South Wales Business Review Volume 4 Issue 1 by Lucy Griffiths

Vol 4 Issue 1 2012

Start-up Stars We Showcase Inspirational Start-ups from South Wales Business Model You Bestselling Author Tim Clark Reveals how to Develop your Personal Business Model Who Owns Your Ideas? 10 Minute Guide to Intellectual Property from Welsh Government Experts No Flagging Busy Entrepreneur Jo Ashburner shows us her diary

Swansea Business School Ysgol Fusnes Abertawe

inside 3 Editorial:

autumn/winter 2012 Volume 4 Issue 1

4 Think-piece:

START-UP STARS We Showcase Inspirational Start-ups from South Wales

6 Policy Perspective: GENERATION INNOVATION Can we Teach the Next Generation to be more Enterprising?

If you require this document in an alternative format (e.g. Welsh, large print or text file for use with a text reader), please email swbr@smu.ac.uk

News and Events

Books Special: DISCOVER YOUR PERSONAL BUSINESS MODEL Bestselling Author Tim Clark Reveals how to Develop your Personal Business Model

Industry View: NO FLAGGING Busy Entrepreneur Jo Ashburner shows us her diary

Alternative formats

Business Profile:

10 Minute Guide:

Point of View: SUCCESS AND THE SUCCESSOR How entrepreneurial attitudes can influence the success of the next generation of family businesses

THE BUSINESS OF TEACHING ENTREPRENEURSHIP The Challenges and Opportunities of Entrepreneurial Education in Business Schools

FUELLING THE ENTREPRENEURIAL FIRES From Copper and Coal, to Creativity and Innovation

BRIGHT SPARKS How Can Wales Ignite its Entrepreneurial Spirit?

Opinion:

WHO OWNS YOUR IDEAS? 10 Minute Guide to Intellectual Property from Welsh Government Experts

Next Issue: BUSINESS ANGELS? Can Business be a Force for Good?

Fformatau eraill Os hoffech y ddogfen hon mewn fformat arall (e.e. Cymraeg, print mawr neu ffeil tesun i’w ddefnyddio gyda darllenydd tesun), anfonwch e-bost i swbr@smu.ac.uk ISSN 2049-5544 Disclaimer: The articles in this publication represent the views of the authors, not those of Swansea Metropolitan. The University does not accept responsibility for the contents of articles by individual authors. Please contact the editor if you have further queries. Ymwadiad: Mae’r erthyglau yn y cyhoeddiad hwn yn cynrychioli barn yr awduron, nid rhai Metropolitan Abertawe. Nid yw’r Brifysgol yn derbyn cyfrifoldeb am gynnwys erthyglau awduron unigol. Cysylltwch â’r golygydd os oes gennych gwestiynau pellach. Registered Charity Number / Rhif Elusen Gofrestredig 1139800 © Swansea Metropolitan Metropolitan Abertawe 2012. All rights reserved/ cedwir pob hawl. Images: Front cover: ©iStockphoto.com/Yarygin This page: ©iStockphoto.com/Dirtydog_Creativemage:

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www.smu.ac.uk/swbr swbr@smu.ac.uk @SWBusReview Lucy Griffiths South Wales Business Review Swansea Business School Mount Pleasant Swansea SA1 6ED

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PRODUCTION TEAM Editor: Lucy Griffiths Editorial Board: Kathryn Flynn Samantha Morgan Christopher Thomas Design & Print: Swansea Met Print Unit

Editorial: Fuelling the Entrepreneurial Fires Can Wales Move Beyond Copper and Coal to Build a 21st Century Enterprise Economy?

Selected Contributors:  Steve Griffiths With a background in Economics and a strong interest in Business Ethics, Steve Griffiths has taught at Swansea Business School for many years, and is currently Assistant Dean, Faculty of Business and Management and Head of the Centre for International Development where he is responsible for international partnerships and the internationalisation agenda within the Faculty.

 Professor Andy Penaluna Andy Penaluna is an internationally recognised expert on enterprise education and developing education systems which support creative practice. He has published widely on the topic, lead a recent QAA project to develop assessment models for enterprise education, and consulted on the recent Wilson Review of business and university collaboration.

