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Too afraid to 'go it alone'.

Britain is a nation of budding entrepreneurs who are too afraid to make the final leap and start their own business.

Classic British reserve is crippling would-be ventures getting their ideas off the ground, despite research showing one in six people have seriously considered going it alone.

Many of them have spent several months carrying out research and doing valuable ground-work, only to chicken out at the final hurdle.

A NOP report called Fear of Flying commissioned by Abbey National Business Banking, found only two per cent of the population went on to create their own business during the last 12 months.

Fear of financial failure and insecurity were the biggest reasons for not taking the plunge.

The Fear of Flying report also discovered that once an idea has been shelved, the unfulfilled entrepreneurs retained the desire to run their own businesses.

In most cases doing research - rather than deterring people - served to inspire them. What put them off, however, was gaining an awareness of the scale of their enterprises, including the costs, labour requirements, competition, red tape, logistical hurdles and premises required.

Most claim they are waiting for circumstances to change, be it their personal situation, improved knowledge of the industry or a change in market conditions.
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Publication:The Birmingham Post (England)
Date:Aug 15, 2001
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