Are entrepreneurs born, or can they be created? Amy Davies looks at the efforts to teach enterprising skills.
Like many others, Ed Reeves, co-founder of Moneypenny in Wrexham, studied business, in his case as part of a sports science degree. He reckons that nothing from the course has helped him in practical terms. But the subject of his thesis - the correlation between service and profit - inspired the outsourced personal assistant business which he runs. "I don’t believe university creates entrepreneurs," he says. "It incubates them for a period while they grow in confidence."
For him, there's no single model for a successful business person. "To some, it's a reckless spirit that's willing to risk it all for self-gain," he says. "That entrepreneur is born, not taught. To others, it's the person who is creative and manages risk. This person, who already has the right attitude, can be taught."
Metal trading entrepreneur Nirmal Chhabria is keen to nurture aspiring business talent through his Masterclass Enterprise Academy venture. He's on the international advisory board at Cardiff University, but says it's not all about classroom learning. "University helps an individual learn a number of aspects, such as how to work with groups of people, how to act in different situations and how to act in difficult circumstances," he says.
Anyone can do it: "We are all born entrepreneurs, we all have the potential, it just might need bringing to light," he says.
That's a view echoed by Jonathan Deacon, reader in entrepreneurship and marketing at the University of Wales, Newport. He says: "We are all born creative and inquisitive, but some people have those things 'educated out' or need help in finding them."
Deacon argues that going to university can have various advantages: "It's everything from personal development through to understanding how business functions and who can assist in commercial development," he says.
Another benefit is the dedicated support centres on campus, such as Glyndwr's Centre for Entrepreneurial Learning (CfEL), which supports students and staff in developing enterprising approaches. It provides access to entrepreneurs who want to "put something back" into the university system, acting as role models and mentors to the students while informing the curricula.
At Newport University, mentors are known as entrepreneurs in residence. A concept popular in the US, the team of ten successful business people can open up networks, offer advice and tell students inspirational stories. Business support organisation Venture Wales has its own dedicated incubation centre at the University of Glamorgan and works with other institutions across Wales. Managing director Phil Cooper sees university as the first challenge for bright young people to overcome. There, he believes: "Students develop a greater degree of personal confidence, communication, analysis and the ability to think in wider terms, which are also important traits of a successful entrepreneur."
In some cases, universities can provide support, assistance and opportunities for networking long after the student leaves. At Glyndwr's CfEL, for example, workshops, mentoring, lectures, events and information are available to any graduate of the university for as long as they want to use them.
Glyndwr's enterprise associate Matthew Draycott says: "A set of skills, attitude and behaviours can be developed with help to cultivate entrepreneurial activities. These skills revolve around the ability to spot opportunities and build creative solutions."
Regardless of whether the entrepreneurial spirit can be taught, it should be encouraged: "Enthusing Wales' next generation of wealth-creating entrepreneurs should be of paramount important to business leaders and to the government as we enter a period of sluggish job growth."
While the relationship between business and education is not straightforward, Cooper believes it's worth the effort: "There's a symbiosis between universities and business, and there's a lot of support we can provide each other."
Venture Wales favours a practical approach with its links. The business incubation unit at Glamorgan provides start-ups and smaller but growing companies with a location to develop and grow their business, along with boardroom facilities, desk space and intensive business support.
Cooper says the centre provides support at the critical stages of starting and growing a new business, increasing the chance that it will succeed in the long run. And Venture Wales adds insights on topics which are not traditionally covered in academia, such as how to make the next sale, how to hire and so on.
Wales could do with more entrepreneurs, as the private sector is smaller here than in other parts of the UK. Cooper suggests a change in attitudes to "raise the aspiration levels of youth" is desperately needed. To do this, he believes that "supporting companies with robust mentoring programmes and with accessible funding will make entrepreneurship something to aspire to."
Deacon has a similar outlook. "We need to raise the expectations and aspirations of the youth of Wales. We need to celebrate business owners, scientists and engineers," he says.
Draycott would like to see public sector seed funding for ambitious start-ups. With this type of scheme, young people could bid to get their ideas off their ground, with successful businesses repaying the fund to keep it sustained.
Chhabria urges young people to stick to their guns and push on with their ideas: "Many young people hesitate and are sceptical to launch their venture. When you believe in something you have to come out and make it work no matter what anyone may say," he says.
At Moneypenny, Reeves says entrepreneurs need a bit of encouragement to reach their potential: "Everyone needs the drive to succeed, but they also need knowledge, mentoring and/or experience. Give them access to one or all of those and they'll fly."
Also in: March/April 2011
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Make your own history
When the history websites are written, 2011 will be seen as a critical date for Welsh politics. It may also be a crucial date for relations between business and politics.
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The grafting gateway to Wales
Flintshire, Wrexham and Denbighshire form a hard-working corner of Wales with a wide spread of industries, finds Glyn Mon Hughes.