The WinWeb.com Small Business Competition that I mentioned in my last blog post has made me think about the way entrepreneurs work and the effect that a surge of entrepreneurship could have on the economy, worldwide.
In the UK alone, SME’s account for 99.9% of all enterprises, providing 59.4% of private sector employment and 50.1% of private sector turnover. In fact, small businesses alone accounted for 47.9% of employment! (statistics from the Department for Business Innovation and Skills).
In this time when unemployment is rising, and the economy is weak, investment in SME’s could help reduce unemployment and bring a healthy boost to the economy.
If small businesses alone provide 47.9% of employment within the UK, giving small businesses more opportunities, easier access to funding, and greater support could not only pay for itself but also increase the GDP of the UK.
But, this change in thinking does not just have to start with adults. Children in our schools, teenagers and young people, need to be given inspiration and a “can do” attitude – the attitude of the entrepreneur. If we can instill in our children, and generations to come, the ethic and attitude that allows them to think that it is possible to achieve and be successful, while at the same time teaching them about the realities of running a business, then we could create a generation of entrepreneurs, and build the economy, and country, on a “can-do” attitude.
Increasing the number of SME’s within the UK will increase employment levels and have a great impact on GDP. But before we can do this we need to capture the spirit of the entrepreneur and rid generations of the “can’t-do” attitude.
As Barack Obama said: “Yes, we can change”. Entrepreneurs can change our country, change our economy and change the world.
Are you onboard?