Some 39 per cent of would-be entrepreneurs say they think every day about starting their own business, research finds.
However, 78 per cent of that figure are afraid they’ll fail, according to a study by the Business is GREAT campaign.
The survey of 1,000 aspiring entrepreneurs finds that the 18-24 age group is the most preoccupied with thoughts of starting a business.
More than half (52 per cent) of this group claim to think about starting a business most days, while the 55+ age group are the least preoccupied, with only 24 per cent of this age group having a daily obsession about one day owning a business.
Despite a strong desire to start up, 41 per cent of respondents say that starting a company would be a greater achievement for them than raising a family. A further 63 per cent say it is one of their greatest ambitions.
The research reveals a number of perceived barriers that are stopping them from turning their ideas into reality, such as fear of failure was the overriding barrier (78 per cent) and lack of a mentor (70 per cent)
Find the right advice (60 per cent), raising finance (69 per cent) and concerns about finding a premises (50 per cent) are also high on the list.
Time is also a hindrance, with 62 per cent stating that they couldn’t start a business because of time pressures from their existing job.
Business secretary Vince Cable says, ‘The UK is Europe’s leading entrepreneurial nation and the government is backing small firms as part of our industrial strategy to create long term jobs and grow the economy.
‘Large companies also have a vital role to play in offering support and sharing their expertise with smaller companies wanting to grow.’