NatWest research claims Yorkshire entrepreneurs worried over fear of failing

New research compiled by NatWest shows that 23% of people across Yorkshire would like to start their own business, but 57% are held back by the fear of failure.

Despite the number of budding entrepreneurs, just 4% of people are actually in the process of setting up on their own.

The data, compiled by Populus for NatWest, reveals one of the most common barriers is the current economic climate, which 26% said was preventing them from starting a business.

While this figure is still a large proportion, it has more than halved as the economy has improved, from 53% when this research was first undertaken in 2012.

Dale Sidebottom, North East entrepreneur development manager at NatWest, said: “Despite improving economic conditions and a clear entrepreneurial desire in Yorkshire, 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.”

Jim Duffy, founder of Entrepreneurial Spark, added: “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 grow and succeed. 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, including one in Leeds. Every six months each hub will take in up to 80 new businesses.