By Ben Richardson Reporting from the Advancing Enterprise conference

Tesco boss Sir Terry Leahy wants more support for business

And unless people overcome their natural scepticism, the economy might suffer in years to come.

That was the warning which greeted delegates at a conference chaired by the Chancellor Gordon Brown on Monday.

Held at the Queen Elizabeth II Conference Centre in the shadow of the Houses of Parliament, the great and good of corporate life were joined by their smaller and often more casually-dressed competitors, at the event - Advancing Enterprise: Britain in a Global Economy.

The day of speeches, question and answer sessions, and panel discussions was aimed at discovering how best to make Britain into a hotbed of entrepreneurship.

Reward success

Why is it that in the US and France people seem proud of what companies achieve, whereas here they seem suspicious? Tesco boss Sir Terry Leahy

The key according to Sir Terry Leahy, chief executive of Tesco, is to create a culture where "profitability isn't scorned, success does not lead to envy and enterprise is not derided".

"Why is it that in the US and France people seem proud of what companies achieve, whereas here they seem suspicious?" he asked.

While failing to provide any answers as to why the British love bashing their success stories, other speakers did offer their views on how to improve the business environment.

Jean-Pierre Garnier, chief executive of drugs giant GlaxoSmithKline, said the country must not be afraid to modernise, increase the education of the workforce, support the sciences and slash red-tape.

He identified one of the biggest challenges facing businesses today as losing contacts to cheaper foreign rivals in countries such as India and China.

Global trade

The more developed countries, as a result, must act like companies and reinvent themselves.

"The idea is not to hold onto the past, to protect the old economy or have too much nostalgia," he said.

"We can't stop progress, we can only get ahead of it."

Paul Walsh, group chief executive, at drinks maker Diageo takes a global view.

"I would offer every encouragement to the Chancellor and his economic team to continue to do all they can to bring down trade barriers, first between the EU and North America and subsequently to re-energise global talks at the World Trade Organization," he said.

Economic engines

Mr Walsh added: "We must understand that while the US and the EU remain our primary trading partners, the importance of emerging giants like Brazil, Russia, India and China cannot be overstated."

Sir John Parker, chairman of National Grid Transco, reckons that the environment is good for small businesses, with the government keeping the economy on an even keel and limiting inflation.

According to Treasury figures, there are 200,000 more small businesses in the UK than 10 years ago, while 2003 saw the fastest rate for growth in self-employment since the 1980s.

The UK, meanwhile, is often placed second only to the US as the best place to start a small business.

In a recent survey by the Global Entrepreneurship Monitor, 93% of adults said they admire people who have started up their own businesses, while 64% said they would advise a friend or relative to strike out on their own.

Even so, even Sir John said he looked forward to the day when business people were seen as being more important than footballers.