They say the X and Y generations are the most entrepreneurial in history. But neither of them has been in business during a recession. I wonder if the vertiginous descent of the British economy is beginning to make some feel a touch nauseous . . .

This is the service economy era. Younger entrepreneurs I meet are running marketing agencies, web design firms, recruitment companies, finance businesses, software houses, telecoms companies and suchlike. These required limited capital to get going and faced few barriers to entry, compared with periods when heavy industry ruled. The internet has helped unleash ambition and enterprise in an unprecedented way. But I worry that a lot of these companies are fragile constructs, not built to weather severe conditions.