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Whitehill Business Services Ltd >> news >> latest news >> 2 in 5 People Seek to Start a Business

2 in 5 People Seek to Start a Business

Posted by on February 27, 2015

Some 39% of would-be entrepreneurs say they think every day about starting their own business. What could be stopping them?

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It turns out that almost 80% of that figure say that they are afraid to fail, according to a study by the 'Business is Great' campaign. 

The survey of more than 1,000 aspiring entrepreneurs has found that young adults (age 18-24) are the most 

preoccupied with thoughts of starting a business. Half of this group claim to think about starting up their own business most days whereas people over 55 have been found to be less likely to. Time has also proven to be a hindrance with 62% stating that the existing time pressures from their current job would prove to be too much hassle. 

In general, despite a lack of confidence in starting up, 63% say it is one of their greatest ambitions in life. Further on from that, 40% of respondents say that starting up a company would be a greater achievement for them than raising a family. 

Research completed by the 'Business is Great' campaign has revealed that a number of perceived barriers that stop enthusiasts turning their dreams into reality include finding the right advice (70%), raising finance (69%) and a lack of mentor (70%).

Vince Cable, business secretary has commented,

"The UK is Europe's leading entrepreneurial nation and the government is backing small firms as part of our industrial strategy to create long term jobs and grow the economy."

"Large companies also have a vital role to play in offering support and sharing their expertise with smaller companies wanting to grow."