The result of a new survey has found that potential entrepreneurs are growing more confident as worries caused by the economic climate begin to abate.
The RBS Enterprise Tracker is carried out by Populus every quarter. With 2343 people interviewed, it was found that more UK citizens are considering starting their own business.
While there are still some fears of the current economic situation – a third of respondents said it would cause difficulties in starting a business – there has been improvement. In the same quarter of 2012 over half thought that.
Also back in that 2012 quarter, only 20% thought it would be a good idea to start a business whereas now over a quarter think that. This suggests that the last couple of years has seen the country’s population grow more confident.
The Tracker also looked into those designated as High Potential Individuals (HPIs). They are people with degree-level education, full time employment and earn more than £34,000. The research found that these people are more likely than most to start a business.
Of all the HPIs, 8% were actively starting a business while only 4% of the general population were. It was also found they were more likely to start up a for-profit company. In contrast, their fear of failure is above average.
Thom Kenrick, the Head of Sustainability Programmes at RBS, said: “As the UK economy improves, it is encouraging to see more people gaining confidence that now is a good time to start a business. The survey continues to show that access to finance and solid business advice are very important first steps for anyone starting a business. Whilst the fear of failure will be an issue for any new venture, we believe that even more people can convert their business ideas into reality, if they can access the right advice and support.”