It appears Wales is fast-becoming a nation of business wizzes.
A new survey shows that more people in the country than ever are taking the plunge and starting their own business.
According to the 2023 Global Entrepreneurship Monitor (GEM) Wales report, the percentage of people engaged in early-stage entrepreneurial activity in Wales climbed to a record-high of 11.5 per cent in 2023. The figure also illustrates the rapid growth in this sector, with a significant year-on-year increase from 7.8 per cent in 2022.
The number of young people (aged between 18 and 24) who are starting their own business venture in Wales also makes for eye-catching reading, with 14 per cent of young people now engaged in early-stage business activities, up from just 2 per cent in 2002.
And yet the number of self-employed adults in Wales could soon reach even greater heights, with the same study revealing that one fifth of working-age adults in Wales, who are not currently self-employed, intend to start a business of their own within the next three years.
Speaking about the growing number of people in Wales opting to become their own boss, Ken Skates, Cabinet Secretary for North Wales, said, ‘As the GEM 2023 report shows, more people in Wales are seizing the opportunity to start their own businesses.’
‘As a government, we are committed to making Wales a place where our people feel confident in planning their future here and be part of our growing community of entrepreneurs who are shaping the economy of tomorrow,’ he added.
Through its Business Wales service, the Welsh Government offers extensive and tailored support for people looking to start or grow their businesses. This includes a wide array of free resources, from practical advice on launching a business to detailed factsheets on various aspects of entrepreneurship.
Read more about the business landscape in Wales.