The bed is a common place for business ideas to be conceived

A third (32 per cent) of the nation’s budding entrepreneurs name their bed as the most inspiring place to dream up new business ideas, followed by the great outdoors (19 per cent).

Other locations include when travelling (19 per cent) and when having a cup of tea of coffee (19 per cent), with the shower or bath (14 per cent) coming third, according to a study by Barclays Business.

Some 10.9 million Brits (21 per cent) say they have had an idea to start the ‘next big thing’ but didn’t pursue it, while over half (54 per cent) say they saw someone else launch the same idea at a later stage.

Those that ‘missed out’ estimate their idea could have made them £62,000 richer (on average) – a collective total of £265 billion – if they had launched their idea themselves.

A higher proportion of 18-34 year olds (33 per cent) say they have had an inspirational business idea but didn’t pursue it, when compared to a lower UK average of 21 per cent, as well as 25 per cent of men and 18 per cent of women.

Funding is named as the top reason why business ideas are not pursued, with over half (51 per cent) of those polled saying insufficient funds was a major factor in them not pursuing their ideas.

Not knowing where to start (42 per cent) is the second biggest factor, followed by lack of confidence (38 per cent) and not having the right kind of knowledge (34 per cent). Not having access to the right tools and equipment (20 per cent), along with lack of space (15 per cent), are other reasons given.

The need for more mentoring also emerged as an important factor for a quarter (25 per cent) of future entrepreneurs; the UK’s business dreamers say they would need four hours a week on average with a mentor to help them turn their ideas into reality.

Richard Heggie, head of high growth and entrepreneurs at Barclays says that every great entrepreneur starts with their ‘Eureka moment’ and the poll shows the UK is a nation of inspired thinkers.

‘It’s essential that the industry does all it can to harness and encourage this creativity. Not having access to lending, or to the right tools, advice and guidance simply shouldn’t be a barrier holding back the UK’s future disrupters and pioneers,’ he adds.

Further reading on business ideas