Seventy thousand people who have the ideas and desire to start a new firm are reluctant to strike out alone as there’s not enough information available to help them, a report finds.
The majority of these, some 59 per cent, are aged between 25 and 49 showing the younger generations are more reluctant to take risks.
One in four people are put off due to the complexity of the process, a YouGov poll of 2,000 people uncovered.
It was also found that 1.6 million micro-businesses are struggling to fulfil their potential due to failings with online sales and poor web presence.
The report calls for the government to set up an Enterprise Account giving details on how to develop a business, book-keeping and how to access funds and training schemes.
Adrian Gregory, boss of IT firm Atos who commisioned the report, said: “The barriers to growth – both for individuals looking to start their own business, and small businesses looking to expand – are real and are holding the country back.
“Reducing the complexity in how young people especially, access information, advice and funds to start and grow their own business will ensure that Britain retains its entrepreneurial zeal.”
Tory MP Rachel Maclean, Vice-Chair of the All Party Parliamentary Group for Entrepreneurship, said starting a business is “terrifying”.
She said: I know I wouldn’t have done it if I hadn’t found myself married into a family of entrepreneurs. Anything that can be done to ease these challenges is welcome.”
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