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Over half of workers dream of quitting their day job to start their own business, according to a survey from Direct Line.

While 53 per cent would like to become the next Alan Sugar, many are put off by the challenges.

Of those yet to try setting up on their own, a quarter (25 per cent) say they are worried about where the funding for a business would come from, 14 per cent say it would simply not be practical as part of their current lifestyle and others are simply scared of failure (16 per cent).

However, there are two million people currently turning their hobby into a business, while holding down their job, the insurer said.

Kate Syred, head of Direct Line for business, said: "Starting your own business can be both a challenging and exciting opportunity, but is not for everyone, as some people just prefer the peace of mind of a guaranteed monthly income.

"However, for those who are willing to put the dedication in to succeed, it can transform your favourite pastime into an income-generator and can add an extra dimension of enthusiasm into a day-to-day routine."

Popular business ambitions are to set up a web firm, build a property portfolio and trade on online auctions.

Of those people who have already set up their own business, a third (32 per cent) would describe it as a successful venture, with a further 27 per cent making good money from the business.