10m Brits dream of owning a business, but lack of funds provides wake-up call

10.9 million Britons have dreamed of owning their own business only to never follow through, according to a report by Barclays.

The survey of 2,000 UK adults in June 2016, revealed that 33% of 18-34 year olds said they have had an inspirational business idea, but left it at just that.

Despite good intentions, numerous potential barriers seem to stand in the way of budding businessmen and women.

51% of those surveyed said a lack of funding was the main barrier to ‘starting up’, followed by not knowing where to start (42%), a lack of confidence (38%) and not having the right kind of knowledge (34%).

Not having access to the right tools and equipment (20%), along with lack of space (15%), were other reasons given.

The cost for Brits “resting on their laurels” is estimated to be a collective total of £265bn, while the average wannabe entrepreneur would be on average £62,000 richer if they had actually launched their idea.

Suggesting you have to act fast upon your ideas, 54% of respondents admitted that they saw someone else pursue their idea at a later stage.

When quizzed about where they came up with their business dreams, 32% of respondents said their bed was where they’d had that ‘eureka moment’, followed by the great outdoors, while travelling, or when having a hot drink – as cited by 19% of respondents.

Richard Heggie, head of high growth and entrepreneurs at Barclays, said:

“Every great entrepreneur starts with their ‘Eureka moment’ and our poll shows the UK is a nation of inspired thinkers. It’s essential that the industry does all it can to harness and encourage this creativity.”