BC-Jack of All Trades: The Entrepreneurial 'Can-Do' Attitude Poses P

(http://www.hiscox.co.uk/)

The 'can do' attitude that entrepreneurs need to survive and thrive

could also be their Achilles heel, according to new research released

today by specialist insurer Hiscox. The research(1) found that despite

71% saying that legal and 43% saying that accounting issues should be

handled by a professional, only 30% of small business owners actually

employ full and/or part time help in these areas of expertise.

When asked which area of running a business they lacked the most

knowledge of, over half of respondents said legal (52 followed by

taxes (42, IT (22%), insurance (19%) and sales and marketing (23%).

But over three quarters (77 do not believe this to be a threat to

their business, and 36% are determined to find a way through any

problems themselves.

Over a third (35 of small business owners say their passion for

their idea gets them through the pressures of day-to-day management of

their business and 48% believe pressure is what they signed up for

when they started out.

"We know that entrepreneurs are committed to giving their businesses

nothing less than a hundred per cent and they are often stretched to

become a 'jack of all trades'. Our research shows there could be a

skills gap between what they admit they lack knowledge of, and what

they are willing to invest in," said Deepak Soni, small business

insurance(http://www.hiscox.co.uk/business-insurance) expert at

Hiscox. "There comes a point when small business owners need to trust

other experts to help them with the more complex and technical issues

associated with running a business."

Despite the potential hazards of legal and financial errors, more

business owners employ an office manager than an accountant and/or

in-house legal counsel (19% vs. 5. Although, if they could employ

another person, 18% believe that the professional assistance that

would be most valuable to their business would be an

accountant/lawyer.

The research also found that business owners handle the majority of

office tasks including:

- Ordering supplies 80%

- Filing 77%

- Paying invoices 71%

- Preparing invoices 70%

- Printing/ binding documents 70%

- Opening the business in the morning 67%

- Closing up at night 66%

- Cleaning the office space 58%

- Reception duties 54%

- Customer deliveries 49%

Deepak Soni adds: "It is important for entrepreneurs to recognise when

they need to seek out expert advice and support so they aren't opening

themselves up to business critical risks. For example, a badly worded

supplier contract could lead to disputes down the line that could end

up breaking the bank or the relationship."

For more information about Hiscox business insurance, visit:

www.hiscox.co.uk/business-insurance/(http://www.hiscox.co.uk/business-insurance/).

Notes to editors

(1)The Survey Shop interviewed a sample of 600 respondents, 300 from

the UK and 300 from the US, drawn at random from online panels of

small businesses with fewer than ten employees between 14 and 17th May

2012. The respondents were qualified as owners, partners and

directors. The research has statistical accuracy of +/- 2% to +/- 4%

for the whole sample at 95% confidence.

About Hiscox

Hiscox, headquartered in Bermuda, is an international specialist

insurance group listed on the London Stock Exchange (LSE:HSX). There

are three main underwriting parts of the Group - Hiscox London Market,

Hiscox UK and Europe and Hiscox International. Hiscox London Market

underwrites mainly internationally traded business in the London

Market - generally large or complex business which needs to be shared

with other insurers or needs the international licences of Lloyd's.

Hiscox UK and Hiscox Europe offer a range of specialist insurance for

professionals and business customers, as well as high net worth

individuals. Hiscox International includes operations in Bermuda,

Guernsey and USA.

For further information on all Hiscox business

insurance(http://www.hiscox.co.uk/business-insurance/) products or

public liability

quotes(http://www.hiscox.co.uk/business-insurance/public-liability-insurance/)

please visit www.hiscox.co.uk(http://www.hiscox.co.uk/).

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