Young business tycoons are a missing breed in Scotland

Both political and business leaders have urged the Government to help more by backing entrepreneurs after receiving a warning that a generation of young business tycoons has been lost by Scotland.

They say there has to be a new look into the enterprise policy with a new business startup fund implemented and access to easier lines of credit established. They say that Scotland could take advice from Wales who introduced an entrepreneurship plan that was successful over a decade ago.

A report released yesterday said that there was less thirty something business leaders that had aspirations to follow behind the current ones like Duncan Nannatyne, Michelle Mone and Sir Tom Hunter.

The Global Enterprise Monitor released the research by Dr. Jonathan Levie received praise from the Federation of Small Business (FSB) Colin Borland saying the centre should be applauded for producing such an impartial and important piece of research.

The Scottish Government said the report was useful but is did not reflect actual outcomes or even the wider picture. The FSB would argue the merits of the investigation. All levers need to be used to ensure the current leaders in business are not the last ones we will have.

The GEM report says Scotland has only a 3.7% start up rate in business among the working population while the percentage for the entire UK stands at 5.6%, with fear of failure increasing from 31% in 2007 to over 43% in 2010.