Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK’s budding entrepreneurs stifled by cost of living crisis

by December 15, 2023
December 15, 2023
UK’s budding entrepreneurs stifled by cost of living crisis

Nearly all of budding entrepreneurs across the UK feel that there are factors holding them back from starting a business, with the cost of living crisis heading up the list.

These were among the main findings of recent research, commissioned by the AI-driven business planning enterprise, Venture Planner, which polled people across the UK, who had previously considered starting their own business, either on their own or in partnership with others.

Very few of the survey sample don’t know their market or lack motivation, or confidence in their skills, but 24% are nevertheless hampered by a fear of failure, and the same percentage are unsure of ‘where to begin’. More than nine out of ten respondents see “having the knowledge to create a business plan’ as a concern.

The survey also reveals that the drive to become an entrepreneur is also in part the dream of realising the vision of an alternative lifestyle. Nearly half of the sample said that if they were to set up a new business, it would definitely be in a different sector from the one they are working in now. 48% say my current sector pays the bills but dream of working in a sector  that aligns with their personal interests, while 41% say they would set up in a different sector to achieve a different lifestyle, or work-life balance.

Alex Clansey, co-founder and CEO of Venture Planner, comments on the findings: “The data from our survey paints a vivid picture of the obstacles that stand in the way of prospective business founders helping both to realise the UK’s entrepreneurial potential and satisfy their own dreams. Our platform is designed to break down these barriers, offering intuitive, AI-powered tools to help anyone, from seasoned entrepreneurs to aspiring solo business owners, to confidently navigate the complexities of business planning and financial management.”

Almost all dreamers and entrepreneurs feel they need support with at least one aspect of business planning., with 55% believing they need help with financial forecasting. AI is increasingly seen as a potential way forward. More than three-quarters of budding entrepreneurs say they would either ‘maybe’ or ‘definitely’ consider using an AI tool to help generate a business plan, while fewer than one in five said they were not sure where AI can help. Moreover, despite the fact that AI is new and unfamiliar to many, 42% of the sample would trust it as much as, or more than a human generated plan.

Nicola McKenzie, co-founder, Venture Planner, said: “Many people today get their business advice either from online articles or from social media. 39% of our survey sample say they have followed and engaged with social media content from entrepreneurs or influencers as part of their research into starting a business. Actually by using an AI tool created by financial planning specialists, you are going to learn a lot more about the feasibility of your business idea. So, rather than scrolling through social media for hours to find business advice that is not personalised to your needs, have a go on Venture Planner and bring your dream to life.”

Read more:
UK’s budding entrepreneurs stifled by cost of living crisis

0
FacebookTwitterGoogle +Pinterest
previous post
Small-Caps Rocket to the Upside, Leave Large-Caps in the Dust
next post
Millions borrowing to pay essential bills at Christmas, charities warn

You may also like

Court of Appeal ruling empowers businesses to reclaim...

March 26, 2025

Thousands of jobs in balance as decision on...

November 2, 2023

Bonnie Blue Australian Visa May Get Canceled?

November 26, 2024

Amazon set to enter insurance comparison marketplace with...

October 19, 2022

Ryanair boss Michael O’Leary in line for €100m...

December 18, 2023

Chancellor’s statement on tax collection has no substance

November 22, 2023

Over one million sign petition to strip ex...

January 8, 2024

Personalised plate boom: drivers and investors snap up...

February 3, 2025

Retailers Warn Stringent Crackdown on Greenwashing Could Stifle...

April 8, 2024

More teacher strikes loom as unions vow to...

May 1, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Inflation Can Increase Capital Gains Tax Rate to Infinity

      July 25, 2025
    • 50,000 Amateurs Unite: Former Ryder Cup Captain Part Owner Of Groundbreaking Planned Merger Set to Revolutionise Golf

      July 25, 2025
    • MoD received £211bn worth of suspicious invoices in three years amid fraud crackdown

      July 25, 2025
    • Friday Feature: Edefy, “Pod Schooling Made Simple”

      July 25, 2025
    • This is a text of gratitude. A good thing happened in the financial market

      July 25, 2025
    • Trump says SCOTUS immunity ruling likely helps Obama in light of Gabbard, DNI findings

      July 25, 2025

    Categories

    • Business (8,576)
    • Investing (2,149)
    • Politics (16,197)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved