Fear of failure deters start-ups

A quarter of all workers believe they have a good chance of setting up a new business where they live – but the fear of failure stops them, according to Business Link, the online agency providing start-ups with advice.

Business Link, which launches its new online service tomorrow, estimates that if only 1 per cent of all workers started a new business in their locality, the UK economy would be boosted by £33m if each individual made a profit of £1,000. If 5 per cent overcame their fear and took a leap into entrepreneurialism, then the injection would be £163m. If all of them took the leap, the benefit would be £3.25bn.