Fear of failure is the biggest barrier to starting a business among 18-24 year-olds, cited by 29 per cent of that age group, according to new analysis of Funding Circle and Premiership Rugby’s Beyond The Pitch research.
Across all respondents, building the right team was the single biggest challenge facing new business owners, named by 22 per cent. The age breakdown shows that headline figure masks a split between younger and older respondents.
Among 18-24 year-olds, building the right team ranked lowest of the barriers tested, on 18 per cent. The order reverses among 45-54 year-olds, for whom building the right team was the number one challenge on 25 per cent, ahead of fear of failure on 19 per cent.
The research also found that adaptability, rather than a “winning mentality”, was the mindset UK adults rated most important for success in both sport and business, on 28 per cent.
That preference differed by gender. Women were more likely to select discipline and consistency as the mindset that matters most, on 28 per cent against 23 per cent of men. Men were more likely to select a winning mentality, on 17 per cent against 10 per cent of women.
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