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Half of all Brits want to set up their own business

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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.

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