next. From the latest devices to unrivalled support, defence-grade security and unique partnerships, Samsung connects everything to help them work wonders.

You can watch the 9 Minute Mentors series here.

[1] https://www.viewsonic.com/library/business/wasting-time-meetings/#:~:text=Time%20wasted%20in%20meetings%20accounts,time%20lost%20just%20setting%20up.

Based on the insight^[1] that people lose nine minutes every meeting due to technical issues, Samsung understands that having the right tech to back up your business is imperative, and that every second counts – launching ‘9 Minute Mentors’ with the goal of giving that lost time back.

The video series brings together insights, learnings, and advice from the best in the business, from overcoming major challenges during the pandemic, finding inspiration in family members, and understanding the importance of building a people-first culture.

Captured in Samsung’s SmartThings Home, located in its UK headquarters, interviews are hosted by Samsung UK and Ireland’s Annika Bizon, Marketing and Omnichannel Director and Joe Walsh, Director of B2B.

In Episode 1, launched today, Annika speaks with David Abrahamovich, Founder of Grind about the evolution of the brand, some major business pivots undertaken in the last 5 years, and its huge growth story– largely down to embracing the business as technology-first. During this discussion, hear from David about expensive failures and how they have led to greater consistency.

Watch episode 1 here:

[1] Research conducted by Sapio

With 43% of business leaders saying they believe the CFO wields more power this year versus 2018-19, ahead of the CEO (36%), COO (36%) and CTO (31%), it is clear that worries about budget concerns (34%) and inflation (33%) are playing heavy on executives’ minds. However, on the flipside, 55% of business leaders indicated that they are looking for ways to return to greater optimism and business prosperity as a top priority this year. There is a firm understanding that cutting bureaucracy is key to success – especially when 7 in 10 (70%) feel that there are more hoops to jump through than ever before when it comes to business decision making at their firm.

Causing businesses extra angst are the complexities that reside in the way purchasing decisions are made, especially when it comes to technology hardware, services or solutions. 30% of businesses would like to slash the number of vendors their business works with, and over one third (36%) are looking for a ‘one stop shop’ solution when it comes to researching and buying tech solutions. With research showing that over one third (34%) of business leaders are now purchasing tech solutions online, it’s evident executives are embracing digital transformation and finding ways to dismantle old processes.

This comes as Samsung today announced the expansion of its ‘Work Wonders’ B2B platform uniting its expansive suite of business-focused products and solutions, to support British business as they gear up for growth. When 94% of business executives agree that complex decision-making processes are preventing them from making more future-thinking investments and decisions, Samsung aims to simplify the processes that might supercharge business success by offering a holistic ‘one stop shop’ approach to their technology purchasing – boosting value and helping companies deliver against wider sustainability and efficiency requirements.

Commenting on the survey findings, Mark Seaman, Head of New Business Development, Samsung UK said: “Running a business is hard enough without extra complications like rising inflation, soaring energy prices, geopolitical challenges or other shocks to the bottom line. Our research clearly shows that business decision-making continues to stagnate in 2022 as leaders struggle to shrug off decision-making fatigue in favour of more simplicity, streamlined purchasing and an all-round more collaborative experience.

That’s why through our Work Wonders One Samsung platform, we’re focused on giving companies a more singular touchpoint to access Samsung’s entire suite of technology products and services. Whether it’s equipping an entirely mobile workforce with the latest Samsung Galaxy smartphone or talking to housing developers about the very latest in smart home appliances, Samsung wants to help businesses take a more holistic, value-driven and longer-term view of their purchasing requirements.”

The traditional B2B purchasing flow is known for being notoriously complex, multi-layered and rigid, and businesses are looking for ways to diffuse the pressure points that allows them to move forward. With 71% of businesses wanting to invest more budget in tech this year, more needs to be done to facilitate this in a way that helps businesses drive towards commercial success. When the average financial loss per business (due to delays in decision-making) comes in at £1.2m this past year, business executives cannot afford to take further financial hits.

And when it comes to extra time, over 1 in 5 businesses (26%) said decisions typically take 5+ months longer to get over the line in 2022 (versus 1-2 weeks in 2018-19) and just under 10% reported they had lost up to £2m due to lag when it comes to making effective business decisions. More needs to be done to return UK PLC to growth mode.

“Business leaders have the unenviable task of delivering growth in a turbulent climate, whilst showing they can make savings, deliver innovation, maintain an engaged workforce and invest in tech that gives them competitive advantage. By positioning ourselves as strategic partners to our customers, we want to show that businesses don’t have to tread this path alone and that greater collaboration can unleash greater value, whilst making the purchasing of technology hardware, solutions and services as simple as possible,” added Mark Seaman.

