The Global Entrepreneurship Monitor (GEM) is the most influential global research into entrepreneurial activity and trends, so it’s a privilege for NatWest to sponsor this report along with, for the first time, a unique report for Wales. The findings of this report, against a challenging backdrop of the pandemic and the cost-of-living crisis, once again confirm that the UK is a nation of entrepreneurs, with around 1 in 3 adults now either running a business or looking at starting one. The number of individuals in the early stages of setting up a new business is at the highest level since the report was first published in 1999 and is a clear indicator of the entrepreneurial resilience of the UK. The research also shows that many entrepreneurs revived start-up plans that had been shelved in 2020 when many aspects of society were shut down for long periods. The resilience of small businesses over recent years is both inspiring and important.