Category Archives: 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.

Blog, Inclusive Entrepreneurship, Lean Startup Methodology, Social Entrepreneurship, Sustainable Business Practices, Technology Integration

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.

Inclusive Entrepreneurship, Legal and Regulatory Knowledge, Resources, Sustainable Business Practices

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).

Blog, Data Analytics, Enterprise Education, Inclusive Entrepreneurship, Legal and Regulatory Knowledge

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.

9 stages, Blog, Enterprise Education, Entrepreneurship Theory, Inclusive Entrepreneurship

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.

Blog, Inclusive Entrepreneurship

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