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There are more people either starting or looking to start a new business than at any time in the last 10 years, but fear of failure is putting off many from putting plans into action, new research has shown.
Statistics from the latest Global Entrepreneurship Monitor (GEM), which surveys 10,000 people in the UK, indicated that more than one in five of working age population are either expecting to start a new business inside the next three years, were actively looking to start a business, or were already running their own business.
This eclipses any other figure recorded by the yearly monitor since it begin in 1999.
But whilst more start-ups are planned, many may not actually be put into place. 41.4% suggested that the fear of failure would stop them from starting their own business, up from 36% in 2010.
Professor Jonathon Levie from Strathclyde Business School, who assisted the study, said: “While this reduction (in those willing to put start-up plans into place) is understandable in the current economic climate it raises the danger of under-funded and possibly short-lived start-ups.”
Business Finance for Start-Ups
Have you been considering starting your own business, or indeed put your plans into action, but are unsure whether you have the finances in place to make it a success during a tough economic period?
With many new businesses unable to access traditional sources of business finance, it’s increasingly making sense to seek out other sources of funding such as invoice finance.
Invoice finance solutions such as invoice factoring and invoice discounting can be accessed by new businesses, as they don’t require an extensive credit or profit history.
Why not check out our page on invoice finance solutions for new-starts and see how we can help fund your business.