Dr David Bozward

Category: Inclusive Entrepreneurship

There is a growing emphasis on diversity and inclusion in entrepreneurship programs, aiming to provide opportunities for underrepresented groups such as women, minorities, and individuals with disabilities to foster a more diverse and equitable startup ecosystem.

Exploring Entrepreneurship Theory
Over the years, the study of entrepreneurship has evolved, giving rise to a myriad of theories that attempt to explain the complex nature of entrepreneurial activity. The journey of understanding entrepreneurship began with the Opportunity Recognition Theory. Historically, entrepreneurs were seen as individuals with a keen eye for spotting unmet market needs. This theory posited that the essence of entrepreneurship lay in the ability to recognize and act upon these unique opportunities, setting the foundation for future theories.

As the business landscape became more competitive, the Resource-Based Theory emerged, emphasizing the importance of resources in entrepreneurial success. Entrepreneurs were no longer just opportunity spotters; they were resource mobilizers, gathering the necessary human, financial, and physical assets to drive their ventures forward.

However, the linear approach of first spotting an opportunity and then gathering resources was challenged by the Effectuation Theory. Saras Sarasvathy’s groundbreaking work suggested that many entrepreneurs start with their available means and then co-create opportunities, turning the traditional model on its head.

In the early 20th century, Joseph Schumpeter introduced the Innovation Theory, painting entrepreneurs as agents of “creative destruction.” They were the disruptors, introducing innovations that rendered old industries obsolete and paved the way for new economic structures.

While these theories focused on external factors, the Psychological Trait Theory looked inward, suggesting that inherent psychological traits could predispose individuals to entrepreneurial success. This theory sparked debates on whether entrepreneurs were born or made, leading to extensive research on entrepreneurial characteristics.

The importance of relationships and networks in entrepreneurship was highlighted by the Social Network Theory. Entrepreneurs were not isolated actors but were deeply embedded in networks that provided them with vital information, resources, and support.

The Institutional Theory then broadened the perspective, examining how external institutional environments influenced entrepreneurial behavior. Entrepreneurs were not just reacting to market opportunities but were also shaped by the regulatory, cultural, and societal contexts in which they operated.

The Push and Pull Theory provided insights into the motivations behind entrepreneurial pursuits. While some were driven by external factors pushing them into entrepreneurship, others were pulled by the allure of opportunity and independence.

As the global entrepreneurial landscape became more interconnected, the Entrepreneurial Ecosystem Theory emerged, emphasizing the importance of a supportive environment in fostering entrepreneurial activity. This theory highlighted the symbiotic relationship between entrepreneurs and their ecosystems.

Lastly, the Human Capital Theory brought the focus back to the entrepreneur, emphasizing the role of knowledge, skills, and experience in entrepreneurial success. This theory underscored the importance of continuous learning and adaptation in the ever-evolving world of entrepreneurship.

In conclusion, the development and progression of these theories reflect the multifaceted nature of entrepreneurship. Entrepreneurahip sits at the interconnection of all business theories. From opportunity spotters to innovators, resource mobilizers to network builders, the entrepreneur’s role has been viewed through various lenses. These theories, built over time, offer a comprehensive understanding of the entrepreneurial journey, each adding a unique layer to the rich tapestry of entrepreneurial research.

