Nearly 80 per cent of the UK workforce would like to break free from their jobs and start their own business, yet many are deterred by a lack of confidence or financial support, a new survey has found.

The research, conducted by human resource consultancy Chiumento, revealed that although two thirds of those polled felt they had the skills to go it alone, 42 per cent said they would never actually take the plunge – a decision which most admit they will regret in later life.

A lack of financial security and backing was the main reason why budding entrepreneurs didn’t want to become their own boss, with 72 per cent of respondents saying that money worries put them off.

A further 45 per cent admitted that a lack of confidence held them back from going it alone.

However, the survey suggested that there was a significant gap between perception and reality, with just 33 per cent of those who are already self-employed saying that financial backing was a barrier to their success.

Perhaps surprisingly, a lack of confidence was the biggest worry for respondents who are their own boss, with 60 per cent claiming that low self-belief was holding them back.

Despite the perceived problems, a massive 86 per cent of self-employed respondents said that they were happier than when they were in conventional employment, with greater independence and flexibility considered the main advantages.

As reported by Startups.co.uk, successive studies have found that there is a growing entrepreneurial desire amongst British employees, with undergraduates particularly keen to follow in the footsteps of Sir Richard Branson or Dame Anita Roddick.

However, given the relatively high failure rate of startups and the large sacrifices involved in starting up a business, it is perhaps not surprising that many wannabe entrepreneurs are put off the idea, despite various government initiatives to boost small firms.

Richard Chiumento, chief executive of Chiumento, said that life is too short to not fulfilling.

“With so many people believing their skills could be put to better use by becoming self-employed, and believing they would enjoy these skills to help other people or organisations, it’s a pity that more don’t go it alone.

“Confidence is crucial, but by identifying those skills that could be used elsewhere, the dream becomes more attainable,” he said.