 Vesa Tuomela Vesa, a Swansea Business School MBA Alumnus, is currently working as Senior Lecturer and Development Manager in HAMK University of Applied Sciences in Hämeenlinna, Finland. Swansea Met has a strong partnership with HAMK University and has been delivering its MBA programme offshore at the University for many years.

highlight key issues facing organisations in protecting their Intellectual Property.

Lucy Griffiths Editor Welcome to this special ‘Enterprise and Innovation’ issue of the South Wales Business Review. Our expert contributors will be giving their views on ey issues facing Wales in attempting to navigate the transition from our long-gone status as the world’s factory based on mineral wealth and heavy industry to an adaptable, knowledge-based economy which is nevertheless able to compete on a global scale. Dr Paul Thomas gives us his view on how Wales can ignite its entrepreneurial spirit by harnessing the ‘hwyl’ and passion we put into other areas of Welsh life and channelling it into rebuilding our economy on pages 4 and 5. In terms of practical help, Welsh Government have identified the need to support those developing innovative products and services in starting up and growing their businesses, and to do this, it’s vital that Welsh companies seek to protect the intellectual property developed here in Wales. On pages 16 and 17, our 10 minute guide from the Welsh Government is designed to

Producing the next generation of business owners and employers is one area that many see as crucial to developing a growth economy here in Wales, and the development of an entrepreneurial mindset is part of this. So, we’ll be asking whether you can teach people to be enterprising, and what role Universities and other education providers play in this. Andy Penaluna, Professor of Creative Entrepreneurship at Swansea Met and Steve Griffiths, Assistant Dean at Swansea Business School both give their views on the challenges and opportunities facing educators and the role they can play in nurturing and retaining talented and enterprising individuals (pages 6 to 9). We also showcase some of the most promising start-up companies we have here in South Wales (Pages 10 to 13) and get to the heart of what it takes to run an enterprise when we follow Entrepreneur Jo Ashburner during a typical week in her diary (pages 14 and 15). As you can see, it’s another packed issue, and I very much hope you’ll enjoy reading it.

Lucy Don’t forget you can also subscribe to receive a regular copy by post or view the SWBR online at www.smu.ac.uk/swbr.

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Think Piece: How Wales can Ignite its Entrepreneurial Spirit

Dr Paul Thomas Paul Thomas, Academic, Entrepreneur, Author, Mountain Climber and BBC Wales’s ‘Business Doctor’ writes on how Wales can harness its passions to create a nation of great entrepreneurs. Over the past 20 years I have worked with many hundreds of wannabe entrepreneurs and intrapreneurs here in Wales, but only a few ever put their passion, ideas and skills into starting up and having a go, which is a real shame for Wales and the UK economy. The reason so many fail to follow their passion is simple, they are unable to unlearn the past and break old patterns to see that risk is a positive possible - not a negative reality. Once people have an idea, not just invention, the only thing stopping them is their fear of having a go, so for me the first step to ignition is taking that first risk, with support if necessary. In moving forward from idea to action people here in Wales need to be careful with whom they connect with for even here in Wales Ideas, passions and new thinking is easily dismissed and you cannot please everyone all of the time. It is much better and advisable to have a small fan base who are loyal than attempt to persuade a group of ‘experts’ in the worth of your ideas. Indeed I have seen a lot of people especially intrapreneurs worn down by the naysayers or ‘elitedementors’ to the point that they lose confidence and if they do create anything they opt to create a mediocre product that fades quickly into obscurity.

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“The reason so many fail to follow their passion is simple, they are unable to unlearn the past and break old patterns to see that risk is a positive possible, not a negative reality.” One recommendation here is to prototype (or if in a company the word ‘experiment’ always works well as it takes away the pressure of change) with an expert as this is often seen as safe and non-threatening. We all know that when a car manufacturer ‘prototypes’ a car that is space age, the final product is usually only a shadow of that original designconcept; this is the same if you are in the organisation, but it doesn’t matter as long as you have created the space, energy and change. We need this energy in Wales. Voltaire once said, "the best is the enemy of the good" because there is no such thing as perfect, and whilst people may admire the ‘perfectionists’ amongst them, very rarely

do they praise them for their completion rates! So let’s start to develop a positive outlook on risk here in Wales so we can celebrate success and failure, as we cannot have one without the other. Risk can be and is a positive, human trait, which brings huge rewards when thought through and acted upon. Google is perhaps a great example of never waiting to release a completely perfect product, as they know they would

“…let’s start to develop a positive outlook on risk here in Wales so we can celebrate success and failure, as we cannot have one without the other. Risk can be and is a positive, human trait, which brings huge rewards when thought through and acted upon.”