List the ten most important Entrepreneurship Theories

So for our students of entrepreneurship, now I am going to list them with key references to the original sources:
1. Opportunity Recognition Theory: This theory posits that successful entrepreneurs have a unique ability to recognize and capitalize on new business opportunities that others might overlook.
  - Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217-226.
  - Ardichvili, A., Cardozo, R., & Ray, S. (2003). A theory of entrepreneurial opportunity identification and development. Journal of Business Venturing, 18(1), 105-123.
2. Resource-Based Theory: This theory emphasizes the importance of acquiring and leveraging key resources (human, financial, physical, and organizational) to gain a competitive advantage in the marketplace.
  - Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
  - Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171-180.
3. Effectuation Theory: Introduced by Saras Sarasvathy, this theory suggests that entrepreneurs often start with what they have (resources, knowledge, networks) and then choose ventures based on these means, rather than starting with a pre-determined goal.
  - Sarasvathy, S. D. (2001). Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management Review, 26(2), 243-263.
  - Read, S., Dew, N., Sarasvathy, S. D., Song, M., & Wiltbank, R. (2009). Marketing under uncertainty: The logic of an effectual approach. Journal of Marketing, 73(3), 1-18.
4. Innovation Theory: Proposed by Joseph Schumpeter, this theory highlights the role of entrepreneurs as innovators who disrupt existing markets and create new ones through the introduction of new products, services, or processes.
  - Schumpeter, J. A. (1934). The theory of economic development. Harvard University Press.
  - Freeman, C. (1982). The economics of industrial innovation. MIT press.
5. Psychological Trait Theory: This theory suggests that certain psychological traits, such as risk-taking propensity, need for achievement, and locus of control, predispose individuals to become successful entrepreneurs.
  - McClelland, D. C. (1961). The achieving society. Van Nostrand.
  - Brockhaus, R. H. (1980). Risk taking propensity of entrepreneurs. Academy of Management Journal, 23(3), 509-520.
6. Social Network Theory: This theory emphasizes the importance of social networks in providing entrepreneurs with resources, information, and support, which can be crucial for the success of their ventures.
  - Burt, R. S. (1992). Structural holes: The social structure of competition. Harvard University Press.
  - Granovetter, M. (1985). Economic action and social structure: The problem of embeddedness. American Journal of Sociology, 91(3), 481-510.
7. Institutional Theory: This theory focuses on how institutional environments (like regulatory structures, cultural norms, and societal values) can influence entrepreneurial activity and outcomes.
  - DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147-160.
  - Scott, W. R. (2014). Institutions and organizations: Ideas, interests, and identities. Sage Publications.
8. Push and Pull Theory: This theory suggests that entrepreneurs are either “pushed” into entrepreneurship due to factors like job dissatisfaction or unemployment, or “pulled” due to factors like spotting an opportunity or a desire for independence.
  - Gilad, B. (1984). Entrepreneurship: The issue of creativity in the market place. Journal of Creative Behavior, 18(3), 151-161.
  - Hisrich, R. D., & Brush, C. (1984). The woman entrepreneur: Management skills and business problems. Journal of Small Business Management, 22(1), 30-37.
9. Entrepreneurial Ecosystem Theory: This theory posits that entrepreneurship thrives in environments where various elements (like funding, talent, infrastructure, and culture) support and nurture entrepreneurial activity.
  - Isenberg, D. J. (2010). How to start an entrepreneurial revolution. Harvard Business Review, 88(6), 40-50.
  - Stam, E. (2015). Entrepreneurial ecosystems and regional policy: A sympathetic critique. European Planning Studies, 23(9), 1759-1769.
10. Human Capital Theory: This theory emphasizes the importance of knowledge, skills, and experience in influencing an entrepreneur’s ability to recognize opportunities and succeed in their ventures.
  - Becker, G. S. (1964). Human capital: A theoretical and empirical analysis, with special reference to education. University of Chicago Press.
  - Unger, J. M., Rauch, A., Frese, M., & Rosenbusch, N. (2011). Human capital and entrepreneurial success: A meta-analytical review. Journal of Business Venturing, 26(3), 341-358.
Entrepreneurship, a dynamic field, has been shaped by various theories over the years. The Opportunity Recognition Theory posits that entrepreneurs have a knack for identifying market gaps. The Resource-Based Theory underscores the importance of leveraging resources for a competitive edge. In contrast, the Effectuation Theory suggests entrepreneurs co-create opportunities based on available means. Schumpeter’s Innovation Theory paints entrepreneurs as disruptors, while the Psychological Trait Theory explores inherent traits that predispose individuals to entrepreneurship. The Social Network Theory emphasizes the significance of relationships, and the Institutional Theory examines the influence of external environments on entrepreneurial behavior. The Push and Pull Theory delves into entrepreneurial motivations, and the Entrepreneurial Ecosystem Theory highlights the interplay between entrepreneurs and their environments. The Human Capital Theory focuses on the role of knowledge and experience.

If we were to broaden the scope of the theories under review then I would include, Cultural Theory of Entrepreneurship suggests that cultural values and beliefs can either foster or hinder entrepreneurial activities. The Legitimacy Theory posits that for startups to succeed, they need to gain legitimacy in the eyes of stakeholders. The Ambiguity and Uncertainty Theory emphasizes how entrepreneurs navigate and thrive in uncertain environments. Together, these theories provide a comprehensive understanding of the multifaceted world of entrepreneurship.

The potential path for entrepreneurship as a field of research

Looking forward, the landscape of entrepreneurship is bound to evolve in response to global challenges, technological advancements, and changing societal values. Here are some potential directions for the development of entrepreneurial theories in the future:
1. Sustainability and Environmental Entrepreneurship Theory: As environmental concerns become paramount, a theory focusing on entrepreneurs who prioritize sustainability, green technologies, and eco-friendly practices might emerge. This theory would delve into the motivations, challenges, and opportunities faced by “eco-preneurs.”
2. Digital and Virtual Entrepreneurship Theory: With the rise of virtual realities, blockchain, and digital spaces, understanding entrepreneurship in these realms will become crucial. This theory might explore how entrepreneurs create value in purely digital ecosystems.
3. Social Impact Entrepreneurship Theory: As societal challenges grow, entrepreneurs focusing on social impact will gain prominence. This theory would study the balance between profit-making and creating societal value.
4. Neuro-Entrepreneurship Theory: With advancements in neuroscience, there might be a deeper exploration of the entrepreneurial brain, understanding decision-making, risk-taking, and innovation at a neural level.
5. Resilience and Adaptability Theory: In a world facing rapid changes and crises (like pandemics), understanding how entrepreneurs adapt, pivot, and remain resilient will be crucial.
6. Inclusive Entrepreneurship Theory: This would focus on promoting entrepreneurship in traditionally marginalized groups, understanding the unique challenges and opportunities they face.
7. Space Entrepreneurship Theory: As space exploration becomes more commercialized, understanding entrepreneurship beyond our planet might become a reality.
8. Bio-Entrepreneurship Theory: With biotechnology advancing rapidly, a theory focusing on entrepreneurs at the intersection of biology, ethics, and business could emerge.
9. Gig and Platform Economy Theory: As the gig economy grows, understanding the entrepreneurial opportunities and challenges in platform-based businesses will be essential.
10. Cultural Fusion Entrepreneurship Theory: As the world becomes more interconnected, entrepreneurs who can fuse multiple cultures to create globally appealing products and services might become more prominent.
While it’s challenging to predict the future with certainty, these directions reflect the evolving challenges and opportunities in our world. As always, entrepreneurial theories will evolve to provide insights and frameworks that resonate with the times, as the very definition of entrepreneurship has.

