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39% of Britons think of starting a new business every day

Two-fifths of would-be entrepreneurs across England, Scotland, Wales and Northern Ireland think about the prospect of running their own business every day.

That’s according to a study by the Business is GREAT campaign, which suggests that the entrepreneurial spirit is alive and kicking across the UK.

However, more than three-quarters (78 per cent) of those budding entrepreneurs are also afraid their business idea would fail.

The campaign’s survey of 1,000 aspiring entrepreneurs finds that the 18-24 year-old demographic is the most popular age group for people thinking of starting their own business.

More than half (52 per cent) of 18-24 year-olds think about starting up in business most days, while the 55 years-old and over age group are the least preoccupied.

Almost two-thirds (63 per cent) said that running their own company is one of their greatest ambitions with 41 per cent of 18-24 year-olds even believing it would be a greater achievement for them than raising a family.

Nevertheless, concerns remain regarding the number of perceived barriers thwarting them from transforming their pipe dreams into a reality; such as the lack of a mentor (70 per cent), raising finance (69 per cent) and finding the right advice (60 per cent).

Time pressures from existing jobs (62 per cent) are also said to be a barrier to focusing their efforts on starting a new business.

Vince Cable, Business Secretary, said: “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.”

Budding entrepreneurs outside of England can go to the following sites for support, advice and inspiration:

Scotland – Business Gateway
Wales – Business Wales
Northern Ireland – Invest Northern Ireland

Image: Department for Business, Innovation and Skills

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