More than a quarter of British employees dream of running a business, according to a survey from Lloyds Bank Insurance.
The report reveals that 26% of workers have entrepreneurial aspirations but the fear of taking risk is preventing a third (33%) from starting a business.
Nearly half (48%) believe that the economic environment is not strong enough, while over a third (35%) admit that they don’t know how to start a business.
The survey reveals that the most common reasons for wanting to start a business are:
- having more control over work-life balance (51%)
- taking on new challenges (46%)
- making more money (41%).
Other key findings:
- 83% of respondents said they would be more motivated to work if they owned their own business
- 79% said they would have greater job satisfaction
- 78% said becoming an entrepreneur would be more stressful
- 71% said they would have to take fewer holidays.
Damien McGarrigle, head of business insurance at Lloyds Bank Insurance, said:
“This research shows that we are a nation of aspiring business owners, with the workforce thinking up new ways to break out of their current jobs and become their own boss.
“While a fear of taking the plunge is holding back many of these potential business break-outs, greater awareness of business insurance could protect fledgling firms against uncertainties and help them prosper.”