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Make Your Mark | Policy & Research
172 Drury Lane
London WC2B 5QR
policy@makeyourmark.org.uk

www.makeyourmark.org.uk




                                TAKING ENTREPRENEURSHIP GLOBAL
                                      A briefing paper prepared by Make Your Mark,
                                     the UK’s campaign to unlock enterprise potential


                        Entrepreneurs drive economic growth. All countries depend on
                        the aspirations and ideas of their people to innovate, create
                        jobs and prosper.

                        Ever-faster means of communication and increasing ease of
                        travel make it easier for entrepreneurs to start up and
                        succeed on a global stage.

                        But nations must do more than just rely on these trends. They
                        need to unleash their citizens’ ideas to scale up enterprise. This
                        means using tried-and-tested tools, like enterprise campaigns
                        and education initiatives, to encourage people to think and act
                        in enterprising ways: to spot opportunities, marshal resources,
                        and turn their ideas into reality. Above all, it means
                        engendering a ‘global mindset’ amongst budding
                        entrepreneurs – in order that they think on a global scale, have
                        global ambitions and make global connections. This briefing
                        offers some suggestions on how to do this.




                                                     Published: July 2008
1. Parker, S.C. (2005) ‘The economics of     Entrepreneurs underpin growth                           Global horizons mean new
    entrepreneurship: What we know and
    what we don’t’, Foundations and trends                                                                opportunities
    in entrepreneurship, Vol.1, No.1, pp.1-54.    In an increasingly competitive world, societies
    2. Saxenien A (2006) ‘The New
                                                  and communities need more entrepreneurs.                Since the 90s we have witnessed an
    Argonauts’, Anna Lee Saxenien,                They innovate, create jobs, increase economic           unprecedented increase in the speed of
    Harvard University Press                              1
                                                  growth and therefore help ensure a nation’s             communications across the world, and a
    3. Nickerson, R.S. (1999) ‘Enhancing          competitiveness. More broadly, economies                decrease in the barriers to movement – of
    Creativity’, in ed. Sternberg, R.J.
    Handbook of Creativity. Cambridge
                                                  require people with enterprising skills as              people, products and services. This has enabled
    University Press.                             employees who can innovate and help compa-              enterprise and amplified opportunities for
    4. For instance, networks are known to
                                                  nies to grow. Entrepreneurs and enterprising            entrepreneurs, as illustrated by the following
    increase the survival and growth rate of      people spot opportunities, take risks, have ideas,      case studies.
    start-ups (Brüder, J. and Preisendörfer, P.
    (1998) ‘Network support and the success
                                                  and make them happen.
    of newly founded business’, Small
    business economics (10)3, pp. 213-225)
    and networked individuals are likely to
                                                  Entrepreneurship is not a zero-sum game. One
    enjoy higher returns on their ventures        country’s success does not deprive other
    than those who are not (Burt, R. (2000)
    The network structure of social capital,
                                                  countries in the long-term. For example, it is
    University of Chicago and European            currently the dynamism of India and China that is
    Institute of Business Administration
                                                  shoring up growth and enabling businesses to            / Inspiration. Coffee Republic was formed
    (INSEAD), Helsinki).
                                                  remodel themselves. Entrepreneurs help cement           in 1995 by Bobby and Sahar Hashemi, a
    5. For an overview of factors
                                                  trade opportunities between emerging and                British brother and sister team. They found
    underpinning enterprise performance,
    including connectivity, see Atherton, A.
                                                                            2
                                                  established eceonomies. In addition, the sharing        their inspiration abroad and took their
    (2007) ‘Mapping enterprise: challenges
                                                  of ideas betewen entrepreneurs and innovators           business idea back home. On a trip to New
    and constraints in developing spatial
    measures and indicators of                    across the globe are our best hope in tackling the      York, they found that the city’s coffee bars
    entrepreneurial activity,’ paper
                                                  major global challenges of poverty and climate          offered a high quality and wide choice of
    presented at the RGS-IBS Annual
    Conference 2007.                              change - two problems which connect all nations         espresso-based coffee drinks not available
                                                  and where opportunities for collaboration are the       in the UK. The idea travelled well: Coffee
    6. It is of course the case that many
    businesses start – and stay – local. The      greatest.                                               Republic now operates over a hundred
    argument, however, is that it is now                                                                  coffee bars in the UK and has expanded
    easier for businesses to become global;
    and for businesses to be founded                                                                      internationally to countries including UAE,
    without a fixed geographic market.                                                                     Ireland, Bahrain and Oman. The company
                                                                                                          now has a market capitalisation of around
                                                                                                          £6.5 million (equivalent to around US$12.8
                                                  What enterprising people need                           million).
                                                  But if entrepreneurs are to drive up growth and
                                                  address social and environmental issues they
                                                  need three things to succeed:                            / Resources. Kiva.org was set up in 2005
                                                                                                           to link providers of finance with those
                                                  / Inspiration. Entrepreneurs are creative – they         seeking small sums to start a business.
                                                  produce new and better products and services             The website allows lenders to find
                                                  and ways of delivering these. In order to                entrepreneurs in other countries and
                                                  maximise creativity, entrepreneurs and others            contribute capital to their projects. Kiva’s
                                                  need their curiosity to be stimulated and                270,000 lenders have provided 40,000
                                                  rewarded in a culture that offers plenty of              borrowers in 40 countries with loans
                                                                                 3
                                                  opportunities for exploration. The environment           totalling US$27 million.
                                                  must celebrate and reward risk-taking.

