We certainly live in challenging times with the global economic downturn taking its toll on the economy. However, with Britain finally pulling her way out of recession, what better time than now to scope out the opportunities that may await you on the start of a new venture.

According to the Global Entrepreneurial Monitor’s 2009 report, there are many things holding ‘would-be’ entrepreneurs back from realizing their ambition. The United Kingdom is considered to be an innovative nation according to the survey, however on closer inspection it seems that we perceive the opportunities to start our own firm to be in the lower rung of the category in line with Italy, Germany and France.

Another factor that perhaps is holding us back is a fear of failure. Although we did not score the highest in the category, Britain does not view entrepreneurial failure in the same light as our US counterparts. Americans adopt a far more forgiving approach to failure and even see it as a positive thing, while us Brits hold it as a negative mark on the individual. This may be part of the reason why Brits have extremely low entrepreneurial intentions.

However, in Britain there is certainly something “sexy” about being an entrepreneur, where they are treated like celebrities. Shows such as Dragons Den highlight this trend towards stardom. Therefore, it comes as no surprise to see that Britain attributes a higher status to entrepreneurial individuals, more so than most of our Western European counterparts.

What is apparent from the survey is that Brits, in relation to other innovative countries, rate an entrepreneur career as average. However, if you feel that a career as an entrepreneur excites you, there are many ways to seek help on how best to get that business idea of the ground.