Confidence and Age Hinder Brits from Starting Businesses, But Funding is Key Issue

A recent survey has identified confidence and age as significant factors that prevent Brits from launching their own businesses, but the primary stumbling block remains a lack of financial resources. The poll, which surveyed 2,000 adults, found that six in ten respondents feel that insufficient funding is the main deterrent to pursuing their entrepreneurial dreams.

Common Barriers to Entrepreneurship

Other frequently cited hurdles include a lack of relevant experience, fear of failure, and the reluctance to give up the security of a regular job. Despite these uncertainties, there is a strong desire among many to become self-employed. More than a quarter of respondents (26 percent) believe that everyone should strive to start their own business, and 32 percent are already seeking advice on how to do so.

Financial and Practical Challenges

When asked about specific challenges, tax and accounting issues topped the list, with 28 percent of respondents identifying them as the most difficult aspects. Staying updated with technology (10 percent) and time management (8 percent) were seen as less daunting tasks. The research was commissioned by AXA UK following the launch of its annual AXA Startup Angel competition, which offers two aspiring entrepreneurs £25,000 each along with mentoring from successful startup founders.

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Mike Crane, managing director of AXA Insurance UK - Commercial, commented: "Starting a business is fraught with challenges, from securing funding to having the confidence to take the plunge. The hardest step is often the first, and having the right support from the beginning can make all the difference. Our survey found that some people view age as a barrier, whether they feel too young or too old, but there is plenty of evidence that age is not a determining factor for success."

Support and Resources

The study also revealed that half of those who have started their own business relied on online research to get started, while 25 percent turned to artificial intelligence. Despite funding being the most significant barrier, more than three-quarters (76 percent) of respondents were unaware that government assistance is available for startups. Many believe that more support should be provided, with 29 percent calling for lower business rates, 24 percent advocating for reduced energy bills, and 24 percent seeking lower National Insurance contributions.

Almost half (47 percent) of respondents said they would be more likely to start a business if they felt protected from potential failures. To help aspiring entrepreneurs, AXA UK is bringing a kitchen table to Broadgate Circle in London on Thursday, 7th May, from 10:30 am, where AXA Startup Angel mentors Raphael Sofoluke and Izzy Obeng will offer advice. Both mentors have successfully built businesses from scratch.

Mike Crane added: "The best business ideas often come at random moments and are brought to life by burning the midnight oil at the kitchen table. We're taking to the streets to understand what holds people back and to offer guidance from leading entrepreneurs. It can feel like a leap into the unknown, but with the right knowledge and support, amazing things can happen."