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 21, 2023
December 21, 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, referenced by nearly four out of ten as a top barrier. Underlining the prevalence of money-related concerns, the next most important barrier was ‘perceptions of the financial cost’.

These were among the main findings of recent research, commissioned by the AI-driven business planning enterprise, Venture Planner, which polled the views of 2,000 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 (91%) 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 (46%) 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 (78%) say they would either ‘maybe’ or ‘definitely’ consider using an AI tool to help generate a business plan, while fewer than one in five (18%) 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
Market Breadth Gains Momentum; Don’t Fight the Market, Stay Cautious
next post
The Benefits Of Financial Edge NXT For Non-Profit Organizations

You may also like

UK Hotel Pricing Tech Firm Lighthouse Becomes Latest...

November 25, 2024

NatWest boss’s ‘£2.4m exit deal’ is a disgrace,...

August 23, 2023

2030 petrol car ban may be delayed as...

September 20, 2023

Google searches for solar panels increase by 300...

August 16, 2022

Employee theft jumps by a fifth as cost...

February 23, 2023

HRLocker Raises £1.8M in funding round to accelerate growth...

January 12, 2023

Lady Bamford’s Daylesford Organic Faces Mounting Losses Amid...

May 31, 2024

Retail price inflation eases to 4.3% in November

November 28, 2023

Evening Standard scraps daily print paper blaming work...

May 30, 2024

M&S warns of possible price hikes as national...

November 7, 2024

    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

    • ‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

      June 6, 2025
    • Democrats begin to embrace Musk amid Trump spat after party railed against him as a ‘dictator’

      June 6, 2025
    • Trump administration defends US and Israeli sovereignty with new sanctions against four ICC judges

      June 5, 2025
    • Musk unleashes wild Epstein claim against Trump after being booted from DOGE

      June 5, 2025
    • Three Charts Showing Proper Moving Average Alignment

      June 5, 2025
    • Biden only hand-signed one pardon during final spree, and it was his most controversial one

      June 5, 2025

    Categories

    • Business (8,149)
    • Investing (2,011)
    • Politics (15,542)
    • Stocks (3,129)
    • 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