Former Admiral CEO says outdated perceptions are holding back outside investment in Wales
The former CEO of Wales' only FTSE 100 company believes "outdated perceptions" of the country could be putting off investors and preventing others doing what Admiral has achieved.
It comes as unemployment figures in Wales have risen to 5%, the highest seen for more than five years. Companies like Tillery Valley Foods and 2 Sisters chicken factory are among those who have closed in the past few months.
Henry Engelhardt told ITV Cymru Wales Sharp End programme: "I dare say that there's a lot of people outside of Wales thinking that everyone has a lamp on their head and smudges under their eyes.
"Nothing could be further from the truth. This is a cosmopolitan society. You know we learned that and we've attracted really good people."
Englehardt who lives in Lisvane said "Wales has some really good businesses which can grow into FTSE and FTSE 100 companies" and believes there's "nothing stopping Welsh companies from doing that".
Praising the workforce he added: "Welsh people are great, great to work with. We've created this business on the back of the Welsh workforce.
"There's no reason that stops that success. So I don't understand why we don't have a whole bunch of companies like us."
Admiral's founder was originally heading to Brighton to set up his business back in 1993 until the Welsh Development Agency stepped in with a £1m grant. He said his team "didn't need the money" as they "got off to a flying start".
"We did take it. But we weren't desperate for it, fortunately.
"But we've put three billion plus back into the local economy on the back of that and that's growing at £250,000 to £300,000 a year. A pretty good return on their £1m."
A lecturer and author too, Engelhardt, believes there's a "sweet spot for management" and that is why he made the decision to step away from leading the business he built.
He hopes his "frontline" business experience will help others and his book 'How To Be A Better Boss' discusses what he describes as the "evolution" of managers. He said: "In your forties to your early fifties that's when you've built up the experience, but you still have a sharp mind, creativity and drive.
"When you get over 50 you start depending more and more on experience and less and less on intellectual fire power and the creativity. You need them all.
"Your slowly going down a slope and I looked and said 'hey I'm depending more on my experience', when this organisation really needs some of that real drive and fire power and creativity of youth or younger people."
He admits he's had a "fabulous career" and has done things he never thought he could possibly achieve - but his passion now is helping people and businesses. He said: "I've learned that it is really down to other people. I was lucky enough to work with some fantastic people and we've achieved great things.
"Now I just want to help others and help them achieve what they can achieve. Organisations to achieve whatever it might be.
"You know great leadership and management is really, really difficult. So you really have to work hard, you have to think all the time. You know the minute you get near your organisation be it virtual or real, it is curtain up, you're on.
"People are watching you, people are feeding off of you. You have to remember that. But that's not so your head gets so big that you can't get through the door.
"When you get near that door you've got to think how can I achieve what I want to achieve? Well I can't do it myself, there's just no way."
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