Written in August 2023, so lets see what happens.
September 8, 2023
3000 years of business milestones and what’s next
In the last three thousand years, we have witnessed a multitude of significant milestones in the realm of business, allowing us today to have a set of tools that allow us to start new businesses. Here’s a brief overview of some of the most notable ones:
1. Ancient Trade Routes (circa 1000 BCE): The establishment of the Silk Road and other trade routes facilitated the exchange of goods, ideas, and cultures between the East and West.
2. Coinage (circa 600 BCE): The Lydians in modern-day Turkey are believed to have produced the first coins, revolutionizing trade and commerce.
3. Double-Entry Bookkeeping (13th century): This system, which originated in medieval Europe, particularly Italy, laid the foundation for modern accounting.
4. Joint-Stock Companies (16th century): The Dutch East India Company, founded in 1602, was one of the first joint-stock companies, allowing multiple investors to pool their resources in large ventures.
5. Industrial Revolution (18th-19th century): This period saw a shift from agrarian economies to industrial and manufacturing ones, driven by technological innovations like the steam engine.
6. Stock Exchanges (18th-20th century): The establishment of stock exchanges in major cities around the world, such as the New York Stock Exchange and the London Stock Exchange, facilitated the trading of company shares.
7. Rise of Multinational Corporations (20th century): Companies like Ford, Coca-Cola, and IBM expanded globally, influencing international trade and politics.
8. Digital Revolution (late 20th century): The advent of computers and the internet transformed businesses, leading to the rise of tech giants like Microsoft, Apple, and Google.
9. E-commerce Boom (late 20th-21st century): Companies like Amazon and Alibaba redefined retail, making online shopping a global phenomenon.
10. Sharing Economy (21st century): Platforms like Uber, Airbnb, and TaskRabbit have changed the way we think about ownership and service provision.
11. Blockchain and Cryptocurrencies (21st century): The introduction of Bitcoin in 2009 and subsequent cryptocurrencies have challenged traditional notions of currency and transaction methods.
12. COVID-19 Pandemic (2020-2021): The global crisis accelerated digital transformation, remote work, and e-commerce, while also highlighting the importance of supply chain resilience.
This list is by no means exhaustive, but each of these milestones has had profound implications for global commerce, trade, and the way societies function. They have also set the stage for the future of entrepreneurship.

Navigating the Future: Key Trends Shaping the Next Half-Century

As we stand on the precipice of a new era, the horizon is painted with transformative trends that promise to redefine the fabric of our societies, economies, our personal and entrepreneurial lives. The next 50 years beckon with unprecedented possibilities, driven by technological advancements, societal shifts, and the pressing challenges of our time. Here I want to discuss the most prominent trends that are poised to shape our collective future.

At the forefront of global priorities is the urgent call for Sustainability and Climate Action. The undeniable impacts of climate change, coupled with a growing global consciousness, make it almost certain that the coming decades will be marked by a fervent push towards sustainable practices, renewable energy sources, and green technologies. This trend is not just an environmental imperative but also an economic and social one, as nations (try) rally to ensure a habitable planet for future generations.

Parallel to our earthly concerns, the allure of the cosmos persists. Space Exploration and Colonization have transitioned from the pages of science fiction to tangible goals. Companies like SpaceX and Blue Origin are not just reaching for the stars but envisioning a future where humanity might establish a footprint on distant planets like Mars.

Back on Earth, Artificial Intelligence (AI) and Automation are no longer nascent technologies but powerful forces reshaping industries, economies, and daily life. From self-driving cars to AI-driven medical diagnoses, the fusion of machine learning and automation promises both unparalleled efficiencies and new ethical dilemmas.

In the realm of healthcare, Biotechnology and Personalized Medicine stand out as game-changers. The decoding of the human genome and advances in biotech are paving the way for treatments tailored to individual genetic profiles, potentially revolutionizing medical outcomes and even extending human lifespans.

The lines between the physical and digital worlds are blurring, thanks to the rise of Virtual and Augmented Reality (VR & AR). These technologies, while currently popular in gaming and entertainment, hold vast potential for education, training, and immersive experiences that challenge our perception of reality.

The financial world is also undergoing a seismic shift with the advent of Decentralized Finance and Cryptocurrencies. Beyond the volatility of Bitcoin and its peers, the underlying blockchain technology offers a vision of a financial system that’s more transparent, decentralized, and potentially more equitable.

This era also heralds a new phase of Global Connectivity, often termed as Web 3.0 or the metaverse. This interconnected digital realm promises more immersive online experiences, reshaping how we work, socialize, and entertain.

Yet, as we embrace these technological marvels, we must also navigate the complexities of a shifting Global Power landscape. Emerging economies, technological prowess, and geopolitical strategies will redefine leadership on the world stage.

The way we work and learn is also in flux. The rise of Remote Work and Digital Nomadism, accelerated by the COVID-19 pandemic, challenges traditional office norms. Simultaneously, Education Transformation is on the cards, with online platforms and skill-based live long learning training gaining prominence over conventional academic pathways.

However, these advancements come with their own set of challenges. Resource Scarcity, driven by population growth and consumption patterns, will necessitate innovations in water conservation, food production, and sustainable land use. Meanwhile, breakthroughs in Neurotechnology and Brain-Computer Interfaces will raise profound ethical and privacy concerns, requiring careful navigation.

