A growing number of Brits are turning their hobbies and passions into business ideas, according to a new study by the Royal Bank of Scotland (RBS).
The RBS Enterprise Tracker, which polled 3,789 people, found that one in five (20%) of British adults uses their spare time to grow a new business or earn some extra income.
The survey also reveals a large ‘ambition gap’ between people who say they want to start a formal business or enterprise (38%) and 6% who actually do. Some are put off by perceived practical barriers – such as the state of the economy (41%) and where to find the cash (41%), while others lack confidence: 55% of respondents had ‘fear of failure’ on their minds while half (49%) assume they lack the skills for the job. Only 12% of people are put off because they couldn’t see a market opportunity.
Cliff Prior, chief executive of UnLtd, said “Hidden entrepreneurs are natural entrepreneurs. These figures tell us that people want to create businesses out of their hobbies, passions and interests – which is where many social entrepreneurs stats – but don’t feel they have the support or confidence to do so. As a nation we need to get far better at nurturing our entrepreneurial talent and normalising entrepreneurship as a career path from an early age.”