60% of Britons “too scared” to turn start-up dreams into a reality

Majority of employees won't leave full-time employment to start a business because of financial commitments and fear of failure

Six in 10 British employees want to start a business but are “too frightened” to turn their start-up dreams into a reality because of concerns around financial commitments and a fear of failure, research from the Start Up Loans Company has found.

The survey, which polled 2,000 UK adults aged 18 and over, found that the main attractions for workers to consider leaving their jobs for self-employment were flexible working hours; as indicated by 24%, and the idea of being their own boss; highlighted by 22%.

The main reason cited by respondents as to why they had not started a business were the potential money issues; a third of those surveyed said they would need support with their finances in order to start a business.

On the data, Start Up Loans chief executive, Tim Sawyer, commented:

“Taking the plunge and starting your own business is daunting, but Brits have always been resourceful. We shouldn’t be held back by fear.

“Our survey highlights a number of triggers which could spark many employees into thinking about what it would be like to start their own business. However, anyone thinking of setting up on their own might struggle, that’s why you need to remember there’s lots of help and support out there”.

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