Urban centers will continue to swell, driving the need for Urbanization and Smart Cities that leverage technology for sustainability, efficiency, and improved quality of life. And, undeniably, the scars of the COVID-19 pandemic will shape a heightened focus on Health and Pandemic Preparedness, ensuring that the world is better equipped for potential future health crises.

In essence, the next 50 years promise a tapestry of innovations, challenges, and opportunities. As we journey through this dynamic landscape, it’s crucial to approach these trends with a blend of optimism, pragmatism, and a commitment to shaping a future that’s inclusive, sustainable, and bright for all.

Each of these provides opportunities for each of us, as entrepreneurs.
September 5, 2023
Cultivating a Green Revolution: Embracing Hemp Agriculture in the UK for an Environmentally Entrepreneurial Society

Introduction

In recent years, there has been a growing global awareness of the need for sustainable and environmentally responsible practices in various industries. One area that holds immense potential for driving positive change is hemp agriculture. Hemp, a versatile and eco-friendly crop, offers a plethora of benefits for both the environment and the entrepreneurial landscape. In this blog, we will explore the reasons why the UK should embrace hemp agriculture to support a greater environmentally entrepreneurial society.

1. The Ecological Benefits of Hemp Agriculture

Hemp is a remarkably sustainable crop with a minimal environmental footprint. Its growth requires minimal water, and it can flourish in diverse soil types, reducing the strain on precious resources. Moreover, hemp cultivation does not necessitate the use of pesticides or herbicides due to its natural resistance to pests and weeds. As a result, hemp agriculture promotes healthier ecosystems, reduces soil degradation, and protects biodiversity. Supporting hemp cultivation in the UK can significantly contribute to the country’s efforts in achieving its environmental sustainability goals. (Reference: [1])

2. Carbon Sequestration and Climate Change Mitigation

Hemp has a unique ability to sequester carbon dioxide from the atmosphere at a rapid rate. During its growth, hemp absorbs substantial amounts of CO2, making it a powerful tool in combatting climate change. By integrating hemp agriculture into the UK’s farming practices, the country can enhance its carbon sequestration efforts and reduce greenhouse gas emissions. This not only contributes to global climate goals but also creates opportunities for carbon credit trading, benefiting environmentally conscious entrepreneurs. (Reference: [2])

3. Diversified Economic Opportunities

Embracing hemp agriculture paves the way for a diversified and sustainable economy. Hemp offers numerous applications, from textiles and building materials to biofuels and biodegradable plastics. These industries present immense entrepreneurial potential, encouraging innovation and the growth of eco-friendly businesses. By fostering a thriving hemp industry, the UK can create jobs, attract investments, and position itself as a leader in sustainable innovation. (Reference: [3])

4. Circular Economy and Waste Reduction

Hemp is a renewable resource that promotes the principles of a circular economy. All parts of the hemp plant can be utilized for various purposes, leaving minimal waste. Hemp-derived products, such as biodegradable packaging and compostable materials, can help reduce the mounting problem of single-use plastics and contribute to waste reduction. By supporting hemp agriculture, the UK can take significant strides towards a more resource-efficient and waste-free society. (Reference: [4])

5. Strengthening Rural Communities

The cultivation of hemp offers economic opportunities for rural communities. Hemp farming requires relatively low input costs and can be cultivated on smaller landholdings, making it accessible to a wider range of farmers. By encouraging the growth of hemp agriculture, the UK can revitalize rural economies, provide sustainable livelihoods, and bridge the urban-rural divide. (Reference: [5])

6. Supporting Research and Innovation

Investing in hemp agriculture fosters research and development in sustainable technologies and practices. Entrepreneurs and scientists can collaborate to explore novel uses of hemp and develop cutting-edge applications that benefit society and the environment. Government support for research initiatives can accelerate innovation and position the UK at the forefront of sustainable solutions. (Reference: [6])

Conclusion

Hemp agriculture holds immense promise for the UK, supporting the country’s transition towards an environmentally entrepreneurial society. By embracing the ecological benefits of hemp, the UK can drive positive change, combat climate change, and create economic opportunities for sustainable businesses. Through collaborative efforts between entrepreneurs, farmers, and policymakers, hemp agriculture can revolutionise industries, reduce environmental impact, and pave the way for a greener, more prosperous future.

References:

[1] “Hemp Agriculture: Sustainable Farming for a Greener Future,” World Wildlife Fund (WWF).

[2] “The Carbon Sequestration Potential of Hemp,” National Hemp Association.

[3] “The Versatility of Hemp and its Economic Potential,” United Nations Industrial Development Organization (UNIDO).

[4] “Hemp as a Catalyst for the Circular Economy,” Ellen MacArthur Foundation.

[5] “The Role of Hemp in Rural Development,” International Labour Organization (ILO).

[6] “Supporting Research and Innovation in Hemp Agriculture,” European Industrial Hemp Association (EIHA).

July 26, 2023
England needs Enterprise and Entrepreneurship Education

There is a diversity of approaches to enterprise and entrepreneurship education (EEE) across the United Kingdom. Three of the four nations: Wales, Scotland and Northern Ireland have all developed and implemented strategies encouraging enterprise and entrepreneurship education, England remains unique for its failure to develop a specific policy for education at all levels.

