ABSTRACT
This chapter discusses the development and current position of entrepreneurship in Wales. Necessity entrepreneurship is where there are no better alternatives to work; for example, a painter and decorator sets up a business to sell his skills and competes in the market place with other painters and decorators. In contrast, opportunity entrepreneurship occurs when someone identifies an opportunity to create a new market segment, or disrupt an established segment, with a new product or service. The cause of the stalling performance of entrepreneurship in Wales is difficult to define; we must examine the data for the interior economic context in Wales to understand it. GEM’s global measurement of entrepreneurial potential is measured by four interrelated statements of belief with which non-entrepreneur respondents agree or disagree. The Welsh government is creating policy to shape the right parameters for business and is preparing graduates to be skilled in this new environment.
