Possibilities for new companies abound even in troubled times
TIMES are undeniably tough for many people in the UK, with living standards daily eroded as we pay the price for the malinvestments of our credit-fuelled boom.
However, as bad as things are, hope springs eternal in the minds of British entrepreneurs – as it must. Although Investec’s recent Entrepreneur Confidence Index reveals that only 13 per cent of entrepreneurs interviewed expect the country’s economic climate to improve over the next 12 months – with 39 per cent expecting a slight deterioration in the economic climate, and 1 in 10 expecting conditions to deteriorate considerably – they remain optimistic about their own enterprises: all expect their revenue to grow this year.
Rajesh Agrawal has overcome stacks of challenges to get to where he is (interview, right). All businesses claim to be recession-proof, but RationalFX has ridden the wave of boom and bust, growing throughout.
Agrawal’s cautious optimism is convincing. He thinks despite our economic problems Britain remains a good place to do business and says it’s a great time for entrepreneurs because established players are a little bit shaken: “In the boom time, established players get bigger and bigger, but in the bad times there is a little bit of a shake up.”
In the face of such high youth unemployment – over 1m 16-24 year olds were unemployed in the last quarter of 2011 – exacerbated by countless public policy disasters, it may appear trite to suggest young people should be starting their own business. However, there are plenty of young people from eclectic backgrounds that have done so – anything that pushes this generation to rise to the challenge should be commended. The New Entrepreneurs Foundation (article, below) is working with some of the best and the brightest. Applications for its 2012/13 programme are open – go to www.newentrepreneursfoundation.com for further information.
The New Entrepreneurs Foundation is not alone. Last Thursday, Gazelle Local – a nationwide network of further education college principals and entrepreneurs – was launched. In London, Barking and Dagenham College will be implementing the scheme. Go to www.thegazellegroup.com to find out more. Also, thanks to a programme started by Sir Richard Branson in 2010, Virgin Media nurtures a network of over 2,000 like-minded young Virgin Media Pioneers, while Intuit is in process of picking 100 young people in its 100Up competition that aims to help the winners get their business ideas off the ground. Ambition in the face of adversity is the only option.
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Twitter: @Philip_Salter