In a recent 2022 report by the APPG Entrepreneurship (here), they reported that “England remains one of the few places in Europe that
has yet to develop a specific entrepreneurship education strategy for schools“.

My own research (here) has shown that enterprise and entrepreneurship education in Wales is paying off with direct relationships between these interventions and economic development. Wales has implemented a strategy since the early 2000s with the ‘Youth Enterprise Strategy’ (YES) and covers 5–25 year-olds. The stated objective of the strategy was to “develop and nurture self-sufficient, entrepreneurial young people in all communities across Wales, who will contribute positively to economic and social success.”

This investigation showed, for the first time, that it is possible to draw linkages between the outputs generated by some of the EEE activity in universities and key regional development indicators. Across the regions we found that EEE activity in HEIs appears to have a direct impact on business creation and GDP, the latter point echoing more general trends observed by Schubert and Kroll (2014) and Pastor et al. (2018). Furthermore, we were able to use several different indicators to infer a relationship between the nature and/or quality of provision and
graduate start-up activity. That said, we also found numerous trends which we could not fully explain through the data, all of which need further research attention.

This is not new. Entrepreneurship has been shown to be a driver of economic development and a powerful source of economic growth and job creation and that productive entrepreneurship is crucial in terms of economic welfare (van Stel, Carree, & Thurik, 2005; Acs, Audretsch, Braunerhjelm, & Carlsson, 2012; Naudé, 2013).

However what is important is that Koryak et al. (2015) suggests that there exists a deficiency within a substantial proportion of UKs SME in relation to entrepreneurship skills. This is therefore constraining business growth, international trade and product innovation.

Enterprise and entrepreneurship education is not just for those who want to start a new business, it’s for enabling the next generation to be more flexible. In a world where Covid, MonkeyPox and Polio are all reported to be in London, Brexit, international supply chains are rapidly changing, inflation, recession and we again have a war in Europe….I think the resilience which enterprising and entrepreneurial skills provided is now core to supporting this next generation to cope on a daily basis.

The action need is that Enterprise and Entrepreneurship should be part of the core curriculum for all students from 4 to 24 years old and it should be clear what resources will and should be made available.

June 23, 2022
Entrepreneurship – In Context

Enterprise and entrepreneurship is a key driver in economic growth and can be a huge part of the solution to unemployment. Its impact also affects the whole of civilization because of the advancement in innovation technology as well as the creation of jobs that in consequence reduce poverty, according to Ernst and Young’s (2011).

“Small and medium-sized enterprises (SMEs) with less than 250 employees make up two-thirds of total employment in OECD countries. The European Commission showed in its SME Performance Review that the number of jobs in SMEs had increased at an average annual rate of 1.9%, while the number of jobs in larger enterprises increased by only 0.8% between 2002 and 2008” Ernst and Young (2011).

Ideally, governments should take an all-inclusive approach, which promotes the strengthening of the entire entrepreneurship environment. However, doing this first requires accurately measuring the multi-layered phenomenon that is entrepreneurship, as well as understanding the impact of a host of different factors on the level of entrepreneurship in a country. “These include the quality of the physical infrastructure, the health of the population, the level of education, the pace of adoption of new technologies and many other macro and micro factors” Ernst and Young (2011).

Therefore, is it essential that a ‘framework’ that can measure entrepreneurship accurately whilst analysing KPI’s (key performance indicators).

Among the key findings in Ernst and Young’s (2011) report:

1. Self-confidence is key
Our overall analysis provides a clear overview of where the G20 member countries stand with respect to fostering entrepreneurship. Combining two of our key findings — entrepreneurs’ confidence in their own country, and new business density

2. Entrepreneurship culture
The culture of a country can affect entrepreneurs and entrepreneurship on many levels. Our perceptions survey was central to our analysis of whether the culture of a country is conducive to Entrepreneurship.

3. Education and training
We go beyond looking at the overall performance of the educational system, to take a closer look at entrepreneurship specific education and assess how important this is for encouraging entrepreneurship.

4. Access to funding
Securing access to funding, both at the start-up phase and at later stages of enterprise development, is one of the biggest challenges for young entrepreneurs. We analyze the experiences of entrepreneurs in accessing funding across the G20 countries, and find some dramatic differences and valuable lessons.

5. Regulation and taxation
The regulatory and taxation environment is one of the areas in which governments have a key role in providing an enabling environment for entrepreneurial growth.

6. Coordinated support
There are typically a number of different agencies involved in facilitating and supporting entrepreneurship within a country. The level of support these agencies provide — and the extent to which they coordinate with one another — can make a crucial difference to the entrepreneurship Environment.

This increasing entrepreneurship and recognition of small enterprises in the health of the economy is also highlighted in recent reports.

According to the UK National Statistics (Nation. Stats 2012), the actual increase in the total business population between the start of 2011 and the start of 2012 will lie between 200,000 (4.4 per cent) and 253,000 (5.6 per cent).

The 4.8 million private sector businesses employed an estimated 23.9 million people, and had an estimated combined annual turnover of £3,100 billion.

The majority (62.7 per cent) of private sector businesses were sole proprietorships, 28.0 per cent were companies and 9.3 per cent were partnerships. At the start of 2012, small and medium-sized enterprises (SMEs)3 accounted for 99.9 per cent of all private sector businesses, representing no change since 2011 and almost unchanged since 2000. SMEs also accounted for 59.1 per cent of private sector employment and 48.8 per cent of private sector turnover at the start of 2012.

