Millions of pounds lost to Britain’s fear of failure

Research by the newly-relaunched Business Link shows that a quarter of the working population believes there are good opportunities to start up new businesses – but a fear of failure is holding them back. 

If only one per cent of UK workers overcame their fear and started up a new business, the UK economy would receive a boost of over £33m, if each individual made a profit of just £1,000. If five per cent overcame their fear and took a leap into entrepreneurialism, then the injection would be £163m – while, if all of them took the leap, the benefit would be £3.25bn.

Business Link hopes to boost the economy by helping would-be entrepreneurs take the first step. The newly-relaunched Business Link offers two new services: a startup service called My New Business, and the Growth and Improvement Service, for established businesses.

“The Business Link services unveiled this week will give businesses new, easy to use, and tailored online services,” says Enterprise Minister Mark Prisk. “This represents the most effective and efficient way to provide the information and advice businesspeople tell us they need and will help businesses grow.”

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