Too Scared To Start Your Own Business?

Fear of failure stops UK adults from acting on the entepreneurial urge.

By News Desk
10th October 2007 at 13:58

Almost half of all UK adults have thought about acting on their entrepreneurial impulses, but one in two of them are too scared to do anything about it according to a nationwide survey by Orange.

This reticence is a reflection of lack of self-confidence and a fear of failure which Orange suggests shows a “worrying lack of faith in our business abilities”.  Nevertheless, 14% of the 2,481 interviewed for the survey said that they were actively exploring setting up their own business.

Fear of failure, of course, is completely justified and one wonders whether as a nation we really want 50% of the adult population running their own businesses.  Those who decide not to pursue the entrepreneurial life have probably made a good choice.

Interestingly, the same survey reveals that the UK public is increasingly seeing entrepreneurs in a favourable light, despite the pantomime antics of The Apprentice and Dragon’s Den.

Less than 20 per cent of people characterise successful entrepreneurs as selfish or arrogant. Instead, over 90 per cent of people associate confidence and hard work with success stories, with over 60 per cent also associating creativity and courage with success in business.

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