                                                  / Resources. Most obviously this means tangible
                                                  support – start-up capital, or production inputs.
                                                                                                           / Markets. The speed of growth of the
                                                  Equally important are intangible resources, such
                                                                                                           internet has allowed internet-based
                                                  as advice on pricing or marketing strategies. This
                                                                                                           businesses to find consumers more
                                                  could come from state business support,
                                                                                     4                     easily, and therefore scale up their
                                                  peer-group networks, or mentors.
                                                                                                           activities very fast. An example is
                                                                                                           Google, founded in 1998 by two people,
                                                  / Markets. Businesses must have buyers for their
                                                                                                           Larry Page and Sergey Brin, which now
                                                  products. But this is not enough. They also need
                                                                                                           employs 20,000 people. Google is one
                                                  ‘connectivity’ – a route to get their product/service
                                                                                                           of the five most popular sites on the
                                                  to those buyers, which includes transport links
                                                                              5                            internet, and is used by millions of
                                                  and internet connections. It is possible for
                                                                                                           people worldwide, with a market
                                                  businesses to be ‘born global’ - with a global
                                                                                        6                  capitalisation of US$179 billion. In a
                                                  vision and serving global markets.
                                                                                                           similar vein, the social networking site
                                                                                                           Facebook has over 72m users world-
                                                                                                           wide.




