The document discusses entrepreneurship in the UK and factors that influence its growth. It notes that attitudes, activities, and growth aspirations are key drivers of entrepreneurial success. While government policies and support are important, cultural and social factors are also fundamental to fostering an enterprising culture. The future entrepreneurial landscape will be shaped by social values, political climate, technology changes, and increased global migration.

1. 77A s i a n We a l t h M a g . c o . u k
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Attitudes, activity and growth aspirations are key drivers
to a successful career as an entrepreneur, says Sanjeev Ahuja
a member of the global board of trustees for TiE.
According to the Office for National Statis-
tics, the UK’s GDPannual growth rate, expanded
by 1.9% in the third quarter of 2013 compared to the same
quarter in 2012.
Sustained cuts in government spending, substantial inward
investments, and tax relief for corporations and individuals
collectively helped UK banks build up large liquid assets. These
funds, when made available to local enterprise, enabled start-ups
and established businesses to grow and innovate.
Financial turmoil has catalysed simultaneous chain reactions
within the political establishment
and in the minds of our creative and
enterprising younger generation.
Painful austerity measures cost us
a lot of existing jobs through cuts
and business shutdowns, before the
economy was healthy enough to
create new jobs again.
Population growth projections
paint an alarming picture – a steady
reduction in the ratio of what is
required versus what is available
around the world, in jobs, energy,
food, etc. The ONS predicts that
the UK population will increase to
over 70 million in the next 15 years; more than half as a natural
increase; the rest through immigration.
Changing attitudes recognise “success” not only in terms of
good jobs, but also in founding a company, or creating some-
thing new for consumption by the burgeoning population. Could
ambitious immigrants further spur opportunity creation and
economic growth, or would porous borders create increasing
liability for our existing social programmes, and lead a depleted
treasury to trigger higher taxation?
Entrepreneurship must pick-up further pace; institutional
environment to support it will have to adapt quickly at local,
national, regional and global levels, or risk missing out on the
economic benefits of this unstoppable phenomenon. However,
it takes more than just smart people with good ideas. Entrepre-
neurship education, timely mentoring and coaching, effective
networking and a change in societal values are key factors in
seeding an entrepreneurial mindset among the populace.
Government policy must pave the way: new laws that
promote the path to entrepreneurship are required, which are
complemented by supportive financial environment and robust
infrastructure, as well as relevant legal and commercial services.
While policy, regulations and
government programmes to encour-
age entrepreneurship are essential,
cultural and social factors are fun-
damental. An enterprising appetite
can be dramatically influenced by
attitudes and the extent of on-going
activity. Migratory populations can
be a leverage point; but it requires
a robust, forward-looking, and equi-
table immigrant policy. Ambitious
migrants contribute to developing
an environment within which entre-
preneurship can thrive.
Entrepreneurship is a multifac-
eted and dynamic phenomenon that varies widely around the
world. The impact of social values, political climate, economic
priorities, and technology-driven upheavals, coupled with an
increasing “migration sans frontières” will shape the future
entrepreneurial landscape.
It is timely that we teach our youngsters to take charge of
their own lives, setting higher goals and aspiring to achieve
them, comfortable in the belief that they have our support not
just financially but also in attitude towards their endeavour.
uk.tie.org
Entrepreneurship
as a
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professionof
choice
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