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A third of Welsh staff dream of a break-out.

Byline: Rupert Hall Business Reporter rupert.hall@trinitymirror.com

More than a third (37%) of Welsh employees dream of breaking out on their own in business, compared to the UK average of 26%, according to research published today.

e latest Big Issues for Small Businesses report by Lloyds Bank Insurance has found more than half (51%) of those planning or dreaming of breaking out from their current career would change sector and role altogether.

e top dream break-outs include becoming a sportsperson, working with animals and being a writer.

e poll found the most common reasons for wanting to go it alone include having more control over work-life balance (51%), taking on a new challenge (46%) and making more money (41%).

More than eight out of 10 people (83%) believe they would be more motivated, and more than three quarters (79%) feel they would have greater job satisfaction running their own business.

However, more than three-quarters acknowledge it would also increase their stress levels (78%) and 71% say they would have to take fewer holidays.

e report reveals fear of taking the risk is preventing a third (33%) of would-be entrepreneurs from break-breaking out.

Nearly half (48%) of workers feel the current economic climate is not strong enough, while a third (35%) admit they don't know where to start. Despite this uncertainty, two thirds (66%) would not think to take out insurance, such as public liability, to manage the risks associated with running a business.

Damien McGarrigle, head of Business Insurance at Lloyds Bank Insurance, said: "is research shows that we are a nation of aspiring business owners, with the workforce thinking up new ways to break out of their current jobs and become their own boss.

"While a fear of taking the plunge is holding back many of these potential business break-outs, greater awareness of business insurance could protect -edgling rms against uncertainties and help them prosper."

e report explores the process workers would go through before starting their business.

One in 10 (12%) say they would learn as much as possible in their current job rst, while more than a third (36%) would seek expert advice, to ensure that they were adequately prepared.

e top priority for would-be break-out businesses is building a website (51%) followed by tax registration (45%) and nancial processes (39%).

Yet after managing cash -ow and keeping customers happy, the biggest concern for aspiring entrepreneurs is keeping a business going while they are ill (28%).

Damien McGarrigle said: "Starting a business can be a daunting process, and getting to grips with legal requirements, nances and ways to protect a new venture can be a mine-eld.

"Getting the right advice and putting the right protection in place will help break-outs get o to a -ying start and safeguard their businesses."

Last month the University of Wales Trinity Saint David (UWTSD) in Swansea hosted a summit on entrepreneurship. It brought together a distinguished group of international experts in entrepreneurial education to engage in high-level discussions, and to consider global perspectives that can impact, or have impacted, on policy-making.

UWTSD has now become home to the International Institute for Creative Entrepreneurial Development (IICED), created to inform international best practice in enterprise, entrepreneurship and entrepreneurial teaching, learning and evaluation.

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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Jul 7, 2014
Words:550
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