For (Heseltine 2012), the prize is potentially huge. There are about 3.6 million self-employed people and sole traders in the UK, and 1.2 million businesses with at least one employee. That is 4.8 million in total. It is a fact, often noted, that if just one in 10 of these businesses took on an employee, or an additional employee, that would increase employment by 480,000.

In (Young 2012), it is estimated that if the UK had the same rate of entrepreneurship as the US, there would be approximately 900,000 additional businesses in the UK and that’s the real context for our stakeholders.

September 13, 2013
Business plan competitions , the benefits for all
The Business Plan Competition is one of the major tools for those institutions starting out with entrepreneurship as it provide a promotional platform for creating student awareness, real role models and institutional engagement. A large number of universities and colleges create an enterprise delivery strategy around this linchpin. From this they can hang workshops such ideas creation, business skills and also more personalized services such as mentoring and accelerators.

If it is done correctly it can generate a significant interest in the student population, local business and senior management, growing at an annual rate to ensure competitors from all facility or schools within the institution. A true win win!

So why should your institution run a business plan competition?

Enterprise Ethos

There are very few projects within the university which develops the enterprise ethos of the institution. The business plan competition can be made to work with all academic departments, staff and students to ensure that the benefits of enterprise are understood in the context of the institution. This management tool requires careful development but will product results which will be lasting in changing the ethos.

The development of students out of the class room is important in ensuring they understand that a continual approach to learning in the work place should be adopted at every stage of their life. The process of learning, developing new skills and applying them to real world problems in a creative way is one every degree student has to learn.

Celebration of enterprise

The awards event should be a celebration of enterprise whereby everyone associated with university enterprise, staff, researchers, students, businesses, By engaging the Vice Chancellor to deliver prizes and keynote speech you can ensure some level of support from others within the university.

Skills Development

Students will develop new skills through a competitive behavior and engaging in a number of pre-submission sessions. This ensures that a wider number of students gain experience whilst also increasing the competitions’ finalist ability. This is especially important when dealing with the expectations of sponsors and also ensuring that a sufficient story can be provided to the press. These role models are especially important when developing a sustainable competition. When we look at shell live wire, the press and PR exposure provided to the finalist has always been exceptional, ensuring the further development of the finalists businesses.

Student Role Models

Student peer development is an important learning pedagogy which ensures wide spread appeal when embedding enterprise into the student mindset. A diversity of business types and annual growth of this growth is an important factor for a student when seeking reassurance for their entrepreneurial thinking and endeavors.

It is important these role models are seen on event marketing collateral, made available during events and speak about their real life experiences. These experiences, should include The good, the bad and the ugly and should be demonstrated to the students that what ever life experiences come forward, its the learning from these that enables the entrepreneur to grow and succeed.

Business & Alumni Collaboration

It also brings in sponsors from businesses and more importantly alumni. These groups thrive on engaging students, their ideas and being part of the university culture. Once they get involved, they start to recruit students into their businesses, develop knowledge transfer partnership and take an active interest in the students and staff of the institution.

The competition will also create and should involve the institutions alumni of key role models for our student entrepreneurs. These groups of people make great judges, mentors, business coaches, sponsors and advisory board members which are so important in ensuring staff and students understand the needs of business and entrepreneurs.

Internal Collaboration

Opportunities for collaboration on a single project with a large number of internal stakeholders such as the student union, the incubator, university departments and external businesses is very rare at universities. One case study is from the Liverpool university which bases the competition out of the student union ensures the highest student engagement and also attendance at the finals. This engagement then ensures wider student perception of the competition and also from the widest demographics of students, from social sciences to biology.

Staff Development

The process of running the competition provides a good opportunity for staff development, providing opportunities to run a project from start to completion within one academic year which brings in the skills of marketing, student engagement, mentoring and skills development. The metrics can be easily obtained and understood by all parties and thus ensures a great opportunity for staff.

Student & Enterprise Society Engagement

Using enterprise society for promotion and student engagement is one of the best ways to ensure student involvement and ownership, This ensures you develop a student led approach to the marketing and earlier stages engagement of the competitors which allows them to forms founder groups. There are numerous statistics which show that a team is more likely to win a business plan competition.

The vast majority, even the most success one will admit they would like to Increased business engagement, with students, with research, with course development, with CPD. The business plan competition is the first step in getting businesses on campus and meeting students, from here we can sell in all the other aspects of the university. So getting them to sponsor, attend or engage with a competitor is one the most critical parts of the universities business engagement strategy.

The key KPIs for a business plan competition should be:
- The total number of student and graduate entries
- The total number of students engaged on social media
- The number of schools which enter
- The total prize money available
- The business categories
- The total hours of skills development
- The total number of students having skills development
- The number of businesses sponsoring
- The total number of businesses attending the presentations
- Increased student perception in enterprise
April 24, 2013
The entrepreneurial network – selecting yours
One of the least understated resource which any budding entrepreneur needs is a personal entrepreneurial network. When I run business startup programmes, the truly lasting resource they gain is a network of like minded people. The skill learnt is to be able to find out a common fact within 60 seconds and engage that person on a entrepreneurial level and is one of the first skills we learn as entrepreneurs.

There are numerous entrepreneurial networks offering different types of resources to start or improve entrepreneurial projects. However when selecting a network what is the criteria you should use to make you decision. Here are seven traits to look for.

