8 in 10 UK workers believe they will never become their own boss, study claims

Start-up costs, anxiety over failure and a lack of know-how could be preventing people from taking the leap

(Artur/iStock/Getty Images)

Many workers have aspirations of becoming their own boss – but the vast majority of those polled for a new survey did not think they would make it happen.

Despite 46 percent of respondents harbouring entrepreneurial ambitions, 82 percent worried that they would never have a chance to follow their dream.

More than one in 10 felt they had a winning business idea so big it could change an entire industry, if they could only bring it to life.

But the research suggested initial start-up costs, anxiety over the success of the business and a lack of know-how are preventing many people from taking the leap.

The international survey of 23,500 respondents – spanning 24 countries and including 1,000 people in the UK – looked at the entrepreneurship dreams of people around the globe, as well as their motivations and the challenges they face.

Internationally, the top reason to start a business was found to be following a passion – but for British respondents, that was a clear second to becoming their own boss.

Other reasons were supporting their family (33 per cent), wanting more flexibility in their job (32 per cent) and wanting a career change (25 per cent).

Three in 10 aspiring British entrepreneurs had already taken steps to open their business.

Almost eight in 10 UK respondents interested in starting a business feel overwhelmed by the prospect, with 57 percent citing initial costs as the biggest barrier to entrepreneurship.

To finance the initial costs, 60 percent say they would use their own money, followed by money from family (20 percent) and small business loans (20 percent).

“Starting a business from the ground up can be daunting, but the opportunity to pursue your own passion can be a liberating and exciting experience,” said John DeSimone, co-president and chief strategic officer for Herbalife Nutrition, which commissioned the study.

Of those respondents who currently had a business, one-quarter took the leap and started it because of gut intuition, while others had a change in income or a bad day at work.

From the initial idea to actually starting the business, it took respondents an average of three years.

SWNS