2
7. Some other groups are also well
                                                                                                                placed to take advantage of recent
                                                                                                                trends in transportation and
                                                                                                                communications, including for instance
                                                                                                                migrants, as described by Saxenian, A.
Young people can grab new                               What we can do to help                                  (2006) The new Argonauts: Regional
                                                                                                                advantage in a global economy,
opportunities                                                                                                   London: Harvard University Press.
                                                        If young people are to fulfil their potential, relying   8. Harris Interactive, Inc. (2007) Survey
Thus, aspects of globalisation are helping              on enabling factors and trends is not enough.           Report created for the Ewing Marion
                                                                                                                Kauffman Foundation, October 15, 2007.
entrepreneurs, and one of the best ways to take         Countries can do more: encourage more young
advantage of these factors, to create wealth and        people to think about enterprise; turn these            9. Department for Business Enterprise
                                                                                                                and Regulatory Reform (2005) SBS
social benefit, is to focus on young people - who        ‘thinkers’ into ‘doers’; and help budding entrepre-     household survey of entrepreneurship
are particularly affected by the changing               neurs to broaden their horizons in order to tap into    www.cabinetoffice.gov.uk/third_sector/
                                                                                                                Research_and_statistics/
environment :
             7
                                                        these new opportunities.                                social_enterprise_research/~/media/
                                                                                                                assets/www.cabinetoffice.gov.uk/third_
                                                                                                                sector/sbs_household_
/ They think about entrepreneurship and want            In particular, countries should:                        survey%20pdf.ashx [accessed on
                                                                                                                15.07.08]
to be their own boss. For instance, 40% of
adolescents in the US are interested in starting up                                                             10. The ‘early-stage entrepreneurial
            8                                           / Inspire more young people. Entrepreneurship-          activity’ category as defined by the
a business. In the UK, 16-24 year-olds think more
                                                        promotion campaigns in the UK have helped               Global Entrepreneurship Monitor (for
about starting a business than any other age                                                                    more information see
                                                        increase the proportion of young people starting        www.gemconsortium.org) includes
group.9 In fact, in most countries the 25-34 age
                                                        up and running a business. Evidence shows that          those who are setting up a business as
group is most likely to demonstrate early-stage                                       17                        well as those who are owner-managers
                                                        Total Entrepreneurial Activity among 18 to 24           of a new business. See also Bosma, N.,
entrepreneurship.10                                                                             18
                                                        year-olds increased from 2.7% in 2002 to 3.7% in        Jones, K., Autio, E. and Levie, J (2008)
                                                                                                                Global Entrepreneurship Monitor: 2007
                                                        2006 – an increase of 37%. This compares to a 7%        Executive report, US: Babson College,
/ They think about global issues. The success of        increase for the entire population, from 5.4% to        UK: London Business School
campaigns such as Invisible Children11, and of          5.8% of the same period. In addition, 64% of 18 to
                                                                                                                www.gemconsortium.org.

campaigns to raise the profile of issues such as         24 year-olds in the UK think entrepreneurship is a      11. The campaign aims to document
poverty or climate change, shows that young             good career choice and 80% think that entrepre-
                                                                                                                and improve the lives of those living in
                                                                                                                regions of conflict and injustice. For
people care about global issues. In the UK, the         neurs have a high status in society, the highest of     more information see
highest level of social entrepreneurial activity is     all age groups.
                                                                        19                                      www.invisiblechildren.com.
                                                   12
amongst the youngest age group, aged 18-24.                                                                     12. Harding, R. (2006) Global
Young people think about global issues and want         / Upskill more young people. Education plays a
                                                                                                                Entrepreneurship Monitor - Social
                                                                                                                entrepreneurs specialist summary 2006
to find sustainable solutions to tackle these.           major role in equipping young people with skills        www.gemconsortium.org.
                                                        for their future. Many education systems lack a         13. Year Out Group quoted in VSO
/ They increasingly want to travel and spend            focus on enterprise. The US-based Kauffman              (2007) Ditch (un)worthy causes, VSO
time abroad. For instance, around 200,000               Foundation and NCGE in the UK have demon-
                                                                                                                advises gap year students, press
                                                                                                                release 14 August
Britons take a gap year every year, with 130,000        strated the impact of enterprise can have on            www.vso.org.uk/news/pressreleases/
                       13
straight out of school. Young people are                universities. Such a focus has been shown to
                                                                                                                ditch-unworthy-causes.asp.

therefore increasingly exposed to different             increase the likelihood that people will set up         14. MTV, Nickelodeon and Microsoft
environments, increasing their chances of               successful businesses.20 It also equips them for a
                                                                                                                (2007) Youth and digital tech,
                                                                                                                http://advertising.microsoft.com/asia/
spotting opportunities.                                 successful career; research finds that children who      NewsAndEvents/PressRelease.aspx?
                                                                                                                Adv_PressReleaseID=629.
                                                        take part in a business education scheme at
/ They use social media. Recent studies show            school will go on to earn a third more than their       15. Ibid.
that the average young person online has 86             peers.
                                                               21
                                                                                                                16. The Future Laboratory (2008)
people in their social networking community. 14                                                                 Myspace 08 : People. Content. Culture.
Many use social media to reach out across the           / Expand the horizons of more young people.             17. Total Entrepreneurial Activity
globe, again increasing chances of spotting             International exposure encourages people to ‘think      comprises all the people who are
opportunities. For instance, an impressive 93% of       global’. For instance, evidence suggests that
                                                                                                                setting up a business by themselves or
                                                                                                                with other people as a stand-alone
Chinese young people aged 8-14 have more than           studying abroad increases ‘global-mindedness’           activity, those who are setting up a
one friend online they have never met face to           and interest in world affairs. But more importantly,
                                                                                     22                         business by themselves or with other
     15                                                                                                         people as part of their work, and those
face. Many already use their access to the              it develops entrepreneurial skills and attitudes:       who own or run a business that has not
internet in an entrepreneurial way – in the UK,         90% of those surveyed felt that they were more
                                                                                                                been paying salaries for more than 42
                                                                                                                months. For further information please
one in seven 18-24 year old users of social media       open to new ideas, and 80% felt more able to            see the Global Entrepreneurship Monitor
                                          16
to earn money through their web-pages. Online           make decisions as a result of study abroad.
                                                                                                      23        www.gemconsortium.org

