A report commissioned to mark the launch of the Global Entrepreneurship Week has revealed that the UK’s Government needs to address an enterprise gap of skills, demographics and ambition if it expects to jump-start the entrepreneurial decade the British economy so urgently requires.
The report shows that around half of the UK’s population want to start their own business, however, just under 6% are actually in the process of doing so. This is much lower when compared to other areas of the World, including China at 19% and Brazil at 15%.
Incredibly the report goes on to suggest that a mere increase of 1% in self-employment figures would boost the UK’s Gross Domestic Product (GDP) by 1.5% and contribute to around £22 billion to the country’s economy.
According to the report, education in starting up and running a business can potentially double your chances of being succesful. However, it’s been suggested that in spite of almost 4 million people going through further education every year, colleges and schools are failing to adequately teach people entrepreneurial skills.
Chairman of Enterprise UK, Peter Jones, commented:
“It is no good encouraging people to start a business when they have no idea about how to go about it. To make the UK the leading entrepreneurial nation we need to back our entrepreneurs by investing in enterprise education and by celebrating the role that entrepreneurs play in creating a dynamic and growing economy.”
On another, more positive note, Prime Minister, David Cameron stated that the “government is doing everything possible to encourage entrepreneurs who are starting out – from simplifying taxes to providing access to mentors – and that’s why I wish Global Entrepreneurship Week every success.”