Welcome to the Make Your Mark’s Enterprise Insights where only the most interesting enterprise developments and stories are delivered to you fortnightly.
Creating enterprising places
A greater culture of enterprise, including the encouragement of more ‘serial entrepreneurs’, should be created in order to establish a new generation of high growth firms in the UK, according to a study published by BERR. Analysis of the highest growth firms in the UK and US reveal a narrowing gap between the countries’ firm growth - a finding which ‘reinforces the importance of the five enterprise enablers’ in the Government’s Enterprise Strategy; skills and knowledge, business innovation, access to finance, enterprise culture and networks.
Real-world education and skills
Developing young people’s economic and business understanding (Ofsted – pdf: 145KB)
A third of young people find that business education is uninspiring, whilst a half believe that there is not enough interaction directly with businesses, according to a report by Ofsted based on three and half years of school inspections. Whilst the report highlighted major improvements in the standard of business education, they suggest that schools need to run more mini-enterprise projects and to deliver a greater development in business understanding for all students, not just those on business-specific courses.
Driving up innovation in businesses
Annual Innovation Report 2008 (DIUS – pdf: 7.4MB)
The UK economy is becoming more innovative, with a rise from 49% of businesses in 2001 being innovation active to 68% in 2007, according to the latest assessment of innovation in UK released by DIUS. The report also highlights a 4% rise in the amount spent in the UK on innovation, and a 3% rise in the contribution of businesses (as opposed to government) to this expenditure. The report suggests new ways the government can work to promote innovation and enterprise, including the new University Enterprise Networks.
Unlocking enterprise potential
Knowledge Economy and Enterprise (Work Foundation: pdf: 633KB)
Enterprise policy in the UK should be focused on quality not quantity – encouraging high growth ‘gazelle’ businesses and more enterprising employees, rather than aiming for greater SME numbers, according to a recent publication by the Work Foundation. The report argues that there is need to fully explore the role of ‘intrapreneurs’ – entrepreneurial employees – in driving business growth, and that more research should be conducted in this area.
In the media
70% of entrepreneurs aged over 55 are still in business after six years, compared to just 19% overall, according to figures released by The Prince’s Initiative for Mature Enterprise. Their surveys also found that 16% of those aged between 55 and 64 had an as-yet unrealised start-up dream.
Mayor of London Boris Johnson has launched a £23 million support package for businesses in the capital, including a range of measures to encourage new start-up businesses.
Entrepreneurs in the UK are motivated by independence not the desire to make lots of money - unlike the US where the reverse is true - according to a survey by Barclays and the Economist.
An international comparative study has shown that Britain’s 10 and 14 year olds are the highest achievers in maths and science in Europe – although the Children’s Minister Ed Balls responded by saying that ‘we need to make sure every child has fun in the classroom as well as achieving good results’.
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