The Royal Bank of Scotland Group (RBS) has pledged to bolster its support for the UK’s young entrepreneurs as new research revealed a “confidence gap” is preventing aspiring entrepreneurs from starting their own business.
According to the quarterly RBS Youth Enterprise Tracker, 60% of 18-30 year olds aim to start a business, compared to 38% of the total adult population. The research, carried out by Populus on behalf of RBS, states that while business ambitions are highest for under-30s, only 8% of these would-be entrepreneurs are actually in the process of starting a business.
Fear of failure is the biggest barrier to getting started, accounting for 67% of those under 30, compared to 56% of the general population. More than half of respondents under-30 believe the current economic climate would make it too difficult to start up. Only one-fifth think now is a good time to start a business.
RBS Inspiring Enterprise exists to help bridge this gap. By 2015 we will help 100,000 people under 30 to explore enterprise, develop their enterprising skills and start up in business, whatever their background.
The RBS Youth Enterprise Tracker research will be published quarterly, and will continue to track young people’s attitudes to starting up in business.
The RBS Group is one of the world’s largest banking institutions with over 33 million customers globally and a branch network of around 3,700 branches. In 2012 we offered over £58billion in loans and facilities to UK businesses.
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