| Starting up: The hardest thing to do |
| Wednesday, 18 November 2009 03:31 |
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Why we have to support the UKs SMEs and entrepreneurs.
Why we have to support the UKs SMEs and entrepreneurs. As Goldman Sachs pledges its support (to the tune of £299m) to US SMEs - perhaps it is time the UK takes another look at the importance of small business in the economy. It’s often said that the first few years are the hardest. Just ask any new parent and they’re sure to agree. So too will entrepreneurs and small business owners just starting out or with only a few years under their belts. The pressure on these businesses can be immense, as they try to establish a customer base while recruiting staff, managing cash flow and making sure the bills are paid. While the public often view enterprise through the lens of Dragons’ Den, with its quirky and headline-grabbing ideas and characters, the reality is often more prosaic.That’s why MWB Business Exchange is so proud to be supporting this year’s Global Entrepreneurship Week, which seeks to give people the practical advice and support they need to turn their ideas into reality. By inspiring women, children, home workers and existing entrepreneurs, this movement seeks to support a new spirit of entrepreneurialism to help drive the UK out of recession. Helping enterprise flourish is vital. Not only does the SME sector employ more than 13 million people but it also plays a crucial role in innovation, and fills gaps in the market that larger companies can’t (or don’t realise they can) fill. This can be anything from a one man band developing a new i-phone application, to a social enterprise seeking to meet a social need in its community. Indeed, according to the Federation of Small Businesses, 64 per cent of commercial innovations come from SMEs. The business community, as well as the government, has an important part to play in supporting SMEs. This doesn’t mean propping up failing companies or giving handouts. What it does mean is everyone treating small firms as equals: by procuring work to them as well as larger companies; by paying bills on time, realising that cash flow can be a tough for a new or small company; and by giving small businesses the flexibility they need to survive and grow. Overzealous and burdensome employment law, restrictive and long term rental agreements, and big firms delaying payments to small ones are all things that can damage a company’s chances of establishing itself and growing. We can be optimistic about the future of enterprise in this country, as we are home to some of the most innovative and responsive small businesses in the world. Issues affecting small businesses have also become much more high profile since the banking collapse last year, with political parties of all colours fighting to be seen as the most pro-enterprise. As long as this higher profile leads to concerted action then the sector can flourish. This November, Global Entrepreneurship Week will help us focus our attentions on enterprise and the small business community once again, and I’d urge other existing businesses to see how they can get involved.
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