Hiscox has published research showing that UK internet users frequently search for business acronyms including KPI, DEI and GDPR, highlighting a lack of confidence in business knowledge.
The study found that 65% of Britons do not feel confident about starting a business, although 52% said they would like to own one at some point. Among those surveyed, 26% described themselves as very unconfident about launching a venture.
Knowledge emerged as a significant barrier. Some 45% said a lack of business knowledge reduced their confidence, behind only access to funding and fear of failure, both cited by 47% of respondents.
Economic stability was named by 43% as a factor affecting confidence, while 32% pointed to market demand and 31% to personal motivation. The figures suggest that understanding business language is a concern alongside financial and economic pressures for would-be founders.
The search analysis examined more than 500 business acronyms and phrases, using monthly UK Google searches for queries asking what a term means or requesting a definition. Key Performance Indicator, or KPI, ranked first with 60,800 monthly searches.
Diversity, Equity and Inclusion came second with 45,590 monthly searches, followed by General Data Protection Regulation with 43,480 and Customer Relationship Management with 42,800. EBITDA, short for Earnings Before Interest, Taxes, Depreciation and Amortisation, placed fifth with 33,200 searches.
Several digital and software terms also featured prominently. Software as a Service recorded 25,200 monthly searches, Search Engine Optimisation drew 24,300, Enterprise Resource Planning had 19,800 and Application Programming Interface reached 18,500. Value Added Tax completed the top 10 with 17,500.
Search habits
Hiscox also surveyed business owners, directors and employees on how they respond when they encounter unfamiliar terminology at work. Search engines were the most common source for both groups, used by 69% of business owners and directors and 62% of employees.
Differences emerged in the use of other sources. Employees were more likely than business leaders to rely on artificial intelligence tools such as ChatGPT and Perplexity, with 26% saying they used them, compared with 15% of those in senior leadership roles.
Business owners were more likely to use social media. Some 16% said they turn to platforms including TikTok and LinkedIn for explanations of business terms, compared with 8% of employees.
The findings suggest confusion over acronyms is not limited to people planning a startup. Terms widely used in workplaces are still being checked in real time by people already working in businesses, from desk-based staff to senior decision-makers.
Hiscox has responded by introducing an interactive quiz based on the most searched acronyms in its rankings. The exercise is intended to let users test how well they understand commonly used business shorthand.
Nick Thornhill, Direct and Partnerships Director at Hiscox, said: "Business terminology is part of everyday working life, but our research shows that many people are still having to look up what these terms actually mean. When people don't feel confident in their understanding, it can hold them back - whether that's contributing ideas at work or taking the first steps towards starting a business. Improving understanding of these core concepts can help people feel more confident, ask the right questions and make informed decisions."
The entrepreneurship survey covered 1,000 people in the UK, while separate research into workplace behaviour included 350 business owners and directors and 350 employees. The acronym rankings were compiled from combined UK search volumes for terms paired with phrases such as definition, meaning and what is.
The results place basic business literacy alongside capital and risk tolerance as a notable issue for people considering a new venture, while also showing that established workers still turn to search tools when faced with common shorthand such as KPI, CRM and GDPR.