This guy hits a lot of nails on their respective heads, and yes granted there is a culture difference between here and the US.

I think the biggest difference between here and the US is there is no stigma attached to having a failed start-up. It's almost the natural run of events in the US. You simply dust yourself off and on with the next idea.

In the UK we seem to attach a stigma to failure and this runs the full spectrum from start-up entrepreneurs to investors. It's a tricky mindset to break.