More than one in three entrepreneurial Londoners say they think about starting their business every day – but 80% fear they would fail.
New research from the Business Is Great campaign revealed a list of reasons that business ideas stayed in the notebook and around the kitchen table.
Unsurprisingly 18-24-year-olds were most preoccupied with becoming the next Richard Branson – 52% said they thought about starting a business most days compared with 43% average.
Despite a strong desire to start a business – 49% of the respondents said that starting a business would be a greater achievement for them than raising a family; while 64% said it was one of their greatest ambitions – the research revealed a number of perceived barriers that were stopping them from turning their ideas into reality.
Reasons why people don't follow their entrepreneurial dream
Business Secretary Vince Cable said: “Over two million new businesses have launched since 2010 and I want to encourage all would-be entrepreneurs to visit the Great Business website and benefit from the wealth of advice and support that’s out there. I look forward to seeing more inspirational small businesses develop their dreams into a reality.”