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‘Fear of failure’ hinders North East entrepreneurial desire, suggests new research

Does ’fear of failure’ hinder your desire to start a business? New research points towards a prevailing reluctance amongst would-be North East entrepreneurs to spread their wings and go it alone.

Whilst 20% of people in the North East would like to start their own business, research launched today by NatWest shows that as much as 58% are held back by the fear or failure.

The data, compiled by Populus for NatWest, also found that just 2% of people are actually in the process of setting up on their own. The current economic climate was cited as the most common barrier preventing potential entrepreneurial leaps.

Carl Haagensen, North East Entrepreneur Development Manager at NatWest, said: “Despite improving economic conditions and a clear entrepreneurial desire in the North East, too many people are still being held back from following their ambitions. These figures highlight the need for the right early support for start-ups, which can help people overcome the barriers to starting and establishing a successful business.

“NatWest is helping people do just that, by opening Entrepreneurial Spark business accelerator hubs around the country. Businesses are given free office facilities so they can concentrate on establishing and growing their business, as well as access to the bank’s networks and contacts, a startup Bootcamp, dedicated mentoring from local KPMG advisors, regular events, workshops and training.”

Jim Duffy, founder of Entrepreneurial Spark, said: “At Entrepreneurial Spark we work hard to provide entrepreneurs with the tools and skills they need to succeed, to help break down the barriers they face along the journey and encourage more people to start their own business.

“Starting and scaling a business can be daunting, so we support budding entrepreneurs every step of the way in our Hatcheries, from hands on training at our #GoDoBootcamps and one-to-one Enablement to providing them with free desk space and IT.

“We are delighted to be working with NatWest and KPMG to help start-up businesses across our nine Hatcheries. With an 88% survival rate of businesses who have gone through our expert Enablement programme, it’s clear that with hard work, the right #GoDo attitude, and the proper support you can achieve great things.”

There are currently nine hubs around the UK, with one opening in Newcastle in August with 80 places available for the first cohort.

Have you started your own business? How did you overcome your fears and challenges? We want to hear from you. Comment below or email Jamie at jamie.hardesty@bdaily.co.uk.

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