FEAR HOLDING BUDDING ENTREPRENEURS BACK

New insights revealed as Business Link launches latest online services

A quarter of the working population believes there are good opportunities to start up new businesses where they live, but a fear of failure could prevent one in three workers from becoming their own boss, according to new research that shows that if this fear could be overcome the UK economy could benefit from an injection of millions of pounds. 

The new insights, revealed as Business and Enterprise Minister Mark Prisk launches Business Link’s latest online services, demonstrate that if only one per cent of these workers seized the opportunity to start a business in their local area the UK economy could receive a boost of over £33 million if each individual made a profit of £1,000.

The study also shows that 47 per cent of UK workers believe they have the skills, knowledge and experience to start a business and that 31 per cent of people know someone who has started a business in the last two years.

To help both start-up entrepreneurs and people wanting to grow their businesses, Business Link has launched two new services.

My New Business (www.businesslink.gov.uk/mynewbusiness) is aimed at people in the early stages of starting a business.

The site provides a wealth of information, including more than 100 videos and 100 elearning tutorials and tools, as well as further guidance on getting a business up and running - from writing business plans to securing funding.

The second new product for businesses - the Growth and Improvement Service (www.improve.businesslink.gov.uk) - provides straightforward, practical guidance for people who want to get more out of their business, such as generating more sales, increasing profits, and saving time and money.

“The UK has a rich history of entrepreneurialism, but this research shows that one of the major barriers to starting up is fear,” says Ray Lambe, director at Business Link.

“My New Business has been designed, using feedback from our customers, to help people overcome the fear of going it alone.

“This service will guide entrepreneurs through the start-up process, from deciding whether they have what it takes to be their own boss, to looking for finance and developing ideas and business plans.

“We have also developed a new Growth and Improvement Service to help people looking to develop and expand their businesses.”