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“Let’s build on the success of our Welsh Rugby team and develop our own team of elite spirit, whose passion is simply to action great ideas for Wales.”

never get anything out (this doesn't apply if you're developing medical equipment by the way, but I’m sure that’s obvious!). My last but most important point is that every fresh, new, passionate idea needs support in Wales regardless of who you are or where you are based. Behind every Richard Branson is a team of suits. Behind every Steve Jobs is an army of structure, process and coaching. Build a support team, internal and importantly external that shares your passion and drive, but most importantly fills in your weaknesses with their strengths. However, the warning here is they must hold your passion and core values regardless of the qualification or smart suit in building the ideas and spirit. Let’s build on the success of our Welsh Rugby team and develop our own team of elite spirit, whose passion is simply to action great ideas for Wales.

St David’s Day Lecture 2013 Paul will be delivering Swansea Business School’s Annual St David’s Day Lecture ‘Simplexity: A New Way to Lead in Wales?’ on 28th February 2013. Please visit: http://stdavidsday2013.eventbrite.co.uk Scan to book your place:

Image: ©iStockphoto.com/Yarygin

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Policy Perspective: Generation Innovation Can we Teach the Next Generation to be more Enterprising?

Lucy Griffiths Interviews Professor Andy Penaluna on the implications of The Wilson Review of Business and University Collaboration (2012) and the QAA guidance on assessing Enterprise and Entrepreneurship in education for those engaged in the learning and teaching of the next generation of innovative graduates.

Lucy: What were the key themes of The Wilson Review in relation to enterprise and entrepreneurship education? Andy: Tim opened by discussing the need for a more innovative and enterprising workforce, noting that our Universities play a significant role. These areas were my major contributions as his advisor. However, Tim’s review was more about the bigger picture and how universities communicate with companies and businesses to identify their needs, so that we are producing more industry savvy, industry ready graduates and post graduates. Lucy: How was this different to the remit you had for the QAA guidance on enterprise and entrepreneurship education? Andy: As you say, the remit of the two different bodies is slightly different; Tim’s remit was primarily to look at the Business/University interface, so he was looking at aspects of commercialisation, 6 │ Vol 4 Issue 1 2012

for example; how universities interacted with businesses and companies to gain revenue and to enhance understandings were key. The QAA are really looking at the educational aspects and the changes that the UK need to make to new courses and programme development.

Lucy: How did this play out in terms of the final guidance? Andy: The QAA guidance is aimed at developing a set of values and approaches as opposed to a set standard for enterprise and entrepreneurship education within Higher Education. So, whereas traditionally QAA benchmarks may have set specific threshold standards in terms of knowledge and skills that students would be expected to achieve within a subject area – the report here recognises the complex nature of enterprise education (particularly as an embedded subject), and so rather than setting a rigid framework of standards as per the usual QAA guidance, a more flexible, context-driven approach is taken. The QAA documentation was primarily aimed at enterprise and entrepreneurship, and there are clear links with employability. So the QAA documentation

ADOLYGIAD BUSNES DE CYMRU│ was aimed at creating the mindset within a student, how could we actually help the students to see their own ways forward to understand things in relevant and meaningful ways to them within their own discipline and subject of study. Context is key, so a graduate from a performing arts programme will have significantly different experience from a business school student, however there are key commonalities and it is these that we have drawn out.

Lucy: How was this communicated? Andy: Recommendations are not explicitly made; rather a set of principles and guidance for educators are suggested in relation to the development of four key areas: •

Enterprise Awareness

•

Developing an Entrepreneurial Mindset

•

Developing Entrepreneurial Capability

•

Entrepreneurial Effectiveness

For example, we start with awareness, and that could mean either a first introduction to students or alternatively, making educators aware of whether their offerings are either critical observation (about entrepreneurship) or capacity building (readiness for entrepreneurship).

