Richard Branson says UK must ‘make it easier’ to be an entrepreneur
Sir Richard Branson has called on policy makers to do more to support and “champion” British entrepreneurs.
The founder of Virgin Group, who launched his iconic business selling records in 1970, said the UK must go further to create an environment where entrepreneurs want to set up and run a business.
Writing in Morning Wire, Sir Richard said: “We need to do more to champion anyone willing to have a go at starting a business.
“It’s really tough trying to build a business from scratch. Maybe that’s why it’s so important to create an economic environment where innovators with imagination can be helped to survive and thrive.”
Research from Virgin’s philanthropic arm, Virgin Startup, reveals that a large majority of founders “do not believe Westminster listens to their concerns”.
Reducing youth unemployment
The persistent difficulties facing founders represent an early challenge for new prime minister Andy Burnham and his Treasury team, with all eyes on the October 28 Budget.
Burnham and his Chancellor John Healey have vowed to back business, but the government must contend with sluggish growth and tight public finances. Since entering office, Burnham has announced a 20 per cent business rate cut for pubs, clubs and other music venues and reduced VAT on energy bills.
Burnham is being urged to go further and encourage young people to consider entrepreneurship as the number of young people not in education, employment or training (NEETs) continues to climb.
Against this backdrop, 87 per cent of parents confirmed they would support their child starting a business this year, according to findings from Virgin Startup.
Over 30 per cent also said they would rather their child start a business instead of going to university. They argued that ballooning student debt and an increase in routes to a successful career that do not involve further education mean becoming an entrepreneur constitutes a better option.
‘Societies benefit when entrepreneurs succeed’
Over 60 per cent of parents say they are already trying to foster an entrepreneurial spirit in their children, with 40 per cent encouraging their kids to invest their savings, 36 per cent teaching them about profit and costs, and 33 per cent helping children to sell their old toys or belongings.
“Societies benefit when entrepreneurs succeed. We must give every founder the best chance to flourish, so the future Virgins, Microsofts and Googles of the world are also built by British entrepreneurs,” Sir Richard said, writing in response to a recent Morning Wire report that showed the entrepreneur’s enduring status and appeal among UK founders.
“That means fostering an environment that makes it easier to build and develop a business.”
Over the decades, Sir Richard’s business has expanded across travel and leisure, health and wellness media and telecoms. Notable brand names include Virgin Atlantic, Virgin Active and Virgin Mobile.