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A quarter want to be entrepreneurs

More than a quarter of British employees dream of running a business, according to a survey from Lloyds Bank Insurance.

The report reveals that 26% of workers have entrepreneurial aspirations but the fear of taking risk is preventing a third (33%) from starting a business.

Nearly half (48%) believe that the economic environment is not strong enough, while over a third (35%) admit that they don't know how to start a business.

The survey reveals that the most common reasons for wanting to start a business are:

  • having more control over work-life balance (51%)
  • taking on new challenges (46%)
  • making more money (41%).

Other key findings:

  • 83% of respondents said they would be more motivated to work if they owned their own business
  • 79% said they would have greater job satisfaction
  • 78% said becoming an entrepreneur would be more stressful
  • 71% said they would have to take fewer holidays.

Damien McGarrigle, head of business insurance at Lloyds Bank Insurance, said:

"This research shows that we are a nation of aspiring business owners, with the workforce thinking up new ways to break out of their current jobs and become their own boss.

"While a fear of taking the plunge is holding back many of these potential business break-outs, greater awareness of business insurance could protect fledgling firms against uncertainties and help them prosper."