Social capital

When we look at social capital with entrepreneurial networks, we see a number of factors which highlight the importance of the network and the development of trust. A number of researchers have underlined the importance of networks and social capital (Aldrich-Zimmer 1986, Burt 1992, Adler-Kwon 2002). There are numerous definitions of social capital, but the most appropriate one is ‘features of social organization such as networks, norms, and social trust that facilitate coordination and cooperation for mutual benefit’ (Putnam 1995, p. 67). What social trust does the network promote?

Collective Self-Efficacy

Collective efficacy refers to a group’s shared belief in its conjoint capabilities to attain their goals and accomplish desired tasks (Bandura, 1986). The network should want to collaborate in collective action to address the problems within the group. This mean the continue mutual benefit should remain through the stages of enterprise development. So how will you get the most out of this network while you grow? What can you provide to the group and what will they provide you?

Social Organization

The network should be organized with rules, routines and opportunities to engage with every member. According to Shane and Venkataraman (2000) the domain of entrepreneurship is a connection between opportunities and enterprising individuals. This connection within the network needs to be organized for it to be effective for you as a member. Look for network which provide these connection opportunities within its social structure.

Entrepreneurial set of norms

The entrepreneurial network has a set of norms which will help define the enterprise development, the business opportunities, the skills and the opportunities for future enhancement of the entrepreneur. What are the set of norms you will need?
- Innovation – Combined with leadership, the entrepreneurial network is an indispensable kind of social network not only necessary to properly run the business or project, but also to differentiate itself.
- Beliefs – Social beliefs are the expectations around which we organize daily social life. They allow us to put order into the world around us through kinship and social values. Does the network fit with your beliefs?
- Behaviors – The behavior traits such as dominance, extrovert, patience and conformity will be held within the group. Does it contain the right mix for your success?
- Routine – In general, entrepreneurs manage the risks around them by developing procedures and routines that enable them to access a suitable solution when a problem arises (Edvinsson and Malone 1999; Roos et al. 2001). If you have a regular access to the group, they can form part of you risk reduction strategy.
Size of Network

The network should have the diversity of people but also be large enough for you to constantly finding new people and opportunities. However your person network should be solid enough for people to know you well enough to interact with and provide and receive opportunities. The critical elements of the network are nodes, (members) and links (relationships) (Gartner 1988, Burt et al. 1994, Lipnack-Stamps 1994). So
- How well do you need to know someone to consider them part of your network?
- How many people can you consider to part of your network?
The network should be at ten times larger than this number. This allows for you be able to develop as a business owner and also find new people to discuss the entrepreneurial mindset.

Diversity of Membership

The importance of a diverse range of members in the network important in being able to quickly gain adequate human resources to fulfill the entrepreneurial achievements. These fit into the following groups.
- Business Services: Lawyers, Accountants, Marketing, Sales
- Co-Founders: Technologists, Scientists, Engineers, Business managers
- Client & Suppliers
- Partners – high skilled employees, mentors, investors
Online Network

The internet provides a faster and more reliable method of connecting and sharing with others. Therefore we see more entrepreneurial networks, both on dedicated sites and also on the main stream social networks such as twitter, Facebook and also Linkedin. Twitter is many groups of people who are dedicated to enterprise providing the information which is needed to start and develop a business. Linkedin has many groups which debate and connections can be developed to share business ideas and opportunities.

Chamber of commerce – http://www.britishchambers.org.uk/

Federation for small business http://www.fsb.org.uk/

Institute of directors – http://www.iod.com/

Enterprise Nation – http://www.enterprisenation.com/

NACUE – http://www.nacue.com/

Shell Livewire http://www.shell-livewire.org/

Sandbox – http://www.sandbox-network.com/
April 14, 2013
Sometimes Entrepreneurs have to look back to move forward

Over the last two years I have been very fortunate to engage with some of the most amazing people who are on an adventure, to boldly go into business…. taking their first entrepreneurial steps… starting their personal business brand.

These mostly young people are the future and their local community welcomes them which is very satisfying in this time of virtual worlds, social networking and globalisation. They are generate interest wherever they go.

The first thing I must emphasise is the diversity of ideas, the amazing breath of business diversity which people have. I know its obvious but it not every day you can sit with a forest management company, a tailor and a technology business. So I thought I would share just a few:

Forest Direct, a family run businesses that manage forests, developing relationships with real people, their land, the trees that live on them. Each part of this tri-relationship takes many years to foster as traditions and the cycle of the seasons is well established. New methods and technology provides opportunities, which has helped, www.Forestdirect.webs.com

Crowd source learning from dabbler, that aims to break down the barriers between those who have knowledge and those that need it, ensuring we can learn from the most inspirational person. The internet ensures a level playing field: education and our personal development in one site. www.dabblerr.com

Squid London, a dynamic and technology advanced design company which distributes via the world’s museums. Emma-Jayne Parkes and Viviane Jaeger the two co-founders are true inspiration in the development of a fashion label. www.squidlondon.com

SaferMinicabs which is in the early stages of launch has looked at the problems of safely booking a mini cab and how this entire process can be safer using modern mobile phones, GPS and the internet. www.saferminicabs.com

Suits that fits has developed an amazing innovative business model which ensure more people get a share and creates social good through tailoring. The innovation within their business model, processes and quality is truly amazing. www.asuitthatfits.com

Graduate Junction started out around two years ago serving the post graduate community and quick built a very loyal and active following. This year they launched Linkhigher, www.linkhigher.com which is meeting the demands of both the post-graduate and the employer, who want highly knowledgeable people, as shore winner.

