Financial fears are holding back entrepreneurial Brits

Some 10,000 people across Britain were asked if they’d considered starting their own business, and which aspects of owning a company they found the most daunting, with money matters being the key cause for concern.

The study finds that overheads and over-working are the main reasons ambitious Brits are binning their business plans.

Almost half of participants consider the lack of stable income the ultimate obstacle to starting their own business, despite a City AM report that Britain’s SMEs generate a yearly turnover of more than £1 trillion; one third of the UK’s overall business turnover.

More than 25 per cent of those surveyed are daunted by the prospect of securing funding for their start-up, in spite of the range of government schemes in place to help fledgling businesses find their feet, while 17 per cent of respondents are put off by the idea of managing their own business finances.

More than half of under-35s reveal they’d like to own their own business, suggesting that entrepreneurial spirit is strong among generation Y, according to a study by Intouch Accounting.

Women under 35 are the most passionate when it comes to the prospect of self-employment, with a 60 per cent of younger women across the UK stating that they’d consider taking the leap.

More than half of female respondents between 18 and 35 cite the lack of stable income as their number one cause for concern when it comes to the reality of setting up, while less than 10 per cent of these women consider the prospect of working unsocial hours to be a deal-breaker.

The responsibilities and stresses associated with starting up scoop 24 per cent of the vote.

On top of that, 16 per cent of participants are apprehensive when it came to the prospect of forfeiting their existing job benefits, and over 13 per cent of those surveyed were discouraged by the idea of working long hours.