Lucy: So the Wilson Review was broader in scope, but the QAA guidance demonstrates how the principles of the Wilson Review could be put into practice? Andy: That’s right. The idea that enterprise education should be embedded in the curriculum, irrespective of discipline, is a key principle of the Wilson Review, and the QAA paper could be seen as an enabler for this, breaking down the barriers to embedding enterprise education that may have previously existed, for example providing frameworks that help to overcome the difficulties in assessing it meaningfully.

Lucy: Are there different audiences for the two sets of guidance? Andy: Yes, while the QAA should impact primarily on the deliverers at the chalk face and their associated quality assurance teams, Tim Wilson’s review should impact more politically perhaps on Vice-Chancellors, heads of department and senior decision makers.

Lucy: What are the other barriers that may exist in Higher Education Institutions that might affect the implementation of this guidance? Andy: It’s about understanding that this is bigger than just the Business School. In working across a broad range of disciplines in a range of institutions, it seemed that in some Business Schools there was a comfort zone in delivering traditional business education aimed at larger companies and business using established models and frameworks. These don’t exist in the teaching within some other disciplines such as the creative industries where more emphasis is placed upon adaptation and challenge. By sharing expertise across disciplines, we can appreciate alternative value mechanisms that we may have perhaps not taken into account before. Lucy: How can this be achieved within Business Schools? Andy: The challenge for Business Schools is the need to incorporate creativity, innovation, opportunity recognition and problem based learning, or what I would call ‘design thinking’. That if you have a problem and you can find a solution it doesn’t matter where that solution comes from. If you can find a way of achieving something, if it does the job, that’s a success, whereas in the business education sector there is sometimes a reticence to accept a range of possible alternative answers to a problem, and just go for the singular ‘correct’ answer. We know that flexibility and adaptability, along with motivation and resilience are key to success, so this brings us back to silo thinking and the need for interdisciplinary work. If you ask one department to go and learn something from another, there may be resistance, but we can learn so much by sharing. A thought for you, name anything new and innovative and the best answers will be the least predictable innovation. However, most assessment systems measure student success against predicated answers, which leaves little or no room for developing students’ capacity to innovate.

Business School contributions to University-Business school collaboration, whilst highlighting interdisciplinary shortfalls and a lack of engagement in developing students' entrepreneurial capacities, the conference proposed to change systems of reward and recognition so that innovation may prosper. The conference also acknowledged that these needs were well recognised, but by far the biggest challenge was to convince their own academic community. Andy Penaluna, together with colleagues from Edinburgh Napier and Cambridge Universities has just returned from 'Crossing the Bridge', where at the invitation of Edinburgh and St Andrew's Universities he gave a keynote on creativity and innovation and the challenges facing Business Schools. Just before we went to press he had this comment to add: "It soon became evident that much of what I was discussing was new to this audience, but that there was a real hunger to learn more. Educating the educators may well be the next challenge." Image: ©iStockphoto.com/Dirtydog_Creativem

Find out More The QAA guidance and the Wilson Review are both available to download online. Professor Penaluna and Sir Tim Wilson will be sharing their thinking with policy makers and Higher Education leaders at an ‘Audience with…’ event to be held at Leeds University on January 10th 2013.

See www.heacademy.ac.uk or scan the QR Code for further details and booking information.

At their recent annual conference the Association of Business Schools, highlighted the need to ‘refocus on innovation in pedagogy’ (ABS, 2012), but acknowledged that this requires a fundamental shift in mindset. Citing Wilson and the lack of references to the Vol 4 Issue 1 2012 │ 7

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Opinion: The Business of Teaching Entrepreneurship

Steve Griffiths Assistant Dean of the Faculty of Business and Management at Swansea Met, Steve Griffiths, gives a personal view of enterprise education within a Business School context.

