Start-ups need early support, says NatWest manager

Start-ups should have “the right early support” to help them overcome their fear of failing, according to NatWest North East Entrepreneur Development Manager Dale Sidebottom.

His comments came after new research carried out by Populus for NatWest showed that 23 per cent of people would like to start their own business, but 57 per cent are held back from doing so because they have a fear of failing.

Barriers

The research highlighted the common barriers for starting up a business, with 26 per cent of respondents stating that the economic climate prevents them from doing so.

However, with the economic climate improving, this figure is much lower than the 53 per cent of respondents who gave the same reason back in 2012, when the research was first carried out.

According to Sidebottom, too many people in Yorkshire are being held back from following their ambitions despite improving economic conditions and having a “clear entrepreneurial desire.”

“These figures highlight the need for the right early support for start-ups, which can help people overcome the barriers to starting and establishing a successful business,” he said.

NatWest is currently helping people to overcome these barriers by opening up a series of accelerator hubs throughout the UK in partnership with Entrepreneurial Spark.

Support

The hubs provide a wide range of facilities for start-up businesses, including free office facilities, a bootcamp and dedicated mentoring from KPMG advisors.

Entrepreneurial Spark founder Jim Duffy said that Entrepreneurial Spark supports budding entrepreneurs “every step of the way” in the company’s hatcheries.

Currently, there are nine hubs located throughout the UK, with each hub taking in up to 80 new businesses every six months.