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, Entrepreneurship Theory, Inclusive Entrepreneurship, Social Entrepreneurship, Sustainable Business Practices, Technology Integration, Venture Capital and Funding

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.
  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.
  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.
  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.
  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.
  7. Institutional Theory: This theory focuses on how institutional environments (like regulatory structures, cultural norms, and societal values) can influence entrepreneurial activity and outcomes.
  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.
  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.
  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.

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.

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.