About three-quarters of young people in the South West have or would consider starting their own business – higher than the national average of 71 percent, according to new research published this week.

However, in a YouGov survey commissioned by The Prince’s Trust and LDC, the private equity arm of Lloyds Banking Group, many say a lack of funding and practical experience is putting them off.

The research, which polled over 2,000 18 to 30-year olds across the UK on their future ambitions, found that young people in the South West see a lack of practical business experience (52 percent), a lack of funding (51 percent), and a ‘fear of failure’ (46 percent) as the most common barriers to becoming their own boss.

Getting practical advice on starting a business (64 percent), access to financial support (63 percent) and having a mentor (40 percent) were said to be the most important considerations in helping them get their idea off the ground.

More details here.