Entrepreneurs put off starting up

Almost half of UK adults have thought of setting up their own business but one in two are too scared of failure to do anything about it, a survey by Orange Business Services has claimed.

The survey found that 14% of adults claim to be exploring an idea for their own firm, with a further 8% having already taken steps to make this a reality. It added that 24% plan to start up in the next two to five years, with 14% ready to go it alone in the next one to two.

But the poll also suggested that a third of these businesses – equating to almost 7m start-ups – will not get off the ground because of a fear of failure.

“That half of British people consider setting up their own business is great news for the UK economy,” said Tim Campbell, winner of The Apprentice and now an entrepreneur.

“If the business community can share a few hints and tips to encourage budding entrepreneurs, people’s fears will be overcome and more dreams will become reality.”