A recent poll of 2,000 adults by AXA UK has identified the primary obstacles preventing aspiring entrepreneurs from launching their businesses. The study highlights three key reasons: lack of relevant experience, fear of failure, and reluctance to give up the security of current employment.
Funding and Confidence Issues
While confidence and age are contributing factors, six in ten respondents cited lack of funding as the biggest stumbling block. Tax and accounting were identified as the most challenging issues (28%), followed by staying up to date with technology (10%) and time management (8%).
Desire to Start a Business Remains Strong
Despite these barriers, 26% of those surveyed believe everyone should strive to start their own business, and 32% are actively seeking advice. AXA UK commissioned the research following the launch of its annual AXA Startup Angel competition, which offers two winners £25,000 each plus mentoring from successful startup owners.
Support and Awareness Gaps
Mike Crane, managing director of AXA Insurance UK - Commercial, noted: "Starting a business is fraught with challenges, from securing funding to being confident enough to go it alone. The hardest step is often the first, and having the right support from the beginning can be the difference between success and failure."
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%). Nearly half (47%) said they would be more likely to start a business if they felt protected from potential pitfalls.
AXA's Initiative to Encourage Entrepreneurs
To explore small business ideas and offer expert advice, AXA UK is bringing a kitchen table to Broadgate Circle in London on Thursday, 7th May, with startup mentors Raphael Sofoluke and Izzy Obeng. Mike Crane added: "The best ideas for businesses can come at random moments and are often brought to life at the kitchen table. We're taking to the streets to find out what's holding people back and to offer advice from leading entrepreneurs."
