Fear of Failure Prevents UK Workers Starting Up

Fear of failure prevents UK workers starting up - London, UK, November 14, 2011

New services http://www.businesslink.gov.uk/newservices launch to help entrepreneurs
Mark Prisk launches new Business Link services to support entrepreneurialism and business growth http://www.improve.businesslink.gov.uk/

A quarter of the working population believes there are good opportunies to start up new businesses where they live[i], but a fear of failure could prevent one in three workers from starting up on their own[ii]. New insights show that, if this fear could be overcome, the UK economy could benefit from an injection of millions of pounds.

The new insights, revealed as Business and Enterprise Minister Mark Prisk launches Business Link's new online services, demonstrate that if only 1% of these UK workers overcame their fear and seized the opportunity to start-up in their local area, the UK economy could receive a boost of over £33 million, if each individual made a profit of £1,000. If 5% overcame their fear and took a leap into entrepreneurialism, then the injection would be £163 million, and if all of them took the leap, the benefit would be £3.25 billion.[iii]

The research also shows that 47% of UK workers believe they have the skills, knowledge and experience to start a business and that 31% of people know someone who has started a business in the last two years[iv].

To help both entrepreneurs to start-up and also people looking to improve and grow their businesses, Business Link has launched two new services - a Start-Up Service, called My New Business, and the Growth and Improvement Service.

My New Business is aimed squarely at those people who are in the early stages of starting a business. It provides a wealth of information including more than 100 videos, and 100 elearning tutorials and tools; as well as further guidance for getting a business up and running, from writing business plans to securing funding.

The second new product for businesses - the Growth and Improvement Service - provides straightforward, practical guidance for people who want to get more out of their business: such as generating more sales, increasing profits, and saving time and money. The support, tools and short knowledge bites help established businesses quickly deal with business challenges, from practical, day-to-day tasks to more strategic guidance on business development and expansion.

Business and Enterprise Minister Mark Prisk said:
"The Business Link services unveiled today will give businesses new, easy to use, and tailored online services.

"This represents the most effective and efficient way to provide the information and advice businesspeople tell us they need and will help businesses grow.

"Interactive tools and services provide real benefits and support to start-ups and SMEs and I am looking forward to seeing these new services put to good use."

Ray Lambe, Director, Business Link, said:
"The UK has a rich history of entrepreneurialism, but this research shows that one of the major barriers to starting up is fear. My New Business been designed, using feedback from our customers, to help people to overcome the fear of going-it alone and have the confidence to start up. This service will guide entrepreneurs through the start-up process, from deciding whether they have what it takes to be their own boss, to looking for finance and developing ideas and business plans. We have also developed a new Growth and Improvement Service to help people looking to develop and expand their businesses."

You can find the new services at http://www.businesslink.gov.uk/newservices

Business Link is government's online resource for businesses. From November 2011 the Business Link website will be your primary support service. It will be enhanced with new, easy-to-use information to help you start up, improve and grow your business.

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Amanda Francis

Amanda.Francis@kindredagency.com

This release was published on openPR.