businesses will not scare this age-group.                                                                       18. Harding, R. (2002) Global
                                                                                                                Entrepreneurship Monitor – UK 2002
                                                                                                                report www.gemconsortium.org

                                                                                                                19. Harding, R. (2007) Global
                                                                                                                Entrepreneurship Monitor – UK 2006
                                                                                                                report www.gemconsortium.org

                                                                                                                20. Harding, R., Brooksbank, D., Hart,
                                                                                                                M., Jones-Evans, D., Levie, J., O'Reilly,
                                                                                                                M., and Walker, J. (2006) Global
                                                                                                                Entrepreneurship Monitor – UK 2005
                                                                                                                report www.gemconsortium.org

                                                                                                                21. AOL United Kingdom (2008) Young
                                                                                                                Enterprise scheme hailed, 30 May
                                                                                                                http://money.aol.co.uk/money-
                                                                                                                news/young-enterprise-scheme--
                                                                                                                hailed/article/20080529013409990001
                                                                                                                [Accessed on 15.07.08]

                                                                                                                22. Hadis, B.F. (2005) ‘Why Are They
                                                                                                                Better Students When They Come Back?
                                                                                                                Determinants of Academic Focusing
                                                                                                                Gains in The Study Abroad Experience’,
                                                                                                                Frontiers: The Interdisciplinary Journal of
                                                                                                                Study Abroad, Vol.11, pp. 57-70.

                                                                                                                23. Ibid.


                                                                                                                                                              3
CALL TO ACTION
Achieving an economy’s entrepreneurial potential requires every part
of society to be mobilised. We recommend the following:

1. Governments must support the promotion of entrepreneurship
amongst young people. They cannot do this on their own - and so
should support other actors working towards this goal

2. Education systems must equip and upskill young people with an
enterprising spirit and global mindset - from an early age

3. Businesses must offer opportunities to develop entrepreneurial
abilities of their employees, provide space to use these in the
workplace, and work with educators to bring enterprise to life

4. The media must be inspired and encouraged to celebrate
entrepreneurship, and inform the public about the economic and
social contribution of entrepreneurs

5. Social media must provide platforms that break down barriers,
such as language, and enable connections

6. Entrepreneurs must act as role models for young people by sharing
their stories, by mentoring, and by encouraging the next generation of
entrepreneurs



Individually, countries can achieve much of this. But working together,
and harnessing the power of social media and young people’s interest
in enterprise and global issues, they can accomplish much more.
Nations should therefore share best practice, build common activities,
and create a movement, greater than the sum of its parts, which
would unleash young people’s entrepreneurial ideas worldwide.




           Make Your Mark is the national campaign to unlock the UK’s enterprise
           potential. We inspire people to have ideas and make them happen.

