A number of academic research studies have shown that if we can get children to consider enterprise at an early age then they are more likely to consider entrepreneurship as a career when they get older.
That perception was reinforced by recent research from Barclays Bank which showed that there are a significant number of aspiring entrepreneurs amongst pupils in UK schools who are keen to use what they are learning to create new firms.
It showed that 42 per cent of youngsters currently aged between 8 and 16 plan to start a business when they’re older and if supported properly, this could create 100,000 new firms, 400,000 jobs and £23.3 billion for the UK economy.
Whether this is really the case remains to be seen but at least in Wales we are already active in encouraging greater enterprise amongst our schoolchildren. \
Only last week, I went to see the final of Enterprise Troopers at the Millennium Centre in Cardiff. This is an annual competition run by Big Ideas Wales - the Welsh Government’s programme to inspire the next generation of entrepreneurs - and is focused on stimulating greater enterprise amongst 5 to 11 year olds from across the country.
It does this by encouraging teams of primary school children to join together to run their own enterprises, selling merchandise and services they have created and developed themselves in schools and local communities. The competition also encourages greater links between schools and their local business community to provide real life experiences of running a business.
Following a series of regional finals, a total of sixteen teams turned up to show their talents to a group of entrepreneurs acting as judges at the event in Cardiff.
After speaking to a number of the teams, it is clear that they relished the opportunity to not only come up with new ideas and develop new products and services, but also to promote their business to a set of judges who have considerable business experience.
Indeed, all the teams there represented the best of Wales and were exemplars in demonstrating the commitment of primary schools in developing enterprising young people and celebrating their pupils’ achievements.
The great news for North Wales is that a number of primary schools from the region picked up several awards on the day.
Ysgol Pont y Gof from Botwnnog on the Llyn Peninsula were awarded up the top prize for their business idea which involved reusing old wooden pallets to make decorative Christmas tree models. In addition, Ysgol Llannefydd from Denbigh were one of the runners up and the outstanding individual award went to Morgan Dryhurst-Jones, a pupil from Ysgol Pentreuchaf, Pwllheli.
It was a highly rewarding day for all those involved, especially those who had travelled a long way from North Wales the day before to take part in the competition.
Certainly, I cannot praise the Enterprise Troopers event and the Big Ideas Wales team enough in ensuring that primary schoolchildren learn about enterprise in a lively and enjoyable way whilst developing new skills such as generating ideas and teamwork whilst reinforcing key competences such as creativity, literacy and numeracy, digital skills and problem solving.
Therefore, promoting entrepreneurship among young people and providing a platform for them to develop their entrepreneurial skills and attitudes is critical for a successful economy and the final in Cardiff showed the enormous enterprising talent we already have amongst primary school pupils across the nation.
Indeed, the confidence of all those young people presenting in Cardiff was a wonder to behold and if we the Welsh Government could encourage similar behaviour in every primary school, then I would have little worry about the economic future of Wales.