When it comes to the biggest obstacles to doing it, a lack of funds tops the list (62%), followed by a risk to their finance/lifestyle (46%) and being unsure how to go about it (34%).

The key attributes those surveyed believe that entrepreneurs need are determination (55%), confidence (46%) and ambition (41%).

The report was commissioned to coincide with Global Entrepreneurship Week which takes place this week from 18-24th November.

Alison Loveday, programme manager of Unlocking Ambition, said: “Many of us have great business ideas or a desire to work for ourselves but putting it into action sometimes needs a catalyst. That push to actually make it happen comes in various ways as we’ve seen through the different journeys of each entrepreneur we’re working with on Unlocking Ambition.”

Scott Weir of Pillow, based in Dundonald, Ayrshire, left the Royal Navy with no qualifications and found himself in poorly paid positions. Setting up his own business not only helped him self-fund his higher education but put him on a path towards achieving his life ambitions. 

For Jo Halliday of Talking Medicines, based in Glasgow, having her children and a taste of working in entrepreneurial businesses, made her want to be in charge of her own future. Dr. Stephanie Terreni Brown at Clean Water Wave was prompted into action when she saw the devastation that the lack of access to clean drinking water had on overseas communities.

Jo Halliday said: “Scotland’s eco-system for entrepreneurs is second to none and the envy of many other entrepreneurs I have come across in other countries. Starting your own business, though hugely rewarding, is scary. Raising finance has undoubtedly been the hardest part of the journey so far.”

Scott Weir added: “Nobody expected me to make much of myself and that is where my drive and determination initially came from. I wanted to be better qualified than my school teachers and earn more than the Admiral in the Royal Navy but also contribute to the Ayrshire community that I was brought up in. What fuels me is the passion for Pillow and my aspirations for the team working with me.”