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Taking Entrepreneurship Global

  • 1. Make Your Mark | Policy & Research 172 Drury Lane London WC2B 5QR policy@makeyourmark.org.uk www.makeyourmark.org.uk TAKING ENTREPRENEURSHIP GLOBAL A briefing paper prepared by Make Your Mark, the UK’s campaign to unlock enterprise potential Entrepreneurs drive economic growth. All countries depend on the aspirations and ideas of their people to innovate, create jobs and prosper. Ever-faster means of communication and increasing ease of travel make it easier for entrepreneurs to start up and succeed on a global stage. But nations must do more than just rely on these trends. They need to unleash their citizens’ ideas to scale up enterprise. This means using tried-and-tested tools, like enterprise campaigns and education initiatives, to encourage people to think and act in enterprising ways: to spot opportunities, marshal resources, and turn their ideas into reality. Above all, it means engendering a ‘global mindset’ amongst budding entrepreneurs – in order that they think on a global scale, have global ambitions and make global connections. This briefing offers some suggestions on how to do this. Published: July 2008
  • 2. 1. Parker, S.C. (2005) ‘The economics of Entrepreneurs underpin growth Global horizons mean new entrepreneurship: What we know and what we don’t’, Foundations and trends opportunities in entrepreneurship, Vol.1, No.1, pp.1-54. In an increasingly competitive world, societies 2. Saxenien A (2006) ‘The New and communities need more entrepreneurs. Since the 90s we have witnessed an Argonauts’, Anna Lee Saxenien, They innovate, create jobs, increase economic unprecedented increase in the speed of Harvard University Press 1 growth and therefore help ensure a nation’s communications across the world, and a 3. Nickerson, R.S. (1999) ‘Enhancing competitiveness. More broadly, economies decrease in the barriers to movement – of Creativity’, in ed. Sternberg, R.J. Handbook of Creativity. Cambridge require people with enterprising skills as people, products and services. This has enabled University Press. employees who can innovate and help compa- enterprise and amplified opportunities for 4. For instance, networks are known to nies to grow. Entrepreneurs and enterprising entrepreneurs, as illustrated by the following increase the survival and growth rate of people spot opportunities, take risks, have ideas, case studies. start-ups (Brüder, J. and Preisendörfer, P. (1998) ‘Network support and the success and make them happen. of newly founded business’, Small business economics (10)3, pp. 213-225) and networked individuals are likely to Entrepreneurship is not a zero-sum game. One enjoy higher returns on their ventures country’s success does not deprive other than those who are not (Burt, R. (2000) The network structure of social capital, countries in the long-term. For example, it is University of Chicago and European currently the dynamism of India and China that is Institute of Business Administration shoring up growth and enabling businesses to / Inspiration. Coffee Republic was formed (INSEAD), Helsinki). remodel themselves. Entrepreneurs help cement in 1995 by Bobby and Sahar Hashemi, a 5. For an overview of factors trade opportunities between emerging and British brother and sister team. They found underpinning enterprise performance, including connectivity, see Atherton, A. 2 established eceonomies. In addition, the sharing their inspiration abroad and took their (2007) ‘Mapping enterprise: challenges of ideas betewen entrepreneurs and innovators business idea back home. On a trip to New and constraints in developing spatial measures and indicators of across the globe are our best hope in tackling the York, they found that the city’s coffee bars entrepreneurial activity,’ paper major global challenges of poverty and climate offered a high quality and wide choice of presented at the RGS-IBS Annual Conference 2007. change - two problems which connect all nations espresso-based coffee drinks not available and where opportunities for collaboration are the in the UK. The idea travelled well: Coffee 6. It is of course the case that many businesses start – and stay – local. The greatest. Republic now operates over a hundred argument, however, is that it is now coffee bars in the UK and has expanded easier for businesses to become global; and for businesses to be founded internationally to countries including UAE, without a fixed geographic market. Ireland, Bahrain and Oman. The company now has a market capitalisation of around £6.5 million (equivalent to around US$12.8 What enterprising people need million). But if entrepreneurs are to drive up growth and address social and environmental issues they need three things to succeed: / Resources. Kiva.org was set up in 2005 to link providers of finance with those / Inspiration. Entrepreneurs are creative – they seeking small sums to start a business. produce new and better products and services The website allows lenders to find and ways of delivering these. In