Seven million start-up ideas could be shelved over the next three years because Britain is a nation of self-doubters, a new report has claimed.
Research suggests that half of all UK adults have considered setting up their own business but 50% of them are too scared to act on it.
The report, by Orange Business Services, also found that younger aspiring entrepreneurs were more nervous about taking the plunge than their older counterparts.
Nearly half (43%) of 25-34 year-olds feared their business would fail compared to 37% of over 55 year-olds.
Martin Lyne, director of small business, Orange Business Services, UK, said: “British people view enterprise positively and are enthusiastic to give it a go.
“And it’s not the hard skills holding us back so much as our lack of self confidence and fear of failure. Government, industry figures, community leaders and the education system can all play a part in nurturing self-belief and confidence in our would be entrepreneur workforce.”
Despite the high proportion of aspiring entrepreneurs being held back by fear, the report found that 14% of adults were exploring a definite idea, and 8% were in the serious planning stage.
“That half of British people consider setting up their own business is great news for the UK economy,” said Tim Campbell, former winner of the BBC’s The Apprentice.
“While it’s clear that the main barriers holding people back are emotional, as a nation we have the drive and passion.
“If the business community can share a few hints and tips to encourage budding entrepreneurs, people’s fears will be overcome and more dreams will become reality.”
© Crimson Business Ltd. 2007