Entrepreneurship has been on the agenda for schools and universities for over 30 years, following Jim Callaghan’s Ruskin College speech. He promoted, amongst other things, the idea that education should consider the needs of industry. However is education any good at this? Can it be done? If it is true that entrepreneurs are born not made, then perhaps not.

with a duty tutor on call for support and guidance at all times. The year of study consisted of a series of projects, ranging from charitable to profitable tasks. Students presented to my visiting party having written their latest business plan in the previous 24 hours, with only time to shower. They also discussed why they loved the programme and their dedication was impressive. The programme was a revelation.

On the face of it the challenges are daunting. Education, especially in the risk averse quality assurance era, requires prior planning, certainty of outcomes, measureable performance indicators and effective resource allocation. Entrepreneurship can be the very antithesis of this certain, predictable scene. It can be experimental, risk taking, sometimes hungry for resources, dangerously rule breaking, very demanding of creativity, change and dynamism and often fails. The two cultures can often conflict, and it’s a wellknown fact that some of the most famous entrepreneurs were not great successes in their academic studies.

However how far can we convert all our programmes and all our students to this sort of initiative? This initiative was an elite course. The resourcing was generous; the tutors absolutely committed and prepared to sacrifice time, energy and soul to offer a fantastic opportunity to the young people. Dealing with hundreds of students, who may be less than committed, with limited resources is the other side to HE delivery. I understand from informal contacts that the programme has now had to be modified as large numbers are now recruited and resources are more limited – perhaps this is a sign of the times…

Over a decade ago I followed some of Swansea Business School’s HND graduates who went on to complete a BA Entrepreneurship at a university in England. Their programme was stunning. The campus was open 24 hours a day,

Here at Swansea Business School we have enthusiastically hosted the HEA Special Interest Group (SIG) in Entrepreneurial Learning, and we believe that we must try to be enterprising, and so we have specialist activities which

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duplicate the innovative practice described, and entrepreneurship modules are available on the vast majority of programmes, as are extra-curricular activities. We also run an annual Enterprise Week of activities, where students are offered the option to participate in events of their choice. If they are committed, they can effectively customise study, to come close to the experience gained on the course described earlier. For the less enthusiastic, in mainstream delivery there is a demand for students to be enterprising to generate better educational achievement. Instead of teacher led “spoon feeding”, students are asked to find out for themselves and make sense of complex ideas for the environment they work or study in. Such demands sometimes are uncomfortable for students and teachers as once such skills have been developed, it is not always easy to predict what students will produce. It is a challenge to manage learning while living up to the promises of programme validated documents and the need for external examiner approval. However, where carefully planned, tutors and modules which have adopted these methods have been well received and supported by external examiners.

ADOLYGIAD BUSNES DE CYMRU│ Most tutors no longer “chalk and talk”, their students must find resources and ideas for themselves, although there must always be a safety net for those who are marginal or when great plans fall apart. By building an evaluation of the process into the analytical framework and assessment, enterprising activity can generate higher grades, even if that new enterprise start up, social enterprise to solve world hunger or business plan acted by characters from Glee, did not succeed. Students learn by doing and take these experiences into their future studies and employment.

Image: ©iStockphoto.com/alphaspirit

In supportive environments, we learn just as much from failure as from lucky success. Students still need the basics, but they also need the excitement of having some control and the opportunity to make a difference. Enlightened employers as well as the promoters of student business start-ups, will appreciate recruiting graduates who “can

do” as well as who “know”. While the majority of business start-ups will end in failure, there is no shortage of the need for enterprising managers in organisations in all sectors. Known as intrapreneurs, they bringing the same skills learnt when planning to run their own business, to the way they conduct themselves working for others…

“In supportive environments, we learn just as much from failure as from lucky success. Students still need the basics, but they also need the excitement of having some control and the opportunity to make a difference.”

