THE fear of failure is stalling hopes of the North West’s economy pulling out of its slump, a new study has shown.
Research by lender Barclays shows more than half (54%) of entrepreneurs behind the region’s small and medium-sized businesses admitted putting off making important decisions in the past year in case they make the wrong call.
It also showed 26% admitted being more hesitant due to the global economic climate and 17% said they now focus purely on the day-to-day operations of their business.
Martin Baker, the regional head of relationship banking at the lender, said the fears could not only hamper individual business success but impact the wider economic recovery.
He said: “At the time of making important business decisions it’s only natural to be scared of getting it wrong.
“It can feel like you are taking a big risk – whether that is decisions about staff, products, finance or even your marketing strategy.
“Despite the tough external environment, there are many opportunities to be seized upon and the ability to make important decisions is vital to the growth of all businesses and the overall UK economy.”
The research, published on Wednesday, also shows business owners in the North West have concerns around increased competition and red tape regulation.