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Would-be entrepreneurs lack confidence to start a business

11 February 2020

One in five Brits wants to set up their own business in the next five years but worries about everything from age to money are holding them back.

A new survey by WebsiteToolTester has found that 19% of Brits would like to set up their own business in the next five years and 23% describe themselves as entrepreneurial.

However, the research has found that significant barriers are preventing many would-be entrepreneurs from taking the plunge. Half (49%) of those polled said it would be risky to start a business in the UK today; and 41% said they lacked the confidence to start their own business.

The results of the survey indicate that age is a key factor, with 77% of younger Brits saying they'd start their own business if they were older and 57% of the older generation saying they'd start up if they were younger.

Millennials are regarded as the best age group to start a business, with 51% of those polled agreeing that 25-34 years-old is the optimum age to set up a new venture. The best age to start a business is 30 years old, according to 19% of respondents.

Gender is also an issue for some, it seems. One in ten Brits think that men are better entrepreneurs than women, with a further one in four saying it's harder for women to start a business. Meanwhile, 8.5% of women say they would be more likely to set up a business if they were male.

Another key barrier is money and 24% of respondents said they would not want to invest their own money in a new business. However, almost half (46%) of those surveyed said they would need over £20,000 to start their business; one in 20 said they would need at least £90,000 and 22% of respondents said they could set up a new enterprise without any money at all.

Robert Brandl, ceo of WebsiteToolTester, said: "It's great to see that so many people are keen to nurture their inner entrepreneur, with plans to set up their own business in the next five years. Whilst funding and connections help when setting up a new business, a great idea and enthusiasm need to come first."

Written by Rachel Miller.

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