New research from Start Up Loans, part of the British Business Bank, reveals that nearly two thirds (62 per cent) of small business leaders in the South East have abandoned entrepreneurial ideas because of low self-belief.
This crisis of confidence is estimated to be costing the UK more than half a million untapped business ventures.
Terence Chung, a 30-year-old entrepreneur who overcame self-doubt to launch a business, said: “Taking that step to start a business can be extremely daunting and we often find ourselves doubting and questioning whether it is the right time or right idea and that’s completely normal.
“We try to refine our ideas as much as possible and make it ‘perfect’ and wait for the perfect time to get started, but in reality there is rarely ever a ‘perfect’ business or product and the time never feels quite like the right time.
“We just have to take a leap of faith and get started in one way or another.
“Mistakes will be made and these are inevitable but that’s part of the process for any entrepreneur.
“We should never be scared of mistakes, we just need to be confident that when mistakes happen, we can work through it and overcome it.”
Mr Chung founded Nuoceans, a sustainable footwear brand that repurposes discarded flip-flops collected from beaches and oceans into the next generation of beach footwear.
He launched the business in 2018 with two university friends.
In 2023, with support from GC Business Finance, he secured a £5,000 Start Up Loan to produce the brand’s first line of sandals, which quickly sold out.
He has since received a further £10,000 to pay for the next round of Nuoceans stock.
The research also found that more than a quarter of small business leaders in the South East are held back by fear of failure rather than a lack of funding, while over a third cite low self-belief as a primary obstacle.
Nearly half (47 per cent) reported feelings of imposter syndrome, higher than the national average of 38 per cent.
Louise McCoy, Managing Director of Start Up Loans Products, British Business Bank, said: “At Start Up Loans, we believe in the power of ideas and the people behind them.
“Confidence should never be a barrier to pursuing your dreams.
“We’re encouraging entrepreneurs to back themselves – and we support them with developing a pre-application business plan and post-application mentoring.”
More than a third of respondents said a lack of confidence has caused them to delay or abandon plans to expand their business.
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