Fear of failure stops over half of British workers from starting a business

Nottingham workers “most afraid” of making business idea a reality with Cardiff employees “least fearful”

56% of British workers are “afraid” to start a business with a fear of failure stopping them from turning an idea into reality, as reported in a new study by Moonfruit.

Polling 2,000 workers across the UK, the study found that 56% had come up with an idea or invention but hadn’t turned it into a business, while 22% said they had come up with two start-up ideas.

Of 10 major cities in the UK, Nottingham workers were found to be the “most worried” about starting a business with 67% concerned about the risk involved. Cardiff employees are the most confident about starting a business with less than 50% expressing concerns (see below).

Rank City Agree
1 Nottingham 67%
2 Manchester 64%
3 Edinburgh 60%
4 Glasgow 59%
5 Bristol 56%
6 London 55%
7 Newcastle 55%
8 Liverpool 54%
9 Birmingham 52%
10 Cardiff 48%

 

For those that had business ideas but didn’t make them happen, the main reasons given were a lack of financial backing (17%) and a lack of confidence in their abilities (17%), alongside the belief that their partner, friends and family wouldn’t support them (8%).

The study also found high levels of defeatism amongst British workers with 25% stating they wouldn’t start a business again if their first business wasn’t a success.

Moonfruit CEO and co-founder, Wendy Tan White, commented:

“Starting a business can be a daunting prospect but I really urge budding entrepreneurs to give it a go. So many people come up with ideas but never act on them, and who’s to say we don’t have the next Emma Bridgewater or James Dyson in our midst?”

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