Entrepreneurship Education and Social Empowerment: Widening Participation for Self-Sufficiency

1. Entrepreneurship Education and Social Empowerment: Widening Participation for Self-Sufficiency Dr. Bill Gleave School of Entrepreneurship and Business

2. Overview of Presentation • Conceptual issues • South-Essex – the socio-economic framework and ‘entrepreneurship gap’. • Entrepreneurship education and its links to social and economic regeneration. • Widening participation in South-Essex – some key issues.

3. Why Entrepreneurship? The relationship between entrepreneurship and economic growth is complex and indirect. However, a substantial body of research literature exists suggesting that entrepreneurship…. • Increases diversity, making a region more conducive to innovation. • Simulates more competition leading to superior economic performance. • Creates a higher stock of jobs in the economy, particularly in the longer run. • Has demonstrational and motivational effects within the labour market. • Is an important vehicle for social empowerment and change.

4. Categories of Business Start-ups

5. Multidimensional Attributes of the ‘Entrepreneur’ • The person who assumes the risk associated with uncertainty. • The supplier of financial capital. • An innovator. • A decision-maker. • An industrial leader. • A manager. • A coordinator of economic resources. • The owner of an enterprise. • An employer of factors of production. • A contractor. • An allocator of resources. • The person who realizes the start-up of a new business. Which dimensions can be learned? (Wennekers & Thurik 1999)

6. Thames Gateway South-Essex

7. Three Pillars of an Entrepreneurial Culture in South-Essex Positive attitudes of key stakeholders towards entrepreneurship as a vehicle for new employment and wealth creation Supportive and enabling public policy framework Competitive local socio-economic structure

8. The University/Region Value Added Management Process

9. Persistence of Regional New Firm Formation Activity Regional Economic Development Employment growth Labour productivity Change in gross value added Individual Behaviour Start a business Propensity to start a business (nascent entrepreneurship) The Impact of Entrepreneurship on Economic Performance and Individual Behaviour

10. Spatial Differences in Average VAT Registration Rates and Educational Attainment to NVQ4+ in South-Essex (2001-2005) Source: Local Area Labour Force Survey (2003)

11. ‘Business Churn’ in South-Essex

12. Socio-economic Structure of South-Essex – SWOT analysis

13. Traditional Economy to Enterprise Economy Enterprise knowledge and awareness Entrepreneurial skills Appreciation of innovation and competitiveness COMPETITIVE ECONOMY

14. Teaching Enterprise Skills (1) • We can certainly study entrepreneurship but can it be taught? • Entrepreneurship cannot be taught, but can only be facilitated through a holistic strategy. • Entrepreneurship is first and foremost a mindset. • An entrepreneurs mission is the driver that seeks to connect with emergent opportunities in today’s highly chaotic and disruptive external environment.

15. Teaching Enterprise Skills (2) Methods include: • Entrepreneurship education – using business start-up simulation – experiential learning • Intrapreneurship education– using corporate project simulation – experiential learning • Theoretical/empirical entrepreneurship education – understanding of the role of enterprise, entrepreneurship and innovation in the economy.

16. University Offerings vs. Entrepreneur’s Learning Needs

17. The School of Entrepreneurship and Business – University of Essex (1) • New department offering a range of MSc programmes linking entrepreneurship to more traditional business related disciplines e.g. international business, marketing. • 5 new undergraduate programmes starting in October 2007. • Sponsored PhD research undertaken • Research derived CPD programmes on topics such as building and sustaining networks, creativity and innovation. • Developed with the intention of contributing to the culture of enterprise and entrepreneurship within the region.

18. The School of Entrepreneurship and Business – University of Essex (2) Strategic and philosophical approach: • Creation of international networks with university departments and hi-tech firms in China and India. • Promotion of entrepreneurship and innovation amongst local business networks. • Business incubator centre • Coordinator of global and local linkages delivering real economic benefits.

19. Entrepreneurship – An Inclusive Subject Psychology Marketing Economics ENTREPRENEURSHIP InternationalBusiness Geography Arts and Creativity

20. The Challenge of the Creative Economy • Composite index comprised of 4 variables: • Average VAT registrations per 10,000 adult population (2000-2004) • Creative industries location quotient (2004) • Average gross annual income (2000-2003) • Average % of workforce educated to NVQ4+ (2000-2004)

21. Interrelationships between Creative Industry Employment and Key Regional Indicators in East of England Source: NOMIS

22. Educational Attainment Level 4+ Creative Industry Specialisation New Business Start-ups Income Higher Educational Attainment, Creative Industry Specialisation and New Venture Creation Educational attainment permitting access to employment in higher value-added sectors Educational attainment equipping entrepreneur with skills to start new business venture Potential spin-off activity Employment in higher value-added activities > Increased income levels Innovative high-growth start-ups > Increased income levels