order to entrepreneurs in other countries and maximise creativity, entrepreneurs and others contribute capital to their projects. Kiva’s need their curiosity to be stimulated and 270,000 lenders have provided 40,000 rewarded in a culture that offers plenty of borrowers in 40 countries with loans 3 opportunities for exploration. The environment totalling US$27 million. must celebrate and reward risk-taking. / Resources. Most obviously this means tangible support – start-up capital, or production inputs. / Markets. The speed of growth of the Equally important are intangible resources, such internet has allowed internet-based as advice on pricing or marketing strategies. This businesses to find consumers more could come from state business support, 4 easily, and therefore scale up their peer-group networks, or mentors. activities very fast. An example is Google, founded in 1998 by two people, / Markets. Businesses must have buyers for their Larry Page and Sergey Brin, which now products. But this is not enough. They also need employs 20,000 people. Google is one ‘connectivity’ – a route to get their product/service of the five most popular sites on the to those buyers, which includes transport links 5 internet, and is used by millions of and internet connections. It is possible for people worldwide, with a market businesses to be ‘born global’ - with a global 6 capitalisation of US$179 billion. In a vision and serving global markets. similar vein, the social networking site Facebook has over 72m users world- wide. 2
  • 3. 7. Some other groups are also well placed to take advantage of recent trends in transportation and communications, including for instance migrants, as described by Saxenian, A. Young people can grab new What we can do to help (2006) The new Argonauts: Regional advantage in a global economy, opportunities London: Harvard University Press. If young people are to fulfil their potential, relying 8. Harris Interactive, Inc. (2007) Survey Thus, aspects of globalisation are helping on enabling factors and trends is not enough. Report created for the Ewing Marion Kauffman Foundation, October 15, 2007. entrepreneurs, and one of the best ways to take Countries can do more: encourage more young advantage of these factors, to create wealth and people to think about enterprise; turn these 9. Department for Business Enterprise and Regulatory Reform (2005) SBS social benefit, is to focus on young people - who ‘thinkers’ into ‘doers’; and help budding entrepre- household survey of entrepreneurship are particularly affected by the changing neurs to broaden their horizons in order to tap into www.cabinetoffice.gov.uk/third_sector/ Research_and_statistics/ environment : 7 these new opportunities. social_enterprise_research/~/media/ assets/www.cabinetoffice.gov.uk/third_ sector/sbs_household_ / They think about entrepreneurship and want In particular, countries should: survey%20pdf.ashx [accessed on 15.07.08] to be their own boss. For instance, 40% of adolescents in the US are interested in starting up 10. The ‘early-stage entrepreneurial 8 / Inspire more young people. Entrepreneurship- activity’ category as defined by the a business. In the UK, 16-24 year-olds think more promotion campaigns in the UK have helped Global Entrepreneurship Monitor (for about starting a business than any other age more information see increase the proportion of young people starting www.gemconsortium.org) includes group.9 In fact, in most countries the 25-34 age up and running a business. Evidence shows that those who are setting up a business as group is most likely to demonstrate early-stage 17 well as those who are owner-managers Total Entrepreneurial Activity among 18 to 24 of a new business. See also Bosma, N., entrepreneurship.10 18 year-olds increased from 2.7% in 2002 to 3.7% in Jones, K., Autio, E. and Levie, J (2008) Global Entrepreneurship Monitor: 2007 2006 – an increase of 37%. This compares to a 7% Executive report, US: Babson College, / They think about global issues. The success of increase for the entire population, from 5.4% to UK: London Business School campaigns such as Invisible Children11, and of 5.8% of the same period. In addition, 64% of 18 to www.gemconsortium.org. campaigns to raise the profile of issues such as 24 year-olds in the UK think entrepreneurship is a 11. The campaign aims to document poverty or climate change, shows that young good career choice and 80% think that entrepre- and improve the lives of those living in regions of conflict and injustice. For people care about global issues. In the UK, the neurs have a high status in society, the highest of more information see highest level of social entrepreneurial activity is all age groups. 19 www.invisiblechildren.com. 12 amongst the youngest age group, aged 18-24. 