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The research was commissioned by SME accounting software company KashFlow who spoke to 1,146 business owners from across the UK in order to try and get a better understanding of user needs and requirements.

When it came to the reasons why small business owners formed their own company 44.2 per cent said it was because they were sick of their existing job and thought they could do better themselves, 37 per cent said that they identified a niche idea or gap in an existing market, 7.6 per cent said it was due to redundancy and 5.4 per cent said they had no option as they could not find a job.

When asked which SME support network has most helped their business, Business Link led the way with 37.9 per cent followed by the Federation of Small Business with 18.6 per cent, 16.4 per cent for online business advice forums and 15.5 per cent for the Princes Trust. Less than 10 per cent of people asked said that the Chamber of Commerce had helped their business.

Wider research found that small business owners see Virgin as the best example of a large organisation that still has the entrepreneurial spirit and cited Dell as the biggest example of a once entrepreneurial company that has left its small business freedom behind.