Young people are being put off setting up their own businesses because of the complexity of accessing information, advice and funds.
According to the report from Great British Enterprise Opportunity, written by former Bank of England economist Steve Hughes and commissioned by Atos, there are over 70,000 people across the country who have the ideas and desire to set up their own business, but choose not to.
Three fifths – 59 per cent – are aged between 25 and 49, highlighting the fact that younger generations are less willing to try and start their own business.
Adding to this, a new YouGov poll of 2,000 people shows that over 1 in 4 (28 per cent) are put off from starting their own business due to the complexity of the process.
The numbers rise markedly for younger people, with nearly half of those aged under 35 saying they are put off starting a business as they wouldn’t know where to start and the process is too confusing.
The report calls for a new online dashboard – an “Enterprise Account” – with information on every aspect of setting up and running a business.
Adrian Gregory, CEO Atos UK & Ireland, says: “The barriers to growth – both for individuals looking to start their own business, and small businesses looking to expand – are real and are holding the country back. Reducing the complexity in how young people especially, access information, advice and funds to start and grow their own business will ensure that Britain retains its entrepreneurial zeal.
“Unleashing Britain’s full entrepreneurial potential will also require workers of all ages to be match fit for the opportunities of a changing labour market. A relentless focus on upskilling and retraining people at all stages in their life will ensure the country is able to compete, innovate and create the jobs of the future.”
Rachel Maclean MP for Redditch County and Vice-Chair of the All Party Parliamentary Group for Entrepreneurship adds: “Frankly starting a business is terrifying, and I know I wouldn’t have done it if I hadn’t found myself married into a family of entrepreneurs. Anything that can be done to ease these challenges is welcome.”
At Beavis Morgan our specialist business advisers to entrepreneurs are here to help you succeed. We know that starting up and running your own business can be very rewarding, provided the appropriate processes are followed and the right structures are in place.
Experience is the best teacher and our team of startup business experts have plenty of experience. We are well versed in working with businesses of different shapes and sizes and across a range of sectors, so you can rely on our detailed understanding of the processes required in achieving business success.
Our partner business, BM Structured Finance, is also available to take the stress of applying for finance away from you. With strong relationships across a number of providers, we will work with you to tailor the facility to best suit your individual business requirements.
Further reading: SME Adviser Series: An introduction to starting your own business