A new survey from price comparison site Know Your Money has revealed that the UK's appetite for starting their own business ventures is on the rise.

The results revealed 47.6% of UK adults would like to start their own business, but many feel they just don't have the finances to follow this up, with 43.9% of those surveyed believing the government should do more to help budding entrepreneurs.

The Federation of Small Businesses chairman Mike Cherry has commented on the findings and believes there is room for the government to provide much more support to budding entrepreneurs.

"The Government needs to foster a more entrepreneurial culture, with larger firms helping smaller counterparts to grow.

Simplifying the process of complying with regulation, mitigating the impact of rising costs on start-ups and tailoring business support for those thinking about starting a firm, as FSB has done, would go some way to making setting up shop that much easier."

"Local Enterprise Partnerships and, in England, Growth Hubs, do some good work but awareness of the support they offer, including when it comes to starting up, is not good enough in certain areas. They also need long term funding guarantees to ensure they can properly plan for their future."
Despite this, Mr Cherry feels the fact that a large chunk of the population wants to set up a business is positive and shows that the small business sector is thriving.

The research certainly paints a positive picture for UK entrepreneurism, with the residents of London particularly enamoured with the idea of going it alone in the world of business. 66.2% of the capitals residents polled said they would consider starting their own venture, 11% higher than any other region of the UK.

The survey also revealed...

-          A nation of shopkeepers: Retail is the sector most people would start a business in.

-          Richard Branson was voted the UKs favourite entrepreneur.

-          The top three character traits for an entrepreneur are thought to be innovative thinking, creativity and intelligence.

-          Being your own boss was the most popular incentive for many, with 41.7% citing this as their main reason, whilst the potential financial rewards were inviting for 33%.

You can read the full report into the research data here 

 In collaboration with Debbie Fletcher