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Half of Britons 'could set up own business'

Published On 12 January 2007 at 12:21:43

Nearly half the country believes they have the skills necessary to start a business, the largest global survey of entrepreneurs has found.

Just under 50 per cent of UK adults think they have the necessary skills to found a successful business and eight per cent intended to do so in the next three years.

The eighth Global Entrepreneurship Monitor found that more people are involved in business start-ups than established business ownership and 27 per cent of Britons know someone who is trying to get their business idea off the ground.

However, with high GDP and income levels, Britain lags behind other countries when it comes to entrepreneurial activity.

The monitor found that entrepreneurial activity is highest in countries with lower GDPs, as there is a greater incentive, with lower activity seen in high income countries such as Japan and the EU 15.

Also attributed to greater need, women in low income countries are more likely to be entrepreneurs than their better off counterparts, although men are still most likely to start up their own business.

Nevertheless, many people are reluctant to take the risk, with over a third of Britons admitting that they fear failure.

 

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