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Seven million business start-up ideas could be shelved over the next three years because British entrepreneurs are full of self-doubt, according to a new report.
New research by Orange Business Services indicates that half of all UK adults have considered setting up their own business but 50 per cent of them are too frightened to on their ideas.
The survey of 2,500 UK adults also found that younger aspiring company directors are more nervous about acting on their business ideas than their older counterparts.
Some 43 per cent of 25-34 year-olds feared their business would fail compared to 37 per cent of over 55 year-olds.
Martin Lyne, director of small business, Orange Business Services UK, said: "British people view enterprise positively and are enthusiastic to give it a go. Its not the hard skills holding us back so much as our lack of self confidence and fear of failure.
"Government, industry figures, community leaders and the education system can all play a part in nurturing self-belief and confidence in our would be entrepreneur workforce."
Tim Campbell, the former winner of the BBC hit show the Apprentice added: "If the business community can share a few hints and tips to encourage budding entrepreneurs, peoples fears will be overcome and more dreams will become reality."
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