Key facts
- Richard Branson has called for greater support for British entrepreneurs.
- He stated the UK needs to create an economic environment where innovators can survive and thrive.
- A Virgin Startup report found 87% of parents would support their child starting a business.
- Over 30% of parents believe entrepreneurship is a better option than university due to student debt.
- Branson emphasized that societies benefit when entrepreneurs succeed.
Sir Richard Branson, founder of the Virgin Group, has urged UK policymakers to enhance support for entrepreneurs, emphasizing the need for an economic environment conducive to innovation and business growth. Writing in City AM, Branson highlighted the inherent difficulties in building a business from scratch and the importance of fostering an ecosystem where imaginative innovators can thrive.
Research from Virgin Startup indicates a significant sentiment among founders, with a large majority believing that Westminster does not adequately address their concerns. This presents an early challenge for new Prime Minister Andy Burnham and his Treasury team, who have pledged to support businesses amidst sluggish economic growth and tight public finances. Burnham has already introduced measures such as a 20% business rate cut for music venues and reduced VAT on energy bills.
The government is being encouraged to further promote entrepreneurship among young people, as the number of individuals not in education, employment, or training (NEETs) continues to rise. Data from Virgin Startup reveals strong parental backing for entrepreneurial aspirations, with 87% of parents supporting their child starting a business. Notably, over 30% of parents view entrepreneurship as a more attractive path than university, citing concerns over escalating student debt and the increasing viability of non-traditional career routes.
Parents are actively cultivating entrepreneurial skills in their children, with over 60% already engaged in fostering such a spirit. This includes encouraging investment of savings, teaching financial concepts like profit and costs, and facilitating the sale of personal items. Branson concluded by stating that societal benefits arise from entrepreneurial success, and it is crucial to provide founders with the best opportunities to flourish, thereby nurturing future global business leaders from Britain.