A third of Brits reckon they are sat on an idea which could ‘make them millions’, according to research backed by a training entrepreneur who was once PA to Ryanair founder Tony Ryan.
And most believe the expense of modern living, a lack of time and busy family schedules are the main barriers to them bringing their idea to life. Not laziness. Or the fact that the idea isn’t very good.
The study of 2,000 adults found more than one in 10 even admitted to once having an idea which they didn’t act upon – only to see someone else get their first.
One quarter blamed a lack of time, with half putting it down to not having the money to bring the innovation to life.
More than a fifth haven’t launched their idea because they don’t think they’re motivated enough and one quarter confessed they weren’t brave enough to ‘take the plunge’.
The study was carried out by Professional Academy – www.professionalacademy.com – a provider of training in management, leadership, sales and marketing.
Ex-PA and self-made billionaire Denis O’Brien, Chairman of Digicel Group and of the Digicel Foundation, who supports the academy, said: “One category of people that I really admire are mavericks – because they are different.
“They look at things with different eyes, see solutions no one else can and extraordinary opportunities in what others see as ordinary. If you are one of those people – stay that way.
“Don’t conform – and don’t let anyone try to force you. Entrepreneurs and leaders all have a special chip in their brains that makes them what they are.”
The study also found ambitious Brits are currently striving to launch a car which travels on water and the near impossible feat of producing ‘comfortable’ women’s high heeled shoes.
Others admitted they once had an idea to open a coffee shop or Bed and Breakfast, and although not revolutionary more than a fifth regretted not pursuing their idea.
One idea which emerged from the study was to launch an app to locate the nearest public toilet, while another bright spark wanted to create a collapsible potty for parents on the go.
Forty-three per cent would like to start their own business; with nearly two thirds in agreement being your own boss would be the best thing about kick-starting their own venture.
One third reckoned being an entrepreneur would help them achieve a good work-life balance, with one quarter excited to build their own company ethos.
O’Brien, one of Ireland’s leading business people, offered tips for budding entrepreneurs: ”Be confident, brave and flexible in their approach to problems.”
“All of us need to continuously look at opportunities globally and find ways to bring those to a local context. There is a saying that you make your own luck.”
O’Brien’s ten tips for young entrepreneurs:
1. Back yourself – If you can count to ten and you can sell, you can be an entrepreneur.
2. Don’t be afraid to fail: if you do, who gives a damn? You’ve learned something, you always learn out of failure.
3. Be flexible. You set up your business and you think you’ve got a great idea, but the really great entrepreneurs if they come against problems where their idea doesn’t match what the market demand is, they change direction quickly.
4. Build a team with different skill sets and employ people who actually are better than you.
5. Think globally.
6. Succeeding in any walk of life means committing to a cycle of life-long learning and continuous self-development. Real learning only begins when you complete your formal education.
7. It is essential to grasp even the minutest details in each business.
8. One category of people that I really admire are mavericks – because they are different.
9. Once successful, don’t get out of your venture too soon, but don’t be afraid to take money out of the business if you are making decent profits
10. Social entrepreneurs make the biggest impact on society. They are real heroes.
