A SURVEY measuring small business confidence in South Wales has revealed that despite predictions of economic gloom, the smaller end of the business market is more upbeat about its fortunes than many of its FTSE100 counterparts.

However, lack of financial return is stated as the biggest low of being your own boss, despite the popular belief that most business start-ups are driven by the desire for greater personal reward.

The study among members of the Big Small Business Initiative (BSBI) had the following key findings:

* Despite the economic downturn, the highs of running your own business still outweigh the lows.

* Despite many small business start-ups expecting to reap the financial rewards of their endeavours, almost half of those surveyed say that the lack of financial return is the biggest low of being their own boss.

* The majority are not disillusioned; 97% say that even with the benefit of hindsight the highs of running their own business outweigh the lows.

* Independence and job satisfaction are still the main 'rewards' for this business route.

* Lack of expert advice is still cited as one of the major handicaps to growth.

Over half of those interviewed declared themselves confident about their own business fortunes but this figure fell to 49% when questioned on their confidence in the UK economy as a whole.

It was the lack of financial gain which was cited by one in four as being the main low of being their own boss which was the most revealing finding, according to David Parker of the BSBI: "People look at business start-ups through rose-tinted glasses. Major financial gain is limited to the minority.

"The majority of small businesses are held back as founders do not possess all the skills required to run a successful business.

"Our role is to bridge the gap between the founder's expertise and the remaining skillsets that will enable a business to flourish."