Much has changed since Admiral’s early days in the 1990s. Back then, we were a small team with a business plan and a big ambition, looking for the right environment to grow. South Glamorgan Council – as it was then – did a remarkable job in persuading us to bring our business to Cardiff. That support took many forms, from practical help to relationship management, and it played a real part in helping Admiral get off the ground.

Looking back, I realise how critical that early-stage support was. Starting a business is daunting. It’s even harder if you’re doing it in a region without a large base of major employers, supply chains or spin-out opportunities. In Wales, where the big company sector is relatively small, this presents a real challenge. But it also makes the strength of our small business community all the more impressive – and all the more important to our future.

Today, as Chair of Business in Focus, I see the importance of that support system from another angle. Whether it’s helping a dyslexic entrepreneur navigate complex forms, giving a confident 18-year-old the reassurance to employ their first team, or helping a rural business break into international markets, the impact is clear.

Business Wales, in particular, has built a strong track record in helping firms find their feet and grow with confidence. And what it offers isn’t just generalist advice – it’s access to genuine expertise in areas like export, digital, HR and supply chain development.

But if Wales is to fulfil its economic potential in the years ahead, this kind of support needs to be seen not as an add-on, but as a strategic priority. The current global climate is forcing us to think differently. The trend towards deglobalisation – brought about by Brexit, tariffs and changing trade dynamics – means we can’t rely on outside firms to ride over the horizon and create prosperity for us. We have to do it ourselves. That means supporting our own entrepreneurs and small business owners to build, grow and succeed in Wales.

That’s easier said than done. There’s plenty of ambition out there, but also plenty of obstacles. Some of them are regulatory or financial – growing calls for government to balance the drive for business growth with the added burdens of levies and compliance reflect a tension that’s becoming increasingly difficult to manage. Others are cultural – the focus in education on academic outcomes can sometimes leave little room to explore entrepreneurship or practical business knowledge. We need to do more to show young people that business can be creative, rewarding and a force for good.

One way to do that is by telling stories. I’m always struck by how powerful it is to hear directly from people who’ve started something in Wales and made it work. Whether it’s a rural engineer going viral on social media and building an export-led business, or a young founder scaling up from a small village base, those stories matter. They challenge perceptions and show what’s possible. And often, at the heart of those stories, you’ll find someone who received just the right advice or support at the right time.

The link between start-ups and scale-ups is also important. It’s often said that Wales has a “missing middle” – too few medium-sized firms. But the only way to create more of them is to help more small firms survive and thrive. That early-stage handholding, often dismissed as basic support, is actually critical. Without it, many firms wouldn’t reach the point where they can take on staff, win contracts or consider overseas growth.

We also need to recognise the potential of those who may not have seen themselves as entrepreneurs before. Jobs that were once seen as secure are being reshaped or displaced by technology, particularly artificial intelligence. That’s a risk, but also an opportunity. Many of those people have the skills and creativity to build something new – but they’ll only do it if the right support is in place to guide them.

What Business in Focus and others across the support landscape are doing is part of that bigger picture – helping Wales to shape its own economic future. It’s not just about starting businesses; it’s about helping them grow, adapt, and stay resilient in the face of change. And it’s about creating an environment where ambition isn’t a risk, but a realistic path to success.

We won’t always get it right, and the landscape is not without its constraints. But the more we can do to simplify access to support, tailor it to what businesses really need, and share the stories of those who are succeeding, the better placed we’ll be to ensure that Wales’ future is built from within.

David Stevens talks about this and more in the Business in Focus podcast episode Why Business Support is More Vital Than Ever in a Changing Wales. Listen to the podcast here.