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The Future of the SME: Can Wales Sustain an Enterprise Culture?

Storey (1994) reviews a number of socioeconomic variables that have been widely hypothesised to impact upon small business formation. These are:-population (change, density, age structure) unemployment, wealth, education, industrial structure, and public policy. These factors are considered with specific reference to the Welsh economy, comparisons are made with the UK, and with the South East of England-the region that has historically had the highest levels of business start-ups and self employment. VAT data is used as the measure of business start-ups and closures. There is also consideration of self-employment. Overall, Wales experiences a lower level of activity (start-ups and closures) than the UK as a whole, and the South East in particular. Doubts are raised as to whether achieving parity with the UK in terms of business start-ups is realistic, given the low starting point in Wales, combined with the apparently less favourable structural position of the economy. There are also concerns regarding levels of human capital, and with respect to the demand side of the Welsh economy. Implications for policy and for future research are reviewed in the light of these findings, with sustainability, and the potential role of the Assembly seen as key. Finally, the merit of examining more " cultural " factors (and of utilising other sources of new firm formation data) is suggested.