WikiLeaks: UK entrepreneurs ‘overeducated’ says Branson

Richard Branson slammed the UK education system for failing British entrepreneurs in a confidential US report published by WikiLeaks.

British entrepreneurs are “overeducated” and their schooling does not prepare them for entering the business world, according to Virgin boss Richard Branson.

The entrepreneur made the comments at a business event in Beijing in January 2008 entitled ‘What makes a good entrepreneur’, a transcript of which was recorded in a top secret US diplomatic cable, and later published by WikiLeaks.

He reportedly agreed with Chinese delegates who commented that UK entrepreneurs are “overeducated, too conservative, lacking passion for entrepreneurship and too afraid of failure”. Chinese delegates levelled similar criticisms at their own school system for leaving young people unprepared for the challenges of running a business.

It’s not the first time Branson has spoken out on this subject. Responding to a student’s question about the value of further education on the Livemint website, Branson said: “Obtaining a diploma is only a first step and in no way guarantees success”. He also commented that while he hadn’t received a university degree, his practical experience of founding the Virgin empire offered him an equivalent level of education.

"However, my story is a very personal one," he noted. "My strategy will not work for everyone. A diploma can be very useful, since it shows that you have gained the skills and other building blocks required to start your career."

Branson isn’t the only one sceptical of the British education system’s role in preparing young people for business success. A 2007 poll by Barclays Local Business found that just 11% of small company bosses believe achieving good education is crucial to business success.

Indeed, many of the country’s most successful entrepreneurs shunned further education to pursue their business goals. Both Simon Cowell and Lord Sugar left school at 16, founding their own businesses soon after.

Do you agree that a good education is not critical to business success or do you think it lays a good foundation? Is the government doing enough to support entrepreneurial young people? Leave your comments below.