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In the lead up to the PREM Rugby final on 20th June, research reveals striking similarities between sport and business, with 63% saying teamwork is essential for successful businesses, while almost two-thirds believe team cohesion is vital for sporting success.
Strong leadership and strategy were also seen as key drivers of sporting success, at 70% and 68% respectively.
More than half (53%) of UK adults also say running a business is similar to being part of a sports team because both rely heavily on teamwork and 55% of respondents say they have personally applied lessons learned through sport, such as resilience, discipline and leadership, to their professional lives.
Nearly half (48%) of Brits say competitive sport helps prepare people to perform well under pressure, while 28% believe adaptability is the single most important mindset for success in both sport and business.
The findings also highlight the importance of resilience, with almost half (46%) believing that experiencing failure in sport or in life helps prepare people to handle setbacks and keep going in business.
Entrepreneurial challenges were another key theme, with 22% saying building the right team is the biggest hurdle when starting out, while a further 19% cite lack of funding as one of the biggest barriers to getting a business off the ground.
The research comes as Funding Circle continues its sponsorship of PREM Rugby and teams up with rugby legend Ben Youngs to spotlight the importance of support systems, resilience and teamwork in helping small businesses succeed.
Former England rugby union player Ben Youngs says: “Whether you’re on the rugby pitch or running small businesses like I do; Scrum and Bun, For the Love of Rugby podcast and Aylsham Self Storage - success requires the same mindset of resilience, teamwork, and having the right support system around you. That is why I am proud to partner with Funding Circle. Just as they champion PREM Rugby, they are dedicated to backing UK small businesses with the funding they need to win.”
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About the research:
About Funding Circle
Funding Circle (LSE: FCH) is the UK’s leading SME finance platform. Since 2010, we have extended more than £17bn in credit to over 125,000 UK businesses, helping them power the economy and their communities.
By combining proprietary AI-powered credit models with a human touch, we provide a seamless experience that allows SMEs to borrow, pay later, and spend through a single ecosystem. For institutional investors, Funding Circle offers access to an attractive, underserved asset class through a platform built on deep data and a proven track record of robust returns.
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