Fear seems to be holding back entrepreneurs from taking the plunge and getting into business on their own.
According to new research done by Domino’s, four out of 10 would-be entrepreneurs are being held back by fear from fulfilling their dreams of setting up their own businesses. The research also said that 40 percent of individuals who have considered an entrepreneurial career eventually decide that it’s not for them even before they progress beyond the planning stage.
The biggest factor that is holding them back or discouraging them is the idea of “going it alone”. The fear going into business based on their skills makes these individuals anxious enough that they decide that they do not have the skills, resources or training to succeed.
An even more alarming trend is that eight out of 10 start-ups eventually fail within five years because of lack of support.
This psychological barrier is hurting the entrepreneurial spirit the UK government is trying to kindle in the business community.
According to Durham University Professor Simon Parker the UK government is doing a lot to encourage enterprise in the country but the ambition and drive that individuals have are being left untapped because of the fear of failing.
Company formation and business solutions experts also warn about letting these psychological obstacles affect the entrepreneurial spirit. The experts advise that one way to dispel the fears of failing is to make sure that they go into business well prepared and with ample research. They said that the information they gather can help alleviate fear because these can serve as a road map that would allow them to take the first few entrepreneurial steps with confidence.