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).
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?”