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Peer2Peer Finance News | November 21, 2017

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Lack of funding biggest barrier to starting a business

Lack of funding biggest barrier to starting a business
Marc Shoffman

TWO THIRDS of would-be entrepreneurs have been held back from starting a business due to lack of funding, a survey claims.

Research by online retailer Ebuyer, based on a poll of 2,000 adults, found 67 per cent cited a lack of money as the biggest barrier to setting up a business.

Other common reasons were fear of failure, cited by 44 per cent of respondents and lack of time by 26 per cent. And 18 per cent said they did not have the right resources or technology.

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Despite the barriers, 80 per cent said they have aspired to set up on their own.

Londoners were the most the entrepreneurial, with 84 per cent claiming they have thought about starting their own business, closely followed by residents of Glasgow with 83 per cent and Liverpool with 82 per cent of respondents.

“It comes as no real surprise that four in five adults want to start their own business – especially among young people, who have seen YouTube stars and internet entrepreneurs build a business from their bedroom,” said Amber Smith, sales director at Ebuyer.

“One in three residents claim lack of money is the biggest barrier to starting up your own business, but with the rise in rentable office space across the UK and the option to lease technology so businesses can afford the equipment they need to kickstart their career, the dream of becoming your own boss in 2018 might be closer than you think.”

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