I recently participated in a debate entitled “The good society: virtues for a post-recession world”. A couple of my fellow panellists emphasised the importance of promoting happiness rather than material wealth as a true measure of human progress. They believe that advances in gross domestic product are an inferior way to achieve greater wellbeing, and that a concept such as “gross national happiness” might be a better tool.

As I listened to their definitions of happiness, I realised that not many coincided with my view of what made entrepreneurs tick. I have spent decades partnering entrepreneurs, trying to understand their psychology and motivation. I find them hugely exciting to work with, because it is only thanks to their ambition and ingenuity that enterprises are started and fresh wants satisfied.