A vast majority of young Brits are considering starting their own business, which is a great thing. It shows that the Generation Y has the entrepreneurial spirit. However, there are also fears which are holding them back, and one fear in particular is causing them to throw their business plans into the Recycle bin.
Their biggest fear – you might have guessed it yourself – money.
According to a survey by Intouch Accounting (opens in new tab), which includes answers of 10,000 online users across the UK, 40 per cent would love to have their own business, but 47 per cent said the lack of stable income is the ultimate obstacle to making the leap.
More than half of those under 35 would love to start their own business.
The report also said that more than 25 per cent of those surveyed were held back by the idea of having to secure funds for their start-up, while 17 per cent were put off by the idea of managing their own business finances.
Over half of female respondents between 18 and 35 cited the lack of stable income as their number one cause for concern when it came to the reality of setting up – while less than 10 per cent of these women considered the prospect of working unsocial hours to be a deal-breaker.
Besides finances, stress has also been spotted as a fairly large cause for concern, with 24 per cent of those surveyed saying that’s what they fear when starting a business.
On top of that, 16 per cent of participants were apprehensive when it came to the prospect of forfeiting their existing job benefits – and over 13 per cent of those surveyed were discouraged by the idea of working long hours.