External pressures, fear of judgement and educational gaps all stifling business aspirations
The UK’s aspiring entrepreneurs are facing several barriers which are deterring them from following their goals to start a business, new research finds. Among the top concerns are societal pressures to follow a more stable career path, the perceptions of starting a business amongst family and friends, and a lack of preparation from mainstream education.
These are among the key findings of recent research commissioned by the AI-driven business planning enterprise, Venture Planner. The research, which surveyed 2,000 people across the UK who had previously considered starting their own business, uncovered a ‘start-up stigma’, outlining several barriers holding aspiring entrepreneurs back.
The pressure to pursue a job that is seen as more stable or traditional is holding back nearly four out of ten (38%) respondents, whilst one in five (20%) fear society’s judgement and disapproval, including on social media.
Additionally, the survey revealed that more than a third of respondents (34%) say their family and friends either view the risk associated with starting a business as reckless or something only pursued if they have no other options.
The lack of preparation from mainstream education is also a key barrier. The survey found 41% of aspiring entrepreneurs felt that their formal education did not prepare them for tasks like business planning and financial management, with only 30% feeling somewhat prepared. The educational gap is profound, with 91% concerned about their ability to draft a business plan.
Alex Clansey, co-founder and CEO of Venture Planner said: “Sadly, there is almost always a stigma around starting a business in Britain today. It is looked down upon as a Plan B and many don’t see it as a sustainable source of income. That’s in part because their formal education hasn’t set them up properly to prepare for these tasks. Many wouldn’t know how to do all the necessary groundwork – and that’s likely because it is something that isn’t taught.”
Venture Planner’s innovative AI-driven platform is positioned as a crucial tool in addressing these educational gaps, while helping aspiring entrepreneurs build their confidence and remove the element of risk involved in starting a business. The platform offers intuitive guidance and resources for creating robust business plans, conducting market research, and understanding financial forecasting – all tailored to the individual’s unique business idea.
Nicola McKenzie, co-founder of Venture Planner, adds, “Venture Planner is more than a planning tool; it’s an educational resource that equips future entrepreneurs with the skills and knowledge that traditional education may not provide. Our platform is designed to make entrepreneurship more accessible and less intimidating, helping to turn dreams into tangible, successful business ventures.”
For more information on Venture Planner’s AI-driven platform, visit https://ventureplanner.ai/.