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Insights from European entrepreneurs on growing a business

Article

Insights from European entrepreneurs on growing a business

Article

Insights from European entrepreneurs on growing a business

Business insights

Article

Insights from European entrepreneurs on growing a business

Business insights

Earlier this year, we analysed how European entrepreneurs manage their operations, and the roles that technology and accountants play in the small business landscape. We’ve already explored the challenges of starting a business and running a business in Europe, and now we’re turning our focus to the realities of growing one. 

To better understand the needs of European entrepreneurs, we partnered with Kantar to survey 2,000 small business owners across 12 European markets in which Visma operates. These include the Mediterranean (46% of the respondent sample), Central Europe (24%), Benelux (16%), and the Nordic regions (12%).

→ Learn more about the survey here.

Staying ahead in a competitive market

For European entrepreneurs, the path to success is not without its hurdles. While nearly half of the respondents identified the current state of the economy as their biggest challenge – even more so in the Mediterranean region and Central Europe – this has not dampened their spirit. A majority reported a sense of confidence, enthusiasm, and optimism in terms of achieving their goals in the next year.

So, what drives their unwavering optimism? Technology. Entrepreneurs across Europe recognise digital tools as essential for business growth, enabling them to adapt quickly and stay agile in both decision-making and operations.

“Every change, especially in technology, is an opportunity to create impact. Not every change has a major impact but, with the right mindset and a willingness to experiment with new technologies, entrepreneurs are always in a position to ride the coming wave.”
- Ville Kuusela, CEO of Netvisor (Visma Solution Oy)

Regional differences in the anticipation of external challenges


When asked about their goals for the upcoming year, a total of 46% of respondents identified business growth – either by increasing earnings or gaining more customers – as their primary goal. While some entrepreneurs prioritise improving business efficiency or expanding their customer base, only 9% were looking to grow by expanding their offerings. And a total of 12% had not set specific goals, or were unsure about them. Despite this, confidence is the prevailing theme: over half of respondents feel confident or very confident about meeting their goals.

Regionally, Benelux entrepreneurs stood out with the highest levels of confidence, while those in the Nordics reported a slightly more cautious outlook. Yet across all regions, there’s a drive to innovate, grow, and succeed.

“Entrepreneurs should always be asking themselves, ‘how can I disrupt my own market?’, always be thinking about new revenue streams, be willing to take smart risks, and be willing to ‘kill your darlings’ – the things that are holding you back from taking that next step. Change and adaptation is the only constant in human history and business success.”
- Karina Wellendorph, Managing Director of e-conomic

The types of goals examined in the survey



Regional differences in respondents’ confidence in achieving the goals


Technology’s impact on business growth and success

European entrepreneurs are generally enthusiastic about the role technology plays in their success. A significant 72% of all respondents expressed their enthusiasm, ranging from ‘moderately’ to ‘very’ or ‘completely enthusiastic’ about technology’s potential to drive their businesses forward. This reflects the value of professional software when it comes to streamlining operations, freeing up time for strategic tasks, and gaining a competitive edge.

"Technology is a fundamental backbone to start any new business today. Entrepreneurs need to remain flexible and innovative. They should be using technology to handle any repetitive or low-value tasks, which will then empower their people to spend their time on being creative and building meaningful relationships with customers and stakeholders.”
-  Enrico Mattiazzi, CEO and co-founder of Fiscozen

Both regions with lower cloud software adoption, such as the Mediterranean and Central Europe, and more digitally mature regions, like Benelux and the Nordics, express a confidence in the potential that technology offers.


Regional differences in enthusiasm about the impact of technology


European entrepreneurs remain inherently optimistic

While European entrepreneurs face challenges like economic uncertainty and time-consuming administrative burdens, they remain focused on business growth. Technology is a vital tool for achieving this. By adopting professional software, small businesses can streamline operations, remain agile, and gain a competitive edge. And entrepreneurs’ confidence and enthusiasm about technology is a testament to this.

As a whole, these are the key learnings we can all take away from this study:

  1. Motivations: New ventures are driven by passion and the desire for autonomy, as European entrepreneurs aspire to control their lives on their own terms.
  2. Challenges: Business growth is their primary goal but time-consuming administrative tasks often hinder progress, making improved efficiency the key to success.
  3. Enthusiasm: European entrepreneurs are excited about technology’s potential and impact on their success, even in regions where professional software adoption lags behind.
  4. Optimism: Despite the challenges they face, European entrepreneurs and business owners largely remain confident and optimistic about future success.

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