‘Dormant entrepreneurs’ missing opportunities

Some 70 per cent of those with an idea for a business have not acted on it, research finds.

According to a poll by Orange of 2,000 adults in full-time employment, more than a third (37 per cent) have come up with an idea that they believe could be a success.

Concerns over not having enough money (21 per cent) and the prospect that the idea may fail (14 per cent) are cited as key reasons why new business ideas often fall by the wayside.

Economic factors are exacerbating these concerns, with 44 per cent of respondents believing a recession makes launching a business riskier, and that they would prefer to work for someone else during difficult times.

The survey also shows that many of the UK’s employees dream of working for themselves. Nearly 40 per cent of those asked say they work for someone else, but would rather be their own boss.

The ability to leave on time (39 per cent) and to fit work around family commitments (54 per cent) are both cited as important elements of ideal jobs.

Mike Southon, author of The Beermat Entrepreneur says, ‘The entrepreneur is the backbone of the UK economy. We are a nation of small businesses, so it is surprising that many people are too nervous to throw their hat into the ring and start their own company.’

Mike Shirley, head of small business propositions at Orange parent company Everything Everywhere adds, ‘This survey shows that the UK is brimming with business ideas, but many are simply not making it to the development stage. By not trying to make their ideas a reality, Britain’s ‘dormant entrepreneurs’ are missing out on life-changing opportunities.’

Ben Lobel

Delphine Hintz

Ben Lobel was the editor of SmallBusiness.co.uk from 2010 to 2018. He specialises in writing for start-up and scale-up companies in the areas of finance, marketing and HR.