Smartphones deemed most important tool for running a business

The country's top young entrepreneurs think their smartphone is one of the most important tools for running a business.

So claims research by Xero, which showed 52 per cent of the 500 young people questioned thought their smartphone was as important as a laptop or car to help their business grow. Some 51 per cent said a laptop was the most important tool in their toolkit.

A desktop PC was only favoured by 27 per cent, showing the shifting attitude towards mobile working, or at least the ability to work out of the office.

Xero UK MD Gary Turner said: "This survey is telling us that the desktop is dead the new generation want the ability to access all files and documents, speak to customers and associates and run an enterprise from anywhere, whether it is in the street or half way up a mountain. This accessibility is going to be a really key development in the future of business."

Many of the entrepreneurs questioned don't have an office, but prefer working as they attend meetings. That could be working from a shared office space, a cafe or a bar and using a smartphone or laptop connected to the cloud allows them to do this easily.

Johnny Luk, CEO at The National Association of College and University Entrepreneurs (NACUE), said: "Technology, including smart phones, is radically changing the way business works, and students are leading the way in adopting new trends and methods to make business happen- not just in communications, but in marketing, content creation, planning and even coding. "

Other data gleaned from the survey shows that the group of 16-24-year olds are opting to use their own savings to finance their business venture rather than relying on the trend of using crowdfunding sites such as Indiegogo or Kickstarter.

More than a thir. (37 per cent) of those surveyed said they would approach their bank for a loan, while 16 per cent said they would try and secure a personal loan to fund their activities.