On the occasion of the “Own Business Day” on 8 October, METRO surveyed 10,000 from 10 countries, 1,500 of whom are self-employed entrepreneurs.
The study paints a very positive picture, as nearly all of the Romanian entrepreneurs surveyed (89 percent) say they would found a company again. The study also shows how important online presence is for the success of a business.
Conducted among 10.000 people, the representative international study reflects what consumers attach particular importance to in independent businesses, including hotels, restaurants, cafés and bistros. To emphasize the individual approaches of own businesses, METRO is also offering the self-employed a stage for the fourth year in a row with the “Own Business Day” on 8 October where they can present their special offers and services
Despite the difficulties, Romanian entrepreneurs are very happy with having their own business
89 percent of the entrepreneurs say they would definitely found a company again, although some of them are worried about the uncertain income (39 percent), the continuous struggle for new business (31 percent) and high tax payments (45 percent).
Another major challenge for independent businesses is the shortage of skilled workers. Over half of the Romanian entrepreneurs confirmed that they had difficulty finding suitable staff and 87 percent consider it necessary to invest in the training of unskilled workers.
Experts therefore advise founders who have a business idea to inform themselves well before starting: “Especially in the first two years after starting a business, it is important to be aware of the runway – in other words the dry spell through which the reserves have to last. During this time, founders have to deal analytically and strategically with the funds available and keep the burn rate, i.e. the consumption of resources, manageable,” says Prof. Dr. Christoph Hienerth, Chair in Entrepreneurship und New Business Development from Otto Beisheim School of Management in Vallendar.
Online presence, crucial for independent businesses
As the METRO study further shows, consumers pay particular attention to whether, for example, a restaurant has bad online reviews. More than half of Romanian consumers (69 percent) would refrain from going to a restaurant if there was no website where the menu could be viewed and as many consumers say that a reservation tool is important to them.
Over 80 percent of entrepreneurs are aware of the fact that they need to use digital tools so they can streamline workflows.
Romanian consumers value individuality and diversity
According to the study, 58 percent of Romanian consumers said that he or she would miss personal service and unique products if the number of small and medium-sized businesses were to drop. More than half of respondents would also miss the quality of the products and services.
59 percent of Romanians appreciate how independent businesses support manufacturers in the region.
To increase the visibility of independent businesses, METRO is offering its own tools to enhance online presence, including a free website that can be put together based on a modular system. The reservation software, which can be integrated into the website, is also free of charge.