Almost a quarter of Brits are too scared of failure to start their own enterprise
By Richard Jenkins
Published 19th May 2022, 15:20 BST- 3 min read
More than half of Brits say they admire how hard-working small business owners are – but a quarter don’t want the stress of becoming their own boss.
A poll of 2,000 adults revealed 23 per cent are too frightened of failure to take the plunge and start their own enterprise.
The top traits deemed essential for a start-up owner to be successful are being hard working (53 per cent), motivated (48 per cent) and organised (46 per cent).
And 35 per cent believe being willing to take risks is key for running your own business.
It emerged 31 per cent would consider providing financial support to a friend or family member who had an idea for a new business.
But 31 per cent fear the lack of security and stability if they were to set up their own business, while 11 per cent wouldn’t want others relying on them.
Doing what you love for a living
On the plus side, however, four in 10 per cent love the idea of being able to work on something they are passionate about.
Claudio Gienal, CEO at AXA UK and Ireland, which commissioned the research, said: “Launching your own business is a huge decision, one that requires courage, self-belief, and drive.
"Despite the challenges that face small businesses, the majority of those who have done it believe it’s one of the best decisions they've ever made.
“While there are many perceived barriers to going out on your own, the rewards speak for themselves.”
Further research of 500 small business owners in the UK (with under nine employees), commissioned by AXA UK for their Startup Report, found more than a fifth have borrowed cash from a family member to help support the business.
But in terms of emotional support, 44 per cent rely mostly on their partner, while 19 per cent find other entrepreneurs are the people who truly understand them.
Alan Sugar was named the entrepreneur most British small business magnates would most like to emulate in terms of success, according to the OnePoll figures.
He was shortly followed by the world’s richest man, Elon Musk – and then current vice chairman of West Ham, Karren Brady.
And the top advice small business owners would give others looking to follow in their footsteps would be to simply believe in themselves – and to learn from their mistakes.
It comes as AXA UK this week launches their Startup Angels competition, which is giving six businesses the chance to win £25,000, 12 months business insurance and mentorship from some of Britain’s best entrepreneurs.
Claudio Gienal added: “At AXA UK, we recognise the all-consuming nature of going it alone but with the right support, advice and protection, the opportunities are endless.”
Top advice from British small business owners
1. Believe in yourself
2. Learn from your mistakes
3. Be ready to learn
4. Be patient
5. Care about your work
6. Spend money wisely
7. Don’t be afraid to change
8. Be prepared to listen to advice
9. Do work you care about
10. Learn how to market your business
11. Know your goals
12. Have a financial plan
13. Have a vision
14. Be willing to fail
15. Learn from complaints
16. Be willing to take risks
17. Ask for customers’ input
18. Be critical of yourself
19. Face your fears
20. Find good people to work with
Visit the website here for more advice from UK business owners on startups.