Theo Paphitis tells start ups to wait until after the election
Theo Paphitis, the well known panellist from the popular Dragons’ Den TV show, has advised entrepreneurs to wait until after the General Election before starting up a new business venture.
Speaking on BBC2’s Working Lunch programme he said:
“We are in January 2010, there will be an election by May 2010. We are in no-man’s land, no one can make a decision because our polticians whether Labour or Tory won’t tell us what they are going to do about the economy.”
“If you have to invest, you don’t know whether VAT might go up to 20 per cent or what tax effects might be, if interest rates are going up - all this might have an effect on the bottom line or total survivial.”
“This is just temproary. Entrpreneurs spend their lives taking risks but they are calculated risks. When you can’t put the ‘calculated’ in to a risk, that’s a gamble - and you don’t want to be there just yet. Take your time.”