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Start-Up Stars We showcase the South Wales entrepreneurs who are showing that you can create a thriving business in a recession… Fact File Company Name MeeCreative Ltd

Products and Services

Product design and branding agency

Image: Mee Creative

Founders

MEE CREATIVE While studying at University Web site Ceri Morris and Liam Mee not only formed a strong working relationship, but found they shared the same passion; to create original, desirable and more importantly user centric products, through their creative mindsets. With Ceri’s knowledge of the care sectors with Liam’s drive and enthusiasm to succeed, they combined their skill sets to try and create Wales’s first design house that specialises in the mobility and healthcare sectors. Prior to setting up the business, MeeCreative noticed that there was a lack of well-designed, ergonomically friendly and aesthetically pleasing products within the healthcare and mobility sectors. There were many areas within these sectors that could be drastically improved from a design point of view. The team saw this as a huge opportunity to help organisations and businesses alike to develop prominent user-centred solutions, which would influence and enhance the offerings within this industry. As the UK’s population is growing older there is demand for products and services that can cater for specific needs and requirements for the third age. 10 │ Vol 4 Issue 1 2012

MeeCreative provides user-centric solutions to the challenges faced by older and disabled people strive to maintain active and independent lives. Having identified this lack of well thoughtout and designed products within the Healthcare/Mobility sectors, Liam and Ceri sought support and guidance from the Prince’s Trust and Swansea Met when forming MeeCreative in 2011.

Ceri Morris - Managing Director Swansea Met BA (Hons) Product Design (2009) Liam Mee – Creative Director Swansea Met BA (Hons) Product Design (2010)

Started Trading July 2011

Location

Currently based on the Swansea Met campus as part of the graduate Support Programme offered by the University.

Web site

www.mee-creative.com

The company gained funding from the Prince’s Trust which helped them with initial start-up costs for equipment and marketing which were fundamental in the business gaining recognition in being a key provider of design services to their sector. Ceri and Liam want MeeCreative to achieve its full potential and make a valuable difference to people’s daily lives. Both directors take great pride in what they have achieved to date and want to share their growth and experiences with new upcoming enterprises and start-up businesses alike. Their next goal is to become the UKs main provider of design services directly to the care sectors within the next 7 years. We wish them well in achieving this.

Top Tips for Start-ups  Scope out as many support programmes and organisations such as business advice, funding streams and mentors etc. They are there to help and support you, so you do not feel you have to embark on this new journey by yourself.  And finally you have to be willing to put in a great deal of hard work, commitment and dedication to reach your targets and goals.

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DOOLITTLE’S

Fact File Company Name

Doolittle’s Dispensary

Products and Services

Doolittle’s Dispensary is an online company which sells pet medication, pet products, pet foods and preventive health care plans to the UK’s pet owners, with added education and convenience.

Image: Doolittle’s

Founders

Chris Wright Veterinary science degree – Bristol Vet School (BVSc). Member of Royal College of Veterinary Surgeons (MRCVS). Swansea Met MBA (2011). Ryan Lewis Swansea University with BSc (Hons) Psychology (2005).

Started Trading April 2012 Chris Wright from Doolittle’s Dispensary tells the story of the business… “I qualified as a veterinary surgeon from Bristol University in 2004 and since graduating, I have worked in both private and charitable veterinary practices in Wales. In 2008 I decided to do an MBA as I had ambitions of progressing up the management tree in my current role and one day running my own business. I chose Swansea Met University as l live in Swansea and the part time course was particularly appealing as it meant I could work full time and still get the MBA qualification. In the final year of the MBA, my dissertation looked at the demographic of online pet owners. I had the idea for Doolittle’s Dispensary towards the end of the second year of the MBA, which I was allowed to explore in an assignment for the entrepreneurship module. The MBA dissertation enabled me to develop this idea and use its findings as market research. Kath Penaluna (Swansea Met’s Enterprise Manager) was instrumental in coaching me through the dissertation process and helping me achieve a distinction in the MBA overall.

My dissertation has been hugely important for the early stages and development of my business. It helped identify who my customers are, what type of social media they use and which types of promotional material they will most respond to. It even helped design the website as I sent my dissertation to the website designers along with my website brief.

Location

Business based in Uplands, Swansea, trading online throughout the UK.

Web site

www.doolittlesdispensary.com

We’ve been launched for six months and things are going well. Sales are gradually increasing and every day we are learning new things. Our aim currently is to make as many potential customers aware of our business as possible – it’s fine to have a great website but making people aware of its existence isn’t easy but extremely important. It has been difficult as I still work full time in my other job but we aim to develop the business over the coming two years so that Doolittle’s Dispensary can be my sole job as we move into larger premises and recruit staff.”

