Research company Gavurin recently reported that Wales had an “alarming lack of budding entrepreneurs”.
Apparently only 4% of young male and female entrepreneurs are developing original business ideas, compared to 40% in London and the South East of England.
If the rate is so low I think I know why, we have clients in Wales, and one in particular has now set up his third business, yes third, he now runs three ventures, so I guess he is probably responsible for two other people not being able to come up with an original idea, he has taken them!
It’s not all doom and gloom for Wales, in fact it’s quite the opposite, backed with some funding from the European Union the European Regional Development Fund Convergence programme is investing over £1.8 billion to boost the knowledge economy for West Wales and the Valleys.Â
I wonder how the next report on Wales will read in a year or two?
Technorati Tags: Wales, Small business, Self employed, employed, Working for yourself, Knowledge economy, ERDF Convergence programme
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Emily Coltman (Who am I?)
1 year ago
My parents live in West Wales and according to my dad, who is a locum pharmacist, there’s not much “get up and go” locally.
There are one or two entrepreneurs - like one guy who’s just set up a surfing training school.
But, at least partly because of the lack of opportunities, young people who want work with good training and prospects tend to move away to the South East of England (I did) - which in turn means that there’s nobody to set up and grow larger businesses to train more young people - and so the problem perpetuates.
Also, there is a fairly sizeable community of English expatriates, like my parents, who move to rural Wales as a lifestyle choice. Some work from home, some - like Dad - work in the local community and help fill the skill gaps, and some are retired people or second homers. That pushes up house prices, although not so high as places like Cornwall or the Yorkshire Dales which are more popular with second homers, and so the locals can’t afford to buy, so they move away.
These problems can’t be confined to Wales alone - I would say they’re problems faced by much of rural Britain, including Cumbria, where I now live.
M
Jason Holden (Who am I?)
1 year ago
You’re quite right Emily, the rural parts of the UK have been allowed to become places those with money buy their second homes for a few weeks away, not exactly going to help the local economy.
It would be nice to hear from those who do live in the rural areas of the UK and run small businesses whether in the local community or through technology like the internet, and see what kind of businesses they run and why they set their business up in rural England, Wales, Scotland or Ireland ?
Emily Coltman (Who am I?)
1 year ago
I think that in certain rural areas a system for housing like they have in the Channel Islands should be implemented.
On Guernsey, for example, I think the system is that you need to have a licence to buy most houses - and a licence is only available if you are a native, or have lived and worked there for 20 years. So there is housing available at reasonable prices for the locals - and anyone buying a second home there has to pay well over the odds!
M
Jason Holden (Who am I?)
1 year ago
Not sure if I like that idea or not, and even the areas you mention have loopholes, in many cases if it can be proved the person coming in offers skills not found in the area the criteria is waved.
I guess what is needed is a system that makes it expensive for second home owners to buy, and not people relocating!
Emily Coltman (Who am I?)
1 year ago
Fair point - and once you start building in “if” clauses, the solution gets very complicated - see also tax laws
How would you see that system working?
M
Jason Holden (Who am I?)
1 year ago
Unfortunately there will always be winners and losers, whether with housing or taxation, take the 18% CGT issue, here we have a flat tax rate that has been created, and yes there are those who will lose, however, with a bit of proper tax planning even this tax can have it’s impact minimised!
Emily Coltman (Who am I?)
1 year ago
How would that be done - for example someone selling a business?
Jason Holden (Who am I?)
1 year ago
Emily Coltman (Who am I?)
1 year ago
Holed and sunk!