To find out more about Samsung’s range of business products and services, and to download an executive summary of our research study, please visit https://www.samsung.com/uk/business/discover-samsung-business/.

LONDON, UK – 29 November 2021 – Samsung Electronics Co., Ltd. has today unveiled a unique photography series titled Wondershots, which celebrates the bold, diverse, and eclectic side of small businesses in the UK. From an indoor climbing wall sprawling through a Bristolian church, to the sprawling hills of the Yorkshire Moors showcasing a local llama trekking business, Wondershots celebrates the raw essence of modern British business through the power of photography.

Commissioned on behalf of Samsung for Business, the documentary-style series has been captured by British extreme photographer Lucinda Grange, who travelled across the UK with her team to put her daredevil camera techniques to work. The Series is a celebration of the dynamism of small British businesses who are able to work wonders from anywhere, powered by technology.

The launch of Wondershots arrives at a time of increasing prominence for small businesses across the UK. Recent research conducted by Samsung for Business revealed that one third of people would prefer to work for a small business, which peaks at nearly half (43%) for those in the 18–24-year-old age bracket. The study also found that over a third (34%) of Brits would prioritise shopping at a smaller business in their local area for products including food and flowers, highlighting the nation’s shift in values post pandemic towards more individual and smaller community-driven organisations.

The businesses involved in the Samsung Wondershots photography series are:

• In Good Company: a curated street art project founded in Leeds that connects with a network of global artists online and offline to bring more art, fun and colour to the city’s architecture.
• Lealholm Llamas: a llama trekking company providing unique tours of the Yorkshire Moors with its four amazing llamas: Tina, Debs, Cher and Dolly. They were able to pivot digitally during the pandemic, helping them support new revenue streams and connect with customers online.
• Plane Industries: from 35,000 feet to the middle of your living room, a team of designers and manufacturers at Plane Industries build furniture from authentic aircraft parts. Technology is essential to the design and concepting of new products so they’re heavily reliant on tech to get to a finished product.
• The Climbing Academy: with walls of varied shapes and angles up to 12m high, The Church is one of the UK’s most unique climbing wall locations. With a friendly team of experienced experts – who turn to tech to plan and follow their latest routes – The Church provides climbing experiences for all skill levels.

The collection of photographs taken by Lucinda is available to view on the Samsung Work Wonders web page here.

Reflecting on her role in the series, Lucinda Grange said: “Just like the risks I take with my photography, UK businesses are also taking on their own risks to be able to run profitable companies. I loved the idea of being able to capture these unique businesses in unconventional ways, reflecting the fact that business doesn’t have to be static if they’re powered by the right tech. I loved the ambition of Samsung’s photography series and was thrilled to be able to bring their vision to life in a bold and dynamic way.”

Commenting on the launch of the Wondershots photography series, Joe Walsh, Director of Business Technology Solutions at Samsung said: “The pandemic sent shockwaves through the world of work, but it also spawned the creation of new sectors and supercharged the potential of SMEs in all parts of Britain.

Whether that’s effectively connecting employees no matter their location, supporting productivity when on the move, or providing a platform to drive sales, technology has been the fuel propelling SMEs to work wonders from wherever – something many thought wasn’t possible during the pandemic. By partnering with Lucinda to launch our Wondershots photography gallery, we wanted to show that business doesn’t have to be from behind a desk, and this photography series lifts the lid on the vibrancy of UK businesses powered by technology.”

The importance of tech in the world of business has undoubtedly increased since the pandemic, with 61% of people agreeing that remote working and digital tools have made them more productive and efficient.

While there has been an increase Brits’ interest in working for smaller business, SMEs take note – 65% of people would not apply for a new job unless the employer offers mobile devices to support work on the move, proving that employers need to get ahead of their tech solutions to maintain an engaged and enthused workforce.

Laura Welington, founder of In Good Company who were photographed in the series, explained: “From my watch through to my phone and laptop – technology is vital for my small business and connecting me with all of my partners and collaborators. For me, it’s all about work/life integration, not work/life balance. Running my business is all-encompassing in the best possible way and technology helps me in achieving that equilibrium – quite literally, every minute of the day.”

Samsung’s research was conducted by Samsung for Business to celebrate Work Wonders, a new platform which showcases the vibrancy and variety of modern UK businesses. With the reassurance of Samsung’s end-to-end ecosystem of products, tools and services, Work Wonders is designed to help businesses of all sizes get the confidence they need to take it all the way in this new era of hyper-flexible working and new workplace norms.

For more information about Samsung for Business and Work Wonders, please visit here.

Notes to Editors:

Research was carried out by One Poll, on behalf of Samsung. A total of 1,000 UK office workers were surveyed between the 17^th-19^th September 2021.