“I had the idea for Doolittle’s Dispensary towards the end of the second year of the MBA, which I was allowed to explore in an assignment for the entrepreneurship module.”

Top Tips for Start-ups  Don’t expect things to happen quickly. Everything takes time and longer than you imagined.  Persevere and it will happen.

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BIG LOCAL APP

Fact File Company Name

Big Local App Swansea

Products and Services

A free smartphone application for Swansea, available to download on iPhone and Android.

Founders

Gareth Manger Swansea Met BA(Hons) Business Studies (2007)

Started Trading March 2012

Location

Swansea

Web site

Image: Big Local App

http://swansea.biglocalapp.com

Gareth Manger tells the story of ‘Big Local App’: “Business and Marketing were always my main interests at University. I have always been ambitious and wanted to start my own business and having worked as a Business Manager for 5 years, I felt it was time to pursue my vision and had an opportunity to do so. I wanted to start my own marketing business which allowed businesses to advertise on a website. After researching the internet and other sources, I studied the growth of smartphone technology. I researched the internet for different ideas and came across a company called Big Local App. The company were only just beginning but had a fantastic idea for a new smartphone application which is essentially a local resource directory bringing together local news, information, events and businesses onto one application for different areas. Businesses are able to manage their own account, effectively having their very own smartphone application within the Big Local App. After many discussions and 12 │ Vol 4 Issue 1 2012

researching the competition, I felt the product was completely unique and thought I had a good opportunity to use this brand and product in Swansea. After being operational for 5 months we are working in conjunction with the Council, Universities, Colleges, Swansea City and many other local organisations. These key organisations have been extremely supportive in creating general awareness for the product within the local area which also helps raise awareness for businesses who come on board with the Big Local App Swansea. We are already planning on using the same business model applied in Swansea elsewhere and soon hope to expand into other areas. My studies were essential to my business start-up. I believe each area of my study has had a major influence on gaining experience within the business world. In particular the marketing modules have helped me develop and apply different marketing techniques within my business.”

“My studies were essential to my business start-up. I believe each area of my study has had a major influence on gaining experience within the business world.” Top Tips for Start-ups  Select a product which has a unique selling point and which you are passionate about.  Be prepared to work long hours.  Take ‘knock backs’ as a positive learning process.  Ensure that you do your homework before making important decisions.

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WOLFESTONE

Fact File Company Name

Wolfestone Translation Ltd Products and Services Wolfestone Translation offers a range of language services, including translation, proofreading, voiceovers, subtitling, transcription, and multilingual desktop publishing.

Founders

Wolfestone Translation was founded by two entrepreneurs, one from Wales Roy Allkin - and one from Poland Anna Bastek.

Started Trading 2006

Location

Image: Wolfestone

Based in Swansea with offices in Berlin, and plans to expand to other locations in the UK (starting with London, Bristol, Liverpool and Brighton), Russia, South-East Asia, the Middle East and the USA.

Wolfestone Directors Roy Allkin and Anna Bastek had always wanted to start their own company. In 2006 they noticed a gap in the Welsh market for a professional translation company. This gave them the perfect opportunity to combine Roy’s business development and operational expertise with Anna’s sales and marketing knowledge. They founded Wolfestone Translation to help businesses and individuals overcome the language barrier, providing them with quality translations, friendly service and speedy turnaround. Wolfestone has since expanded globally – the business has 31% of its clients outside the UK – and the team has grown from two to thirty in just six years. The business has won over 20 business awards, invested in staff development and cutting-edge technology, and continues to grow and help clients such as BBC, NHS, MTV, IBM and UNILEVER, to name but a few. Anna and Roy have the vision to grow the business to become one of the top ten translation companies in the UK and then the world, offering all language services in all languages.

