Did you know that you can now study a Master's in Entrepreneurship? International Graduate talks to Professor Jay Mitra, Head of the School of Entrepreneurship and Business, about this exciting new degree programme and the UK's influence in the world of Entrepreneurs.

1. Is it possible to teach Entrepreneurship?

Yes it is possible to teach entrepreneurship because:

• Entrepreneurship is about value creation and the generation of growth, for which one needs information, and understanding of processes and ways with which to negotiate huge odds

• There is a vast body of knowledge derived from research, about new venture creation

• Teaching makes it possible for people to be aware of the benefits, possibilities, pitfalls, structures, processes and the different forms of entrepreneurship

• Entrepreneurship does not simply involve the entrepreneur/business person; it has particular value for policy makers and educators who need to learn how entrepreneurship works!

2. How do the principles of Entrepreneurship differ as applied to start-up companies at one end of the spectrum, and to mature businesses at the other end?

The possibilities for new business creation occur at different stages of the business life cycle – at the start-up stage; at the early growth stage and at the stage of maturity when businesses need to reinvent themselves to avoid decline.

At the start-up stage, the focus is more on the individual entrepreneur or the entrepreneurial start-up team and their ability to identify, generate and realise early opportunities for new business and value creation. The conditions under which entrepreneurs operate are generally chaotic and characterised by uncertainty.

At the early growth stage the entrepreneurs need to balance managerial considerations against the demands of innovative growth. They need to manage resources effectively and work out routines and organisational practices but at the same time they need to be mindful of the need to grow in terms of exploring new markets, develop new products, new employees, attract critical early stage finance, etc.

At the mature stage, businesses need to consider increasing competition from both other mature players and minnows. This acquires particular importance in a globalised and highly competitive environment. Under these conditions business managers need to "reinvent" themselves by transforming product and service lines, production methods, operations in unknown markets, restructure their organisations, and crucially carry people with them. This is in many cases too overwhelming a challenge for most businesses.

3. Why is it important for executives working for large companies and multinationals to understand the principles of Entrepreneurship?

Executives and managers must always be alert to the principles and practice of entrepreneurship and innovation. Large companies and multinationals are under considerable pressure from competitors, globalisation and the changing nature of competition, and the fast-changing nature of technology and the skills base. Open and deregulated markets make this even more difficult, and it is very difficult sometimes to predict what type of business models will work in any given situation.

Large firms, therefore, need to experiment with new markets, key technologies and their product portfolio sometime simply to remain competitive. An awareness of entrepreneurship and innovation enables them to do just that!

4. Surely the USA is the traditional home of Entrepreneurship? What do we - in the UK - bring to the table?

Who says the USA is the traditional home to entrepreneurship? Don't always believe the hype! The big difference is that in the USA there is stronger reliance on market forces and the idea of innovative growth, which means that alongside the success stories there are many failures (or business churn). In the UK, and in common with many European countries, we are more concerned with balancing economic growth with social welfare. This can constrain entrepreneurial endeavour. But at the same time it opens up challenges and new opportunities.

There is no one model for entrepreneurship. Remember, the UK has a much longer history of entrepreneurship than the USA, and the USA is beginning to lose its prime place to new forces of change in China and India. Where, however, the USA scores heavily against all other countries is openness to diversity, different organisational and individual cultures, etc. The UK is far better off than other European counties in this respect.

5. Why should a student study a Master's in Entrepreneurship as opposed to a classic MBA?

Because the student is made aware of the enormous range of opportunities for developing new ideas, generating new business opportunities, being creative with change processes, being responsive to current demands from employers and the wider economy, being able to consider self-employment and business creation as career options. A classic MBA is a good qualification, but it is meant to train managers who serve entrepreneurs!

6. What sort of students are you aiming the Entrepreneurship course at?

At a variety of students – all of the above and students from science and engineering backgrounds, the arts and from public services. We are aiming to help students be better aware of the world of work, that enterprise creation is a career option and that being an entrepreneurial employee is better than just being a good employee of an organisation!

7. Why should non-business students - e.g. state sector employees - consider your courses?

State sector students are concerned with policy development, implementing policies, providing support services and assisting with grants and loans. Their awareness of how entrepreneurship works is critical to the creation of an entrepreneurial culture that supports entrepreneurs, in terms of both economic and social policy making.

 

Article by:
Professor Jay Mitra
Head Of The School Of Entrepreneurship And Business
The University Of Essex