According to T-Mobile, which commissioned the research, mobile technology is at the heart of the new breed of small businesses, dubbed TOTs by Henley Business School. These are firms that are Twelve months old; have an Optimistic outlook on business; and are Technologically-minded.
Most of these business owners rely on smart phones for emails, diaries and accessing business apps. They also use social networking sites like Twitter, Facebook and LinkedIn to promote products, network with potential customers and get real-time feedback on products and services.
The study goes on to say that such businesses are growing faster than the average start up, with over half of them predicting that they will increase revenues by 30 per cent or more over the next 12 months.
Martin Stiven, Vice President of Business for T-Mobile, said: "It’s clear that Britain is benefiting from these optimistic young firms that have embraced technology and are creating jobs. We must do everything we can to help TOTs continue to be as successful as possible."
Over 90 per cent of TOTs export goods and services to markets around the world, with almost half trading with Western Europe and over 40 per cent with Eastern Europe.
Professor Dominic Swords of Henley Business School, said: “TOTs have made it through the teething phase and have a different mindset that will challenge traditional businesses.
They see opportunities in challenges, showing the benefits of a positive attitude in winning market share and leading a growing business. However, they’re not foolishly optimistic. They’re realistic about the challenges they face, with 82 per cent developing strategies to manage the risks and uncertainties in the future.”
For more information, please visit www.harris-lipman.co.uk
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