Business development ยท 15 July 2016

Entrepreneurial desire in Britain is soaring ??so why aren?t more people taking the leap? ?

bakery
Bakeries are among the most popular businesses people dream of starting
More than 1.3m would-be entrepreneurs dream of starting their own business within the next 12 months, with food-related startups the go-to venture for many.

Nearly one in five people that want to start a company would like to sell food, with bakeries, sandwich shops and caf?s proving popular choices.

The results of a new survey conducted by Direct Line for Business also confirmed that retail, manufacturing, leisure and technology are all sectors in which potential entrepreneurs are aiming to make it big.

So why aren?t more people making their dream a reality? The survey also revealed some of the reasons putting individuals off entrepreneurship, with lack of finance being the main worry for over half of respondents.

Access to capital isn?t the only reason people are choosing not to start a firm. Lack of direction, and a perceived inability to plan a business, were also cited as major barriers. Almost a third of respondents admitted they wouldn?t know how to begin planning a business, and 20 per cent of men and as many as 43 per cent of women said they lacked direction.

Head of Direct Line for Business Nick Breton said that the survey revealed a growing desire amongst Britons to follow their interests and be their own boss. ?It?s clear that Brits are looking to turn their passions into professions, as cooking and crafting are deemed more popular than businesses that focus on technology, for example.

?Funding is key to starting a business, but good advice and support is just as crucial to help new startups launch their business and build for the future.?

AmazonFresh is giving a new lease of life to London’s independent food retailers ? Read more here.?

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ABOUT THE EXPERT

Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.

Entrepreneurship