Young Londoners are apparently not too keen on starting up their own businesses even if it could mean more financial freedom if they succeed.
Based on a new survey done by YouGov, it revealed that the majority of London’s residents would much rather not start up their own businesses and run them because of fears about the stress that it would cause them.
The study also showed that the capital’s young people are more afraid of stress and its effects than their elders.
According to the survey report, two-thirds of the respondents questioned said that the pressures associated with running their own business and assuming the responsibility for bringing a business idea into reality on their own would put them off actually doing it on their own. Some of the reasons that the respondents as “turn-offs” in running a business include the fear of failure, working long hours, and managing finances.
It also reported that respondents aged between 18 and 24 feared stress the most and those over the age of 55 were the least worried about stress.
The survey results followed the recently released research by Barclays Bank that showed that the number of small business start-ups in the country fell by 10 per cent in the firs quarter of 2005. That is 116,300 businesses compared to 129,500 reported business during the same period last year.
This possible correlation between the fear of stress and the business start-up fall-off has made certain government agencies aware of the possible detrimental effects of stress on the economy and has urged that the effects of stress (which is thought of as a national health problem) be addressed immediately.