A recent poll of 2,000 adults has identified the main barriers preventing aspiring entrepreneurs in the UK from launching their businesses. The survey, commissioned by AXA UK, found that lack of funding is the biggest obstacle, cited by six in 10 respondents. Other common issues include lack of relevant experience, fear of failure, and reluctance to give up the security of a current job.
When it comes to specific challenges, tax and accounting were highlighted as the most difficult areas by 28% of those surveyed. Staying up to date with technology (10%) and time management (8%) were seen as less demanding. Despite these hesitations, more than a quarter (26%) believe everyone should strive to start their own business, and 32% are already seeking advice.
The research also revealed that three quarters (76%) of respondents were unaware of government help available for startups. Many called for more support, including lower business rates (29%), reduced energy bills (24%), and lower National Insurance contributions (24%). Almost half (47%) said they would be more likely to start a business if they felt protected from potential pitfalls.
AXA UK conducted the research ahead of its annual AXA Startup Angel competition, which offers two winners £25,000 and mentoring from successful entrepreneurs. Mike Crane, managing director of AXA Insurance UK - Commercial, said: 'Starting a business is fraught with challenges, from securing funding to being confident enough to take the plunge. The hardest step is often the first, and having the right support from the beginning can be the difference between success and failure.'
To help aspiring entrepreneurs, AXA is taking a kitchen table to Broadgate Circle in London on 7th May, where mentors Raphael Sofoluke and Izzy Obeng will offer advice. Crane added: 'The best ideas for businesses can come at random moments and are often brought to life at the kitchen table. It can feel like a leap into the unknown, but with the right knowledge and support, amazing things can happen.'
