Britain likes entrepreneurs
– but lack of self-confidence
is stumbling block
A survey of 2,481 adults in the UK shows that the British have a positive attitude to entrepreneurs, but one in four of those surveyed are too scared of failure to do anything about it. Over one third also said that starting a business would negatively impact their love life, damage their quality of sleep, and make them more aggressive and merciless.
The nationwide survey commissioned by Orange Business Services concludes that Britain is a nation of self-doubters, with budding entrepreneurs lacking confidence – nearly half of UK adults have considered setting up their own business, but one in two of them are too scared of failure to do anything about it. It found that in as little as three years time the self-start business sector could be set to explode with millions of aspiring entrepreneurs currently drawing up business plans. Unfortunately, due to Britain being a nation of serial self-doubters, over a third of them could be lost – amounting to almost seven million potential start-ups.
Fear of failure is the number one barrier to starting up a new business with respondents stating low self-confidence was preventing them from going it alone. Yet, despite their fears, 14 percent of all adults claim to be exploring a definite idea and a further eight percent are on the path to making it a reality. Twenty-four percent anticipate going it alone in the next two to five years, and 14 percent within the next one to two years.
Positive attitude to entrepreneurs
It seems that the British have a positive attitude to entrepreneurs. Less than 20 percent of people characterise successful entrepreneurs as selfish or arrogant. Instead, over 90 percent of people associate confidence and hard work with success stories, with over 60 percent also associating creativity and courage with success in business.
Martin Lyne, director of small business, Orange Business Services, UK, says, “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. The biggest discrepancy between entrepreneurial desire and fear of failure is among the young and there is a strong case to cultivate an appetite for rational risk in the education system.”
Youth aspirations
While the young are more optimistic about their aspirations, they are also more fearful:
* 81% of 25-34 year olds are convinced they will set up their own business, against only 50% of over 55 year olds.
* Almost a half of 25-34 year olds (43%) have a fear of failure against only 37% of the older age group.
* Only 5% of these young people have all their plans in place, against 15% of those over 55.
Male/female split
* Twice as many men as women were worried about the impact being their own boss would have on their social life.
* Lack of self confidence was more of an issue for women than men (17 percent and 11 percent respectively).
Brighton is Britain's hotspot
Brighton is the nation's entrepreneurial capital with over 50 percent stating they have thought about starting their own business and a higher proportion (12%) than average (8%) of entrepreneurs already on the road to being their own bosses. London, Edinburgh and Birmingham follow close behind as those cities where people have considered setting up on their own. Glasgow, Norwich, Cardiff and Plymouth are the cities where people have least considered setting up on their own.
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