'Fear of failure stopping more than half of adults starting business'

More than half of adults not currently involved in business activity in Scotland say the fear of failure would stop them, according to a new survey.

The Global Entrepreneurship Monitor (GEM) Scotland report 2021/22 captured rates of entrepreneurship in the general adult population and reveals there are “significant gaps” in the confidence Scots have in their business sense.

More than 1,500 people took part in the survey showing almost half a million people in Scotland were engaged in running a business.

Four in 10 adults who are not currently engaged in business activity in Scotland can see good opportunities in the next six months, but only 16% are ready to go on to start a business.

Authors suggest more needs to be done to inspire people to develop business skills, with a focus on schools.

Dr Sreevas Sahasranamam led on the survey and is a senior lecturer at the University of Strathclyde.

He said: “There is a need for an increased focus on entrepreneurship education in schools, further and higher education, in our communities, and among practising entrepreneurs.

“Beyond formal degree courses, the University of Strathclyde has been contributing to this effort through initiatives such as Strathclyde Inspire, Growth Advantage Programme, the Help To Grow scheme as well as working with industry and third sector partners in Scotland and internationally.”

Mark Logan, former chief operating officer of Skyscanner and Scottish Government’s Chief Entrepreneur said: “Entrepreneurship is foundational to creating the opportunities through which Scotland’s people can flourish.

“Every job that exists today, exists because someone somewhere started something. In this context, the GEM Scotland Report clearly highlights the work ahead of us, particularly in normalising entrepreneurship as a career option.”