Redundancy fears turn to start-up dreams

New research has uncovered the extent of Britain’s entrepreneurial ambition, with a large slice of the working population admitting they would love to start a business.

Nearly a third of respondents to a survey by USwitchforBusiness.com said they would start-up if made redundant because of the global economic pinch. That compares with just one in ten who say they would look for similar work.

Six in 10 Brits have dreamt of starting their own business without acting upon it. The top reason being the appeal of earning money for doing something you love, followed by ‘the challenge’ and not having to report to the boss.

Just over a quarter said they would convert a hobby into a business, while 28 per cent said they would do something completely different to exploit a gap in the market. Meanwhile 22 per cent would carry on with the same job, just for themselves.

But while only a small minority of people have never harboured entrepreneurial dreams, most give up on the idea of going it alone. The most popular reason for this is lack of adequate funding, according to the stats.

Jake Ridge at uSwitchforBusiness.com, said: “Being made redundant can act as a catalyst, pushing people to make life changes they may have previously only dreamed about, whether starting a new business or a new life abroad.

“In these instances it can have a positive impact on people’s lives, lifting barriers that have prevented them from fulfilling long-held dreams.

“61% of us have dreamt of starting a business but haven’t done so, mainly because of the fear of giving up a regular salary and because of lack of finance.

he added: “As well as impetus, redundancy can provide the cash needed to finance a start-up and 67% of people would be prepared to invest some or all of this into their dream business.

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By News Desk  on   Jul 07,2009

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Keywords

starting a business    start-up    launch a business    redundancy    start-ups   

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