You are here: Home - Saving & Banking - News -

Half of all Brits want to set up their own business

0
Written by:
07/03/2008

Almost half of Britons would like to set up their own business, but many fear they will never achieve this due to lack of money, lack of knowledge and economic uncertainty, according to research from Abbey Business Banking.

According to the research 60% of men and 39% of women yearn to be their own boss but only 3% are currently taking steps to make this happen. In fact one-in-five Britons openly admit that although they want to establish their own business they doubt that they ever will.

Ian Wilson, managing director of Abbey Business Banking, said:  “Many people dream of being their own boss, yet more than one-in-five doubt themselves before they even begin. Lack of money and knowledge are understandable hurdles to getting started, but there are people who can offer advice and information in both of these areas. It is at least worth talking to your bank and other small business owners before resigning yourself to a life of working for making money for someone else.”

Almost one in 10 would-be entrepreneurs has grand plans of setting up their own pub or restaurant, however the Internet and technology sector is by far the most popular choice for entrepreneurial men, with a quarter hoping to start up a web-based business. More than one in 10 aspiring entrepreneurial women  would also choose the Internet or technology sector however retail is the most popular choice for women, with almost one in four dreaming of setting up a shop.

Abbey’s research also found some interesting contradictions to modern day stereotypes. The value of hard graft has apparently not gone unnoticed in younger generations, with almost one in 10 18 to 24-year olds hoping to start a business in skilled trades. And modern technology may not be as confusing to the older generations as is often perceived, with more than one in five 55 to 64 year olds intending to start businesses in the technology or Internet industries – the highest percentage across all age groups.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Millions of Brits in fuel poverty

Britain’s 4.5 million fuel poor are paying the price for the Government, energy industry and regulator’s lack of ‘joined up...

Close