The UK government has recently announced its Spring Budget 2023, and Welsh ICE is taking notice. As an organisation that supports individuals into self-employment through our ICE Academy, we are particularly interested in the impact this budget will have on entrepreneurship.
First, it’s important to highlight our success in supporting over 850 individuals into work since 2019. This includes a diverse range of individuals who have benefited from our support including:
- 739 women
- 174 under 25s
- 122 over 50s
- 121 disabled individuals (diagnosed physical or invisible disability)
We are incredibly proud of this achievement and remain committed to helping more individuals turn their entrepreneurial dreams into reality. However, we know that there are many challenges facing entrepreneurs, particularly those from underrepresented groups. For example, women often face caring responsibilities that can limit their ability to commit to a traditional 9-5 job. This means that self-employment can be an attractive option, as it provides greater flexibility and control over their work schedule. However, without adequate support, these entrepreneurs can struggle to get their business off the ground and maintain it over the long term.
This is why we believe that investment in quality, local, and accessible support for micro-businesses is crucial to creating a truly enterprising economy. This support can take many forms, from mentorship and training to access to funding and networking opportunities. By providing these resources, we can help more entrepreneurs succeed and contribute to the growth of our economy.
Of course, this support must be tailored to the needs of the entrepreneurs it aims to serve. For example, women entrepreneurs may require additional support for childcare or eldercare, while disabled entrepreneurs may need accommodations or specialized training to overcome physical or cognitive barriers. By recognizing these unique needs and providing targeted support, we can create a more inclusive and supportive environment for entrepreneurship.
Moreover, it’s worth noting that investing in micro-businesses can have a ripple effect throughout the economy. When these businesses succeed, they create jobs, stimulate local economies, and contribute to the overall health and vitality of our communities. In contrast, when these businesses fail, they can create economic instability and job losses, which can lead to a recession.
From history, we’ve learned that it’s very often micro-businesses who lead the way out of a recession. Due to their size and nature they can be significantly more flexible and adaptable to the changing needs of their customer base and economy.
Therefore, we believe that investing in micro-businesses is not only a matter of supporting individual entrepreneurs but also a matter of securing the health and stability of our economy as a whole. By creating an ecosystem that supports entrepreneurship and empowers individuals to pursue their dreams, we can build a brighter future for ourselves and future generations.
In conclusion, the Spring Budget 2023 presents an opportunity for the UK government to invest in the future of entrepreneurship and create a more inclusive and supportive environment for micro-businesses. As an organization that has seen the transformative power of entrepreneurship first hand, Welsh ICE is committed to advocating for the needs of our entrepreneurs and providing the resources they need to succeed. Together, we can create a more enterprising economy and a brighter future for all.
Interested in working with Welsh ICE on projects to develop entrepreneurship? Get in touch on 02920 140 040 or email [email protected].
