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Increasing entrepreneurship in ethnic minority communities. Raj Patel Director Talent Economy raj@talenteconomy.co.uk. Content. Workshop on early stage enterprises rather than SME growth and development Has ‘traditional business support’ been right for early stage BAME enterprises?

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Increasing entrepreneurship in ethnic minority communities

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Increasing entrepreneurship in ethnic minority communities

Increasing entrepreneurship in ethnic minority communities

Raj Patel

Director

Talent Economy

raj@talenteconomy.co.uk


Content

Content

  • Workshop on early stage enterprises rather than SME growth and development

  • Has ‘traditional business support’ been right for early stage BAME enterprises?

  • What can be done differently? How can support be improved?

  • New ideas or lessons to take away from today


The new context

The new context

  • Demographic change - a new BAME generation with young people the fastest growing demographic

  • Growing self-employment … but in many cases no customers!

  • Sharper competition across all markets

  • Technology and multi-channel marketing

  • Growing need for social enterprise as the welfare state continues to shrink … with private sector partners

  • Physical retail in the dole-drums but opportunities for exciting business ideas, e.g. pop-up shops

  • Some targeted schemes but overall cuts in business support – with gaps not yet filled by Local Enterprise Partnerships


What makes entrepreneurs entrepreneurial

What makes entrepreneurs entrepreneurial?

  • Traditional enterprise education sequential process:

    Set end goal  Select means  Execute

  • Evidence suggests that actual entrepreneurship involves:

    Given means  Execute  Range of possible ends

Who you are

What you know

Who you know

Sarasvathy, S (2001), University of Washington


Rethinking aspects of business support

Rethinking aspects of business support

  • From the idea of a heroic entrepreneur to a collaborative approach

  • Means starting with people not just the idea

  • Confidence building and staying power; who is in your ‘team’?

  • More creative thinking … lateral ideas; market testing and experimentation

  • Building social capital … the role of connectors

  • Technology

  • Formula based business plans that miss the point

    For example, see ‘Don’t make my eyes bleed’ by Neil Davidson at http://neildavidson.com


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