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UK’s budding entrepreneurs stifled by cost of living crisis

UK’s budding entrepreneurs stifled by cost of living crisis

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Nearly all (97%) of budding entrepreneurs across the UK feel that there are factors holding them back from starting a business, with the cost of living crisis heading up the list, referenced by nearly four out of ten (38%) as a top barrier. Underlining the prevalence of money-related concerns, the next most important barrier was ‘perceptions of the financial cost’ (cited by 26%).

These were among the main findings of recent research, commissioned by the AI-driven business planning enterprise, Venture Planner, which polled the views of 2,000 people across the UK, who had previously considered starting their own business, either on their own or in partnership with others.

Very few of the survey sample don’t know their market or lack motivation, or confidence in their skills, but 24% are nevertheless hampered by a fear of failure, and the same percentage are unsure of ‘where to begin’. More than nine out of ten respondents (91%) see ‘having the knowledge to create a business plan’ as a concern.

The survey also reveals that the drive to become an entrepreneur is also in part the dream of realising the vision of an alternative lifestyle. Nearly half of the sample (46%) said that if they were to set up a new business, it would definitely be in a different sector from the one they are working in now. Forty-eight percent say ‘my current sector pays the bills’ but dream of working in a sector  that aligns with their personal interests, while 41% say they would set up in a different sector to achieve a different lifestyle, or work/life balance. 

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