Entrepreneur Country Forum calls for less bureaucracy, more recognition and more help for entrepreneurs.
The theme was 'Politics Not As Usual' at the sixth Entrepreneur Country Forum. Chaired by Guy Rigby, head of Entrepreneurs at Smith & Williamson, some 360 delegates registered to listen to leading entrepreneurs, politicians and think tank leaders share their views on building the next generation of growth and wealth in the UK and Europe.
Speakers included Bernadette Wightman from Cisco Systems, Sahar Hashemi of Coffee Republic, Matthew Elliott of the TaxPayers' Alliance, Hugh Chappell of TrustedReviews.com, Sir Paul Judge and Derek Wyatt MP.
A "Golden Age" for Entrepreneurship
Keynote speaker Stephan Shakespeare, founder and chief executive of YouGov, spoke of a "post-bureaucratic age" and how this could spell a "golden age" for entrepreneurship. He said the internet has brought transparency, which in turn encourages waste reduction. SMEs currently find it difficult to win business from government, with most contracts usually going to large firms. But in this new age of greater transparency, he predicts that, following the election, government procurement processes will be "opened up" to smaller companies.
Entrepreneur Country founder Julie Meyer agreed. "The 2010 election is crucial for our future economy. We need to see more recognition of, and help for, the UK's entrepreneurs."
Help is Crucial
With research suggesting that 6% of high-growth businesses create 54% of all new jobs, she says it's absolutely crucial that entrepreneurs are given as much help as possible.
"We all understand the pressures our Government is under because of the budget deficit," commented Guy Rigby. "But, in tough times, entrepreneurs have to make inspired and imaginative decisions and the next government will need to behave in the same way."
"While tough choices may be the order of the day, particularly in the public sector, we all believe there need to be incentives for the people who will drive growth and create jobs. If entrepreneurs aren't supported then how can they help the rest of society?"
Survey Confirms Majority of Entrepreneurs Feel Stifled by the State.
The need for the next government to cut bureaucracy and be more accountable to wealth creators was echoed by a recent Entrepreneur Country survey of approximately 180 British entrepreneurs and start-up firms. It found that most high growth businesses feel that a combination of taxes, lack of incentives and bureaucracy have combined to stifle the hopes of many aspiring entrepreneurs. The majority would like to see the size of government reduced and 70% said that their confidence would be lifted by a Conservative government.
Calls for a Helping Hand for Start-Ups
Calling for improvement to the taxation climate, 78% would like a review of entrepreneurs' relief on capital gains to encourage greater investment, while 73% want additional tax breaks for smaller businesses with turnovers of less than £500k. Eradicating National Insurance Contributions and PAYE for all start-ups in the first two years of trading was supported by more than 60% of respondents.
Improving Cash Flow
With many organisations taking 90 days or more to pay, 85% of respondents would like regulations surrounding payment terms to be reviewed. 90% of respondents felt that access to credit or capital must be improved. And to improve the financial climate for entrepreneurial businesses, 70% asked for a single source when applying for government grants.
Confident for the Future
The high growth businesses who responded to this survey are likely to be the people who will lead Britain out of recession and guarantee our return to economic prosperity. With 90% of respondents confident about the opportunities for their businesses in 2010, we can't afford to leave them hamstrung by bureaucracy when they're trying to build leading, often global, firms.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
