David Watt: Entrepreneurs and leadership vital for future growth

The past few years have clearly been difficult for the Scottish economy, and despite the welcome news that the UK is now officially out of recession, for many businesses north of the Border it doesn’t feel like it’s time to celebrate just yet.

The number of new firms starting up in Scotland is on the increase, and there are now numerous initiatives to help kick-start business growth and stimulate investment, such as Scottish Enterprise’s “Yes to Growth” campaign, encouraging existing firms to grow, following on from business gateway initiatives and the ongoing success of the Prince’s Scottish Youth Business Trust.

Thanks to the Scottish Funding Council’s agreement with our universities and colleges to focus on employability and entrepreneurial stimulation, there’s a growing awareness among young people about the opportunities available to start their own business – and in turn stimulate the economy and create jobs.

Although our business leaders have been steering through choppy waters for some time, they realise that what it takes to survive the storm is strong leadership and direction.

There’s still some way to go until confidence returns, but it’s important we don’t lose sight of the fact that there are still opportunities out there. Our traditional markets are all feeling the strain, but there are many countries across the globe that continue to prosper and represent an opportunity for Scottish companies.

Strength of leadership is something that has come to the fore because of these challenging circumstances, and Scotland’s business leaders haven’t backed down. This is why we have chosen leadership and entrepreneurialism as a key focus at our annual conference – Building Scotland’s Economic Future – taking place today.

In a fiercely competitive global economy, Scotland’s economic prosperity depends on our success as an outward-looking and enterprising nation. We need to set ourselves ambitious targets for growth, and the onus is on us all to show the necessary leadership to help build a stronger economic future for the country.

• David Watt is executive director of IoD Scotland.