Old is gold: The power of 'critical friends' for young businesses

The importance of good governance is in the news after the surprising moves at OpenAI. Nina Jasinski argues that for new companies, drawing on experienced critical friends is crucial to success.

by Nina Jasinski

For all the complexities of the UK business landscape, this country remains a hotbed of entrepreneurialism and new business start-ups. Even amid the cost-of-living crisis, Brexit trading complexities, high inflation and interest rates, more new businesses started in the beginning of this year than ever before. 

In the first quarter of 2023, 202,130 new UK businesses were incorporated – up 19.5% on the previous quarter and 6.5% more than at the same time the previous year. So, it tallies that the UK sits high among Europe as the best countries to start a business from. 

While not all these businesses will be started by young founders, a good proportion will. The younger generation is highly receptive to entrepreneurialism and creating their own opportunities in the workplace by building companies from scratch. They spot gaps in the market for products and services to meet the changing needs of businesses and consumers and understand how to scale-up rapidly with tech and automation. 

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