Entrepreneurs admit to putting off decision making for fear of failure

Business owners admit that fear of failure may be inhibiting the growth of their business, according to new research from Barclays Bank.

Despite 48% of respondents acknowledging that fear of failure could hamper company growth, 57% admitted to putting off making an important decision for a day or more for fear of making the wrong call.

The study, which looked at the habits of over 1,000 business owners uncovered that damaging profits or loss was the most feared potential consequence of making the wrong decision, with 46% of participants citing it as their biggest fear.

The research revealed that turning down a customer or client was deemed the most frightening among decision makers, closely followed by taking on external finance in order to grow.

Barclays Bank is aiming to inspire confidence among business owners with their free UK seminars, taking place across 10 UK locations on November 20 and 22.

Run in partnership with Startups, the seminars are set to provide comprehensive cashflow management and sales tips from Innocent Drinks co-founder Adam Balon and successful local entrepreneurs.

Sue Hayes, managing director of Barclays Business Banking commented: “At the time of making important business decisions it’s only natural to be scared of getting it wrong. 

“It can feel like you are taking a big risk – whether that is decisions about staff, products, finance or even your marketing strategy.

“Despite the tough external environment, there are many opportunities to be seized upon and the ability to make important decisions is vital to the growth of all businesses and the overall UK economy.”