New research by Samsung Electronics Co., Ltd. reveals that nearly a third (29%) of the UK’s aspiring entrepreneurs say they’ve missed out on a business venture that later became a success by someone else, with two in five (22%) saying they don’t have the right technology or knowledge to get their idea of the ground.
The study, conducted by Samsung UK & Ireland, surveying 1,500 consumer entrepreneurs found that over half of respondents said they lack the confidence to invest time into themselves and their ideas (56%) or don’t have enough financial backing (50%) to make a go of things. Close to a third (32%) say they simply wouldn’t know where to start, with over half (56%) revealing that they lack the confidence to take the first steps to pursue their dreams.
The research reveals that while financial freedom (40%), a sense of accomplishment (29%), and more peace and joy in life (12%) are key reasons for starting a business, 27% say they simply don’t have the time to do so.
Samsung knows that having the right technology to back up a business is imperative, and that every second counts. In fact, better technology to give entrepreneurs time back to make a go of their idea, was cited by one in four (24%), as a barrier to pursuing a new business idea.
“All the best businesses are born from a single great idea, so it is disappointing to see failing technology cited as a barrier to budding business owners. Samsung for Business provides technologies, solutions and tools that can help businesses to overcome barriers that limit productivity and profitability, and making tech work harder, so businesses don’t have to. If we are going to encourage greater entrepreneurship in the UK and achieve stronger economic growth, we all have a responsibility to understand and remove barriers to those looking to pursue their dream” said Joe Walsh, Director of B2B, Samsung UK & Ireland.
One of the barriers identified by the research was a lack of mentorship. Having a mentor was acknowledged as crucial to getting their idea off the ground (42%) yet just one in ten say they have one. Instead, Brits turn to their mum or dad (36%), and a quarter turn to friends (26%). One in ten reveal they even seek career inspiration from their favourite character on TV or a social media influencer, whilst others say they have chatted career goals with a bartender.
Coinciding with the findings, Samsung UK has launched a three-part video series on its YouTube channel – ‘9 Minute Mentors’ – giving nine minutes of valuable insights to those businesses who aren’t losing that time to incompatible tech. The series features three hugely successful UK start-ups: London coffee business Grind; premium synthetic hair extension brand, RadSwan; and subscription-based flower company Freddie’s Flowers. Hosted by Samsungs’ Annika Bizon, Marketing and Omnichannel Director and Joe Walsh, Director of B2B, the series gives aspiring business owners the opportunity to hear from the best in the business, as they discuss challenges faced, opportunities embraced, and their top tips for aspiring entrepreneurs for how they can turn their business idea, into a successful reality.
“Transforming a business idea into a reality is never just one leap, it’s many, many steps – some bigger than others. Whether it’s listening, providing advice, or sharing your own business failures, it’s important to encourage and nurture a friend or colleague to embrace their entrepreneurial spirit that one day, could end up being an incredible business reality,” comments Annika Bizon, Marketing and Omnichannel Director at Samsung UK & Ireland.
The role of friends and family in the pursuit of achieving career aspirations is clear, yet findings reveal that entrepreneurs lack support and encouragement from their nearest and dearest. A quarter (25%) of would-be business owners say more backing and belief from friends and family would help them bring their ideas to life. In fact, 13% who told their idea to friends at the pub were laughed at. The same number shared their idea with their parents but felt they didn’t understand or encourage them.
Watch the Nine Minute Mentors series here