Mids entrepreneurial spirit ‘frozen by fear’

Research by NatWest shows one in five (20%) people in the Midlands would like to start their own business, but 60% are held back by the fear or failure.

Despite this number of would-be entrepreneurs, just 2% of local people are actually in the process of setting up on their own.

The data, compiled by Populus for NatWest, shows one of the most common barriers is the current economic climate, which 25% said was preventing them from starting a business. Whilst 17% claim they need more skills to be able to go it alone.

John Maude, regional managing director, business banking, Midlands & East of England NatWest, said: “Despite broadly improving economic conditions and a clear entrepreneurial desire in the Midlands, 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 start-up Bootcamp, dedicated mentoring from local KPMG advisors, regular events, workshops and training.”