Entrepreneurs are heading in the Right Direction
In terms of establishing a successful and profitable business we often look to the USA as a benchmark for how it is done.
Earlier this month, the Californian born Dean of Aston Business School told a group of private equity investors that the UK leads the rest of Europe in the entrepreneurialism stakes and if we raise aspirations and encourage young talent, we could achieve parity with our cousins across the pond.
In an address at an Annual Economic Forum Prof George Feiger praised the UK for its “tech-related and export-related entrepreneurialism” but pointed out that we needed to value the high aspirations in young entrepreneurs.
Prof Feiger also said that “Birmingham and the West Midlands should build on its strengths as the UK’s manufacturing capital recognising its traditional skills whilst also developing its information technology sectors” and that key to it all was funding to allow investment in facilities and new product development.
He was concerned that “Funding for emerging businesses is still far harder to get than in, for example, San Francisco – as is effective mentoring of people with good ideas” concluding that ways needed to found “to boost support for entrepreneurial activity.”
The Prof makes some excellent points. My experience is that I have seen growing confidence and a thirst for innovation in new business start ups. I have helped plenty of people to take advantage of the government StartUp Loan scheme and since these loans are available to younger and older people alike, there is certainly positive evidence entrepreneurs in the region are heading in the right direction.