Entrepreneurship

Entrepreneurship

EntrepreneurshipBy: Caitlin and Neal9th March 20121Discussion PlanWho are entrepreneurs?EntrepreneurshipThe governments commitmentBusiness incubatorsEntrepreneurship linked into educationClass Activity

2What is an entrepreneur?An entrepreneur is someone with a new venture, project and is usually associated with creative thinking, driving innovation and championing change. Boddy (2008:6)Entrepreneurs use innovation to exploit or create change and opportunity for the purpose of making profit. They do this by shifting economic resources from an area of lower productivity into an area of higher productivity and greater yield, accepting a high degree of risk and uncertainty in doing so. Burns (2011:13)

3Entrepreneurshipthe mind-set and process needed to create and develop economic activity, blending risk-taking, creativity and/or innovation with sound management within new or an existing organisation European Commission (2004)Entrepreneurship, innovation and enterpriseNational Centre for Entrepreneurship in Education attributed ~68.3 million to the UK economy

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What do you think?5Governments Commitment New Enterprise Allowance Scheme:Weekly allowance worth 1,274 Start-up loan 1,000Mentoring supportEnterprise Investment Scheme:Small higher-risk trading companiesIncrease tax relief to 30%

6Governments Commitment ContinuedIncrease Enterprise Zones:30,000 new jobs by 2015Birmingham, Manchester, Newcastle and Merseyside 100% business rates relief Banks:76 billion worth of new credit available to SMEs7Can government policy work?Entrepreneurial activity = economic growth and developmentIs government able to positively influence entrepreneurial activity?One policy does not fit allFinancial support = negative impact?Enterprise Zones do they really work?

8Can government policy work?Enterprise Zones:Stimulate rapid investment Unsuccessful in 1980s 80% of jobs created taken from elsewhereIneffective at sustainable economic growthIn 1980s cost 23,000 per job created

9Business Incubators (BI)Established in 1959 New York300 BIs in the UKAverage 167 jobs and 30 businesses per unit98% success rateSlight impact

the business incubator seeks to effectively link talent, technology, capital and know-how in order to leverage entrepreneurial talent and to accelerate the development of new companies Smilor and Gill (1986)10The Department for Business, Innovation and Skills (BIS)Who are they?Enterprise Directorate Aims: Increase enterprise within schoolsUniversity Enterprise NetworksNational Centre for Entrepreneurship in EducationIncrease women entrepreneursGlobal Entrepreneurship Week

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http://www.youtube.com/watch?v=tr_SFSyDZk0 12Educating Enterprise: National Association of College & University EntrepreneursAims:Sustainable developmentInspire, educate and trainLink students with entrepreneursSupport student-led enterprise initiatives

We want to grow the next generation of entrepreneurs by ensuring that young people get hands-on experience of enterprise at college and university. I am pleased to offer my support to NACUE and its partners as they drive forward this project to give students valuable experience that could help them set up their own businesses in the future. Mark Prisk Minster for Business and Enterprise (NACUE, 2011)

13Educating Enterprise: National Centre of Entrepreneurship in Education

2004Coventry University Technology ParkProgrammes and projects cultivating entrepreneurshipLeadership and ManagementAcademic environmentStudentsGraduatesCollaborate with partners and organisations 14

15Educating Enterprise: National Centre of Entrepreneurship in EducationAims: OpportunitiesInfluence environmentConvert intent and aspirationsDeliver impact

17:1 return ratio27,000 graduate members465 students started businesses14.03m gross value added3,558 graduates enrolled in 20101379 new business by 201116OverviewEntrepreneurship is the mechanism through which economic growth takes place. Minniti (2008:789)Government policy - one size does not fit allBusiness incubators support systems, but do they go beyond that?NCEE and NACUE collaborating with government and organisations

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What is the best way to promote entrepreneurship?18ReferencesBIS. (2011) About Us. [Online] Available from: http://www.bis.gov.uk/about [Accessed 28/02/2012]. BIS. (2011) Enterprise & Business Support. [Online] Available from: http://www.bis.gov.uk/policies/enterprise-and-business-support [Accessed 28/02/2012]. BIS. (2011) Entrepreneurial Culture. [Online] Available from: http://www.bis.gov.uk/policies/enterprise-and-business-support/entrepreneurial-culture [Accessed 28/02/2012]. Boddy, D. (2008) Management: an Introduction. 4th ed. Harlow: Pearson Education Limited.Burns, P. (2011) Entrepreneurship & small business: start up, growth and maturity. New York: Palgrave Macmillan. Dee, N.J., Livesey, F., Gill, D. and Minshall, T. (2011) Incubation for Growth: A review of the impact of business incubation on new ventures with high growth potential. NESTA Drucker, P. (1985). Innovation and entrepreneurship . London: Heinemann.DWP (2012) The New Enterprise Allowance (NEA). [Online] Available from: http://www.dwp.gov.uk/adviser/updates/new-enterprise-allowance/ [Accessed 05/03/2012]. Evans, T. (2012) A Saucy millionaire role model for serial entrepreneurs. Entrepreneur. [Online] Available from: http://www.entrepreneur.com/article/222602 [Accessed 05/03/2012]. HM Treasury. (2011) The Government announces 11 new Enterprise Zones to accelerate local growth, as part of the Plan for Growth. [Online] Available from: http://www.hm-treasury.gov.uk/press_96_11.htm [Accessed 05/03/2012]. Li, W. (2002). Entrepreneurship and government subsidies: A general equilibrium analysis. Journal of Economic Dynamics & Control, 26(11), pp. 18151844.Minnit, M. (2008) The role of government policy on entrepreneurial activity: productive, unproductive, or destructive? Entrepreneurship Theory and Practice, 32 (5), pp. 779-790. NACUE Ltd. (2011) Government announces investment in student entrepreneurs of tomorrow. [Online] Available from: http://nacue.com/2011/11/government-announces-investment-in-student-entrepreneurs-of-tomorrow/ [Accessed 28/02/2012]. NACUE Ltd.(2011) NACUE. [Online] Available from : http://nacue.com/.Last [Accessed05/03/2012]. NCEE (2012) Impacts of NCEE. [Online] Available from: http://www.ncee.org.uk/impact_of_ncee [Accessed 01/03/2012]. Sissons, A. and Brown, C. (2011) Do Enterprise Zones Work? The Work Foundation. [Online] Available from: http://www.theworkfoundation.com/assets/docs/publications/283_Enterprise%20Zones_24%20Feb_FINAL.PDF [Accessed 01/03/2012]. Smilor, R. W. and Gill, M.D. (1986) The new business incubator: linking talent, technology, capital and know-how. Lexington: Lexington Books. Tamasy, C. (2007) Rethinking technology-oriented business incubators: developing a robust policy instrument for entrepreneurship, innovation, and regional development. Growth and Development, 38 (3), pp. 460-473.

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