The start point of any great venture is a terrific business idea, but when that business idea is not worked upon and turned into a concrete business plan and implemented, it often dies a silent death.
A research study by NatWest indicates that 17 million people in the U.K. were sitting on their business idea for years before they did anything about it. Business ideas are most often related to the need and demand of the hour and the market and if delayed for too long it may lose its charm and relevance.
The survey found that 30% entrepreneurs transformed ideas into business start ups and 26% intended to do so in a year’s time. It also reported that after six years only a third of the potential business owners had started their ventures.
However the Institute for Social and Economic Research reported that amongst people who decided to wait a year before starting a business only 1 in 7 actually did so.
It was also found that older men tend to start their businesses sooner than younger people and women tend to put off business start ups for longer. Another interesting trend that emerged was the fact that the unemployed potential business owner was more likely to put business ideas into action than the employed one.
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