I have also worked with many universities and see great sparks of enlighten entrepreneurship. These come from staff, students, student societies and the local community. Again I wanted to share some great examples:

Some of the course work done in universities is amazing and one of the best examples is from Brunel University, who create “250 Innovative Ideas: made in Brunel” each year. This beautiful book, which provides a snapshot of the work done in the student’s final year projects of engineering, design and multimedia students. This demonstrates the true ability of our graduates and how Britain still leads the world in good design. http://madeinbrunel.com

My First Million which was developed at Hertford University is one of my favourite learning tools for young people. The student watches video from the Dragon’s Den and other TV shows, once they have seen this, they decide if they want to invest. Then they see if the Dragon’s did and if a computer sim would. This creates a great learning experience and also starts to make us all aware of the learning potential of TV. http://www.myfirstmillion.tv

Some projects at Universities are about the community and the understanding we all have. The University of Plymouth created a book called “We Love Looe” which is a great children’s book which engaged and informed about the local surroundings. http://www.amazon.co.uk/Love-Looe-You-Will-Too/dp/1841022500

I have also looked for a less complex model of what makes an Entrepreneur, something which can be easily presented, understood and allow the student to start on their journey. This was found at the University of Huddersfield, developed by, John Thompson and Bill Bolton. The Focus, Advantage, Creativity, Ego, Team and Social aspects of the entrepreneur or the FACETS model. http://www.efacets.co.uk

I would like to thank you all for the inspiration and encourage you to keep the flame truly ignited in your entrepreneurial brand. In developing my next venture, I will take these learning’s with me.

June 19, 2011
The changing world provides us business opportunities

In the news recently Nokia and Mircosoft are teaming up. This is good news for both of these companies as they may now focus on what they both do best. One will make hardware which receives radio signals, which a person can use to communicate. The other will make an operating system which everyone can use. Surely a great day for the consumer, even though they have some development to do before we get our hands on the goods!

I can remember using my first mobile phone, it was a Motorola (1981) and you needed a motor vehicle to transport it. It was a carphone, you could even buy it in a special warehouse. Motorola really did dominate the first generation of mobile phones and no one, not even they expected ever to fail.

Then we moved to the second generation (GSM) and the Illinois based company just could not believe what was happening, even when their European executives told them. As with a lot of businesses they did not innovate fast enough, they did not see where the market was going and they just lost touch with their potential customers. They expected business as usual.

Nokia took over billion dollar market, they had better phones in terms of functionality and also in terms of diversity of style. The mobile phone became a consumer item, sold in supermarkets and everyone had a cupboard full of them at home.

Then we did the 3G thing, which cost a lot of money (in terms of licence bids and infrastructure). Whenever this happens companies become risk adverse and they try and control the business models, partners and also the consumer. The greedy operators were taxing everyone 50%, application, SMS and event the payment solution. The cosy manufacturer-operator-regulator friendship was working. Yes, the regulators all want to keep the status as it keeps them in a job too. So somthing had to change…

Then Apple and Google, who are always looking at markets in a fresh way, thought this has to stop. The internet has largely been free from regulations, so devised a plan to attack. Providing us, the consumer with better handsets, services and business models.

As a business owner-entrepreneur you must understand that everything everyday changes. You have to both believe in the change and want the change. Be the master of change and feed from it. Just because you are doing well today, providing a great product, there is out there, somewhere in cyber space, someone looking at your business wanting part of the action.

Be faster at creating change than any other business!

June 10, 2011
Be faster at creating change than any other business!

In the news today Nokia and Mircosoft are teaming up. This is good news for both of these companies as they may now each do what they both do best. One will make hardware which receives radio signals, which a person can use to communicate. The other will make an operating system which everyone can use. Surely a great day for the consumer!

I can remember using my first mobile phone, it was a Motorola and you needed a motor vehicle to transport it. It was a carphone, you could even buy it in a special warehouse. Motorola really did dominate the first generation of mobile phones.

Then we moved to the second generation (GSM) and the Illinois based company just could not believe what was happening, even when their European executives told them. As with a lot of businesses they did not innovate fast enough, they did not see where the market was going and they just lost touch with their potential customers. They expected business as usual.

Nokia took the billion dollar market, they had better phones in terms of functionality and also in terms of diversity of style. The mobile phone became a consumer item, sold in supermarkets and everyone had a cupboard full of them at home.

Then we did the 3G thing, which cost a lot of money(loans). Whenever this happens companies become risk adverse and they try and control the business models, partners and also the consumer. The greedy operators were taxing everyone 50%, applications, SMS and event the payment solution. The cosy manufacturer-operator-regulator friendship was working. Yes, the regulators all want to keep the status as it keeps them in a job.

Then Apple and Google, who are always looking at markets in a fresh way thought this has to stop. The internet has largely been free from regulations, so devised a plan to attack. Providing us the consumer with better handsets, services and business models.

As a business owner-entrepreneur you must understand that everything everyday changes. You have to both believe in the change and want the change. Be the master of change and feed from it. Just because you are doing well today, providing a great product, there is out there, somewhere in cyber space, someone looking at your business wanting part of the action.

February 11, 2011