NORTH East entrepreneurs are being affected by a fear of failure, a new study claims.
Research by Barclays suggests 42% of entrepreneurs in the region have put off making important businesses decisions during the last 12 months in case they make the wrong call.
The survey of senior decision makers in small and medium businesses reveals the tough economic climate is causing this business paralysis, as 40% state the economic environment has changed their approach to making business decisions.
A total of 21% say they now play it safe and their focus is now purely on the day to day, while 12% admit that economic uncertainty has made them much more hesitant about longer- term decisions.
James Cliffe, divisional director of Barclays Business Banking, 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.”