Financial fears 'holding back entrepreneurs'

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Entrepreneurs face several fears when it comes to finance

New data published by the Office for National Statistics (ONS) has highlighted the considerable number of potential entrepreneurs that are failing to follow their dreams of starting a new business due to fears over finance.

A study of 10,000 members of the public revealed that while more than half of those aged 35 and under have ambitions to be their own boss and run their own business, 47 per cent said the lack of a guaranteed stable income had put them off from pursuing this aim.

Furthermore, 17 per cent stated that the complication of managing company finances was another main reason for foregoing their entrepreneurial aims. Working unsociable hours was also a prominent stumbling block for ten per cent of respondents.

Other top reasons given for not setting up a new business were the prospect of foregoing existing benefits in their current job (16 per cent) and the stresses of going through the start-up process (24 per cent).

Overall, women in this age range were shown to be the most likely to want to go it alone and pursue their dreams, with 60 per cent hoping to one day lead their own company.

However, the ONS report concluded that individuals wishing to embrace their entrepreneurial spirit should not be put off from this aim, as there are many places that people can go to in order to receive advice and support.

Indeed, start-up businesses remain the lifeblood of the British economy, generating more than £1 trillion towards the UK economy every year.