The British economy is still in recession and some people are saying that at such an uncertain time entrepreneurs should lie low. These people would say the best thing for business leaders to be doing is looking inwardly at their own companies and focusing on survival. Yes, it's a difficult time for all businesses, but for the UK's entrepreneurs - those people with the vision, guts and tenacity to drive their ideas forward - it's also a time of opportunity.
Back in May, speaking at a university graduation ceremony, Google's chief executive officer, Eric Schmidt, told his audience that "good things happen in recessions". For those who have seen recessions take away their livelihood, home and savings this sounds like nonsense but, if you dig a little deeper, there is some truth in what Schmidt says.
In his speech, he references the Great Depression - the longest, deepest and most widespread recession of the 20th Century - and how this spawned mnay innovations. In fact, if you look at the US economy at the time Google began, you'll see it's sandwiched between two rather difficult periods. Why can't the current economic troubles result in the birth of new and exciting businesses and technologies?
Let's look at a couple of the main things entrepreneurs need to grow: people and marketing. As a result of the recession, the job market is flooded with people; not only people who are keen to work, but people who are skilled leaders and professionals. Entrepreneurs should be tapping into this pool of talent to find the employees who best suit their business and ambitions. When it comes to marketing we are lucky to live in an age where mass promotion can be pretty much free through channels like Facebook, Myspace and Twitter.
On a global level, let's not forget the benefits of the weak pound. It makes the UK's global exports much more tempting to foreign buyers, increasing the competitiveness of British products and boosting their sale overseas. Making money abroad also means that earnings are worth far more when brought back to the UK.
Aside from the logistics and practicalities, it is attitude and ideas that are key to setting up a business and watching it grow. These factors aren't constrained by the economic climate; in fact, they can be encouraged by it. In a recession, people are looking for better value and goods and services that relate to a changing world. A business can be built by responding to this creatively, offering new solutions and innovations. Existing businesses can be grown by taking a successful product and adapting it for a new market.
At Enterprise UK, we have a vision of a society where an enterprise culture and entrepreneurial behaviour drives economic prosperity and social cohesion. To help drive this vision forward, in partnership with the Kauffman Foundation, we run Global Entrepreneurship Week which takes place this year from the 16th to the 22nd of November. The week is all about creating a global entrepreneurial movement, linking people from across the globe to develop their enterprise skills, confidence and ambition.
Last year, 24,966 events and activities took place in 77 countries which were attended by more than three million people. In 2009 we hope to build on this success, using the week to reframe the recession and foster an enterprise culture across the globe.
An area we'll focus on during the week is home enterprise, with a day dedicated to this topic. A barrier to setting up and expanding a business can be having adequate premises, this doesn't necessarily have to hold them back. In partnership with home business experts Enterprise Nation, the day will celebrate the two and a half million businesses in the UK that operate from home with ambitions to grow.
One thing the week has highlighted for me is that many entrepreneurs outside of the UK face challenges far greater than recession. I recently heard about a young man from Argentina. Orphaned and forced to work from the age of eight, he went on to set up a successful electrical company and community radio station. Times are tough, but entrepreneurs are key to the country's future success, and the more global ambition they have, the less time it will take to reach our destination.
For more information please visit www.gew.org.uk
