By Andy Silvester
The notebook is a place for interesting people to say interesting things. Today, it’s Andrew Wolfson, the chief executive of Pembroke Investment Managers
There are over five million small businesses in Britain. They make up over 99% of total businesses in the country and are the very lifeblood of the UK economy. So why do we continue to send young people into the world with no preparation to claim a stake in this entrepreneur’s economy?
Our education system is not providing the next generation with the entrepreneurial skillset required to futureproof the UK economy.
The truth is, if the UK wants to remain a powerhouse of entrepreneurship more must be done to nurture this innovative spirit and to be accepting of failure.
A decade ago, young people had their heads and hearts set on grad-schemes at large multi-national companies with big names. Today, the tide is turning. We are keenly observing an uptick in shunning a role at ‘International plc’ in favour of being a ‘self-starter’.
Rather than being trapped within the confines of Ofsted results, UCAS statements and exam criteria built to assess the retention of information, the education system must break free from the rhetoric that teaches repetition and assimilation as the sole route to success.
While universities are forming hubs to incubate and support start-ups, these days young people are setting up businesses from their bedroom.
Entrepreneurship is often left off the agenda. The failure of schools to develop the communication and critical thinking skills vital in nurturing young people into successful leaders, is a dumbfounding omission.
We must instead aspire to build a system that prioritises creativity and encourages the entrepreneurial spirit. Our education system is attempting to build a nation of exam-takers – but at its heart, Britain is a nation of innovators and entrepreneurs.
Sterling on the up
Last week saw encouraging news about the pound climbing to an 11-month high. While we are not completely out of the woods yet, subsiding global supply-side challenges and a rebound in UK GDP are lending new confidence to the economy. The doom and gloom rhetoric that we have become so accustomed to is relentless and unhelpful. Let us refocus on profitable, sensible business plans. There is a vast untapped opportunity to grow market sectors such as ethical fashion and wellness. Let us seize it.
Healthcare starts at home
For too long, our approach to healthcare has been reactionary – not preventative; we are focused on treating sick people and less focused on keeping them healthy in the first place. However, we are now seeing a host of bright young founders cultivating the next frontier of proactive healthcare. Thriva, the home blood testing service, and LYMA, the scientifically backed nutraceutical business, are empowering Britons to take responsibility for their own health needs and outcomes. We must stop relying on the NHS to pick up the pieces once the damage is already done.
Speed it up for all our sakes
The Multiple Sclerosis drug trial announced last week will come as a huge relief to sufferers up and down the country. But why did it have to take this long to get these drugs to reach the frontline of patient care? When diagnosed with such a debilitating illness, one should be given the option to take the risk of side effects in a drug trial if there is one in the pipeline. Delays for patients are caused by years of bureaucracy and that does not seem right to me. We did it with the COVID vaccine. We must make it a priority to get these critical drugs approved more swiftly.
The post The Notebook: Andrew Wolfson on Britain’s entrepreneurial mix appeared first on CityAM.
