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News - 20 November 2003

Entrepreneurs afraid to go it alone

According to a new Lloyds TSB survey six in ten people in the UK have considered starting their own business but were put off by fears over financial security and too much responsibility.

Employers should be aware that just over one in five workers - and one in four men - would like to start their own business because they dislike working for the boss. Meanwhile, 18% of the 3,000 people interviewed by Lloyds TSB, said they wanted to turn a hobby into a full-time pursuit.

It could be argued that disliking your boss and wanting to pursue a hobby are not good enough reasons for starting up a business. So it is perhaps fortunate that the vast majority (75%) of respondents thought better of going it alone because of the risks involved. Many said they would not enjoy the uncertainty of running a business, while others said it would be too much responsibility.

David Singleton, managing director of Lloyds TSB Business, said, "There is no doubt about the British appetite for business ownership, but sadly this desire fades largely through fear of the unknown.

"Breaking down the barriers that stop businesses from starting-up is clearly a priority,” says Singleton. It is also important to help would be start-ups to see the potential pitfalls and to make them question their motives for going it alone.

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