12. Harding, R. (2006) Global Young people think about global issues and want / Upskill more young people. Education plays a Entrepreneurship Monitor - Social entrepreneurs specialist summary 2006 to find sustainable solutions to tackle these. major role in equipping young people with skills www.gemconsortium.org. for their future. Many education systems lack a 13. Year Out Group quoted in VSO / They increasingly want to travel and spend focus on enterprise. The US-based Kauffman (2007) Ditch (un)worthy causes, VSO time abroad. For instance, around 200,000 Foundation and NCGE in the UK have demon- advises gap year students, press release 14 August Britons take a gap year every year, with 130,000 strated the impact of enterprise can have on www.vso.org.uk/news/pressreleases/ 13 straight out of school. Young people are universities. Such a focus has been shown to ditch-unworthy-causes.asp. therefore increasingly exposed to different increase the likelihood that people will set up 14. MTV, Nickelodeon and Microsoft environments, increasing their chances of successful businesses.20 It also equips them for a (2007) Youth and digital tech, http://advertising.microsoft.com/asia/ spotting opportunities. successful career; research finds that children who NewsAndEvents/PressRelease.aspx? Adv_PressReleaseID=629. take part in a business education scheme at / They use social media. Recent studies show school will go on to earn a third more than their 15. Ibid. that the average young person online has 86 peers. 21 16. The Future Laboratory (2008) people in their social networking community. 14 Myspace 08 : People. Content. Culture. Many use social media to reach out across the / Expand the horizons of more young people. 17. Total Entrepreneurial Activity globe, again increasing chances of spotting International exposure encourages people to ‘think comprises all the people who are opportunities. For instance, an impressive 93% of global’. For instance, evidence suggests that setting up a business by themselves or with other people as a stand-alone Chinese young people aged 8-14 have more than studying abroad increases ‘global-mindedness’ activity, those who are setting up a one friend online they have never met face to and interest in world affairs. But more importantly, 22 business by themselves or with other 15 people as part of their work, and those face. Many already use their access to the it develops entrepreneurial skills and attitudes: who own or run a business that has not internet in an entrepreneurial way – in the UK, 90% of those surveyed felt that they were more been paying salaries for more than 42 months. For further information please one in seven 18-24 year old users of social media open to new ideas, and 80% felt more able to see the Global Entrepreneurship Monitor 16 to earn money through their web-pages. Online make decisions as a result of study abroad. 23 www.gemconsortium.org businesses will not scare this age-group. 18. Harding, R. (2002) Global Entrepreneurship Monitor – UK 2002 report www.gemconsortium.org 19. Harding, R. (2007) Global Entrepreneurship Monitor – UK 2006 report www.gemconsortium.org 20. Harding, R., Brooksbank, D., Hart, M., Jones-Evans, D., Levie, J., O'Reilly, M., and Walker, J. (2006) Global Entrepreneurship Monitor – UK 2005 report www.gemconsortium.org 21. AOL United Kingdom (2008) Young Enterprise scheme hailed, 30 May http://money.aol.co.uk/money- news/young-enterprise-scheme-- hailed/article/20080529013409990001 [Accessed on 15.07.08] 22. Hadis, B.F. (2005) ‘Why Are They Better Students When They Come Back? Determinants of Academic Focusing Gains in The Study Abroad Experience’, Frontiers: The Interdisciplinary Journal of Study Abroad, Vol.11, pp. 57-70. 23. Ibid. 3
  • 4. CALL TO ACTION Achieving an economy’s entrepreneurial potential requires every part of society to be mobilised. We recommend the following: 1. Governments must support the promotion of entrepreneurship amongst young people. They cannot do this on their own - and so should support other actors working towards this goal 2. Education systems must equip and upskill young people with an enterprising spirit and global mindset - from an early age 3. Businesses must offer opportunities to develop entrepreneurial abilities of their employees, provide space to use these in the workplace, and work with educators to bring enterprise to life 4. The media must be inspired and encouraged to celebrate entrepreneurship, and inform the public about the economic and social contribution of entrepreneurs 5. Social media must provide platforms that break down barriers, such as language, and enable connections 6. Entrepreneurs must act as role models for young people by sharing their stories, by mentoring, and by encouraging the next generation of entrepreneurs Individually, countries can achieve much of this. But working together, and harnessing the power of social media and young people’s interest in enterprise and global issues, they can accomplish much more. Nations should therefore share best practice, build common activities, and create a movement, greater than the sum of its parts, which would unleash young people’s entrepreneurial ideas worldwide. Make Your Mark is the national campaign to unlock the UK’s enterprise potential. We inspire people to have ideas and make them happen.