Fear of failure emerged as the most cited barrier for entrepreneurs aged 18 to 24, with 29 percent of respondents identifying it as a major deterrent to starting a business.
Across all age groups, assembling the right team was the top challenge for new business owners, reported by 22 percent of participants. However, the priority shifts with age: only 18 percent of the youngest cohort named team building as a concern, while 45 to 54‑year‑olds placed it at the forefront, with 25 percent citing it over 19 percent who feared failure.
Adaptability was identified as the most critical mindset for success in both sport and business, selected by 28 percent of respondents. Gender differences appeared, with women favoring discipline and consistency (28 percent) and men more often choosing a winning mentality (17 percent).
An overwhelming 85 percent of participants agreed that experiencing failure, whether on the field or in life, equips individuals to run a business. The stigma surrounding business failure remains a recurrent topic in discussions of the country’s start‑up culture.
Perceptions of what a business entails differ sharply by age. Only 40 percent of 18‑to‑24‑year‑olds describe running a company as a blend of people skills and financial decision‑making, compared with 66 percent of those over 55. Younger respondents were more likely to view business primarily as leading and managing people, while older adults placed greater emphasis on financial aspects.
Views on the value of failure also vary. Forty-one percent of the youngest group said failure builds confidence to take risks, whereas only 17 percent believed it fosters long‑term perseverance, a view held by 35 percent of those over 55. Additionally, over‑55 respondents were more inclined to credit workplace experience rather than sport as the best preparation for performing under pressure.
Older business owners prioritised team building above other concerns. Separate research indicates that nine in ten employers in England struggle to fill skills gaps, with 32 percent of shortages at small and medium‑sized enterprises occurring at entry‑level positions and 29 percent in specialist roles.
In contrast, two‑thirds of 18‑to‑34‑year‑olds are considering or actively pursuing entrepreneurship, surpassing the national average of 40 percent. For this group, access to finance was the leading obstacle, cited by 37 percent of respondents.
The analysis drew on a survey of 2,023 adults across the United Kingdom.
