Today we are launching Business Stay-Up: a research project with the Association of Business Executives (ABE) and the Centre for Education Economics that aims to increase understanding about the role of skills, knowledge, and experience in ensuring we have fewer unnecessary small business failures.
In today's City AM, ABE's CEO Rob May gives some background to the project. Here are his key points:
- Not every failure is due to a lack of demand for a product or service – poor management can destroy what could otherwise be a successful business.
- UK business policy has pivoted from focusing on startups to scale-ups – from having more businesses to building better businesses. This should be welcomed. There is no point having lots of people starting up if they aren’t going to scale, but before they can thrive many will need to survive. That’s where skills and training matter.
- We shouldn’t compare Apple with oranges. Silicon Valley is dominated by entrepreneurs and investors betting on catching the next big technological wave. By necessity, many will wipe out a few times, and just like the most ambitious entrepreneurs in the UK, they should be allowed and encouraged to get back on their board. But not all founders are aiming to disrupt an entire market – failure is a luxury many can’t afford twice.
- Overall survival rates and churn are driven by market dynamics outside the control of entrepreneurs on the ground, but it makes sense to want as many business owners as possible to have the skills to give it their best shot. The better firms are run, the more competitive the business environment, with competition driving efficiencies and innovations that increase productivity, which leads to higher wages.
- Improving management skills may require a rethink about how business owners learn. Few will have the time, money or inclination to put their business on hold to enter the classroom full-time. Bespoke, accessible, on-demand learning may be better placed to help more people. As with so many areas of our lives, artificial intelligence will no doubt have an increasing role to play in supporting both the edtech revolution and wider support for business owners and managers.
- And, at the very least, there will be an evolving role for the government in signposting, convening and supporting the right training through the tax system. Entrepreneurs should be celebrated for the risks they take – over the course of this year, Business Stay-Up will try to work out what can be done to help them and the country prosper.
You can read the full article here. And find out more about the project here.
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Workshop: Getting the Most from your Network
22 February, 2018
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Albert House, 256-260 Old Street, London, EC1V 9DD
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