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

Byline: Rupert Hall Business Reporter

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.


Castle Arcade, Cardiff, a haven of entrepreneurship
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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Jul 7, 2014
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