Entrepreneurs are driven more by the prospect of being their own boss and being able to work flexibly than money, according to research by NatWest.

The main motivations to start a business were the ability to work more flexibly, cited by 77%, a feeling of freedom and independence (70%) and a desire to be their own boss (43%).

Only one in 10 (11%) said they started out alone with the aim of making a fortune, which is just as well seeing as the average UK entrepreneur makes just £28,000 a year. People starting out expected to earn approximately £40,000, the survey found.

Many entrepreneurs are inspired the spate of television programmes in recent years that have promoted running a business. One in five respondents (19%) said they had been inspired by programmes such as Dragons‘ Den, Risking It All and Tycoon.

But starting a business isn‘t quite as as it appears on such programmes, according to those who have already started out. Almost half with their own business (45%) said such programmes made starting up look ’glamorous‘ while 32% said they made it look too easy.

“While it‘s encouraging that TV programmes can inspire an army of armchair entrepreneurs into action, they only really scratch the surface of what it takes to run a successful business,” said Steve Pateman, chief executive of business banking at NatWest.

Almost a quarter of those who have started out in the last five years have been tempted to give up on their dream, the research added, with cashflow problems, lack of finance and poor marketing knowledge the biggest obstacles. The greatest emotional challenges were a fear of failure, stress and lack of confidence.

Nearly 17m people in the UK have an idea for a business but just 30% plan to act on it, the poll discovered. Of those, 26% intend to start up in the next year.