Both Anna and Roy think that it’s never too late or too early to start building a business. Taking part in a series of projects giving youngsters the inspiration to pursue their entrepreneurial dreams (such as the Welsh Assembly’s Dynamo Project, Entrepreneurship Academy Wales), they constantly remind talented, hard-working people that they’ve got plenty to offer and entrepreneurship could be an option for them. Anna and Roy believe that if you have good ideas, a good work ethic and determination, entrepreneurship could be for you. Roy says: “We had never worked in the translation sector before, but that shouldn’t be a barrier for entrepreneurs. With the right attitude and by surrounding yourself with good people, you can make any business a success” Anna says: “We haven’t always made the right decisions, but we have tried to make brave decisions. That’s what has been a driving force in growing the business so fast. For example not many other language companies invest in specialist

Web site

www.wolfestone.co.uk

voiceover facilities, but having done so we are able to offer a much higher standard of recording and service than our competitors. It was a big risk, but now it’s paying off as we now boast clients such as Burger King and Vodafone.”

“We had never worked in the translation sector before, but that shouldn’t be a barrier for entrepreneurs. With the right attitude and by surrounding yourself with good people, you can make any business a success”

Top Tips for Start-ups  Don’t be scared to go into a sector you don’t know.  Be prepared to take risks.  It’s never too late or too early to start. Vol 4 Issue 1 2012 │13

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Industry View: No Flagging Busy Entrepreneur Jo Ashburner shows us her diary ils y d ema MondmaCheck weekepnondence;

s 7:30a n corre ny date o ders (compa , p u d n r a o ay e b n onli on, E process Etsy, Amaz e, is websit – there ) … Bouf … ff to school ning o or See son Monday m a s y alwa are! nightm

9:30am Meeting with Chwarae Teg to discuss Ascent and Evolve programmes – personal and staff development opportunities. 12pm Monday staff meeting with machinists to prep for week ahead and feedback on weeks past.

ral une f l loca e with o includ al g t tin er Mee ishing or fun . m f p w 3 s rs) ctor option n cove e r i i d s in off ped prep is flag ices (c d n ta Gla ). serv r cu inist in week e v li s e ac h i h D t 4pm s to m an off g m fla ery v (deli 4:30pm D rop at Boxing son off Clu dog on Sw b, walk ansea Ba y beach..

JO ASHBURNER

Jo graduated with a First Class Honours degree in Surface Pattern Design BA(Hons) from Swansea Institute in 2004. The concept of the NOONOO brand (www.noonoodesign.com) and product was developed during the degree and born out of the need to keep her then small son entertained, NOONOO is the affordable eco brand for small children (birth and up) all toxin free, safety tested and gift packaged for the perfect gift. By the end of 2005, Jo had set up a workshop in Ho Chi Minh (old Saigon) in partnership with a Vietnamese businesswoman. Through Jo’s contacts and efforts, the workshop has made ownlabel product for a diverse range of 14 │ Vol 4 Issue 1 2012

5:30pm C hec updates to k on social med ia (Facebook , Twitter, LinkedIn, P interest….) outsourced ..

household brands, including Nature et Decouvertes (France), Eden Project (UK) and recently bid for the manufacture of a product range for Habitat (UK) amongst others. Jo was honoured as UK National Businesswoman of the Year 2006, and has since become a leading figure in supporting enterprise in Wales, working with Welsh Government and education providers to encourage enterprising and entrepreneurial attitudes. She has now relocated her business to South Wales to combine resources with those of the recently developed flag-making side of the business. Noonoo and Flags and Bunting Galore wholeheartedly support and practice ethical manufacturing both in the UK and abroad and the Company’s remit is to create stable sustainable

son ct lub. e l C Co pm oxing 0 6:3 m B . fro ner n i D on up and h 7pm e tc Ca denc . n m o 8p resp t 9pm cor ish a fin

employment in a clean functional and professional environment where staff are valued for what they contribute and encouraged to develop and learn new life skills to further their employment and income chances. Flags and Bunting Galore has so far had a wonderful year of growth in flag manufacturing, due in no small part to the various tremendously nationalistic events – the Royal Jubilee, Olympics etc – that have taken place during the launch year. Within the next six months, plans are afoot to take on a workshop / retail unit at Swansea which will encourage footfall both to the business and to the location.

Image: ©iStockphoto.com/AnthiaCumming

ADOLYGIAD BUSNES DE CYMRU│

y TuesdaPersonal trainer. 7:30am

o office t on. a c k to B cti u d m o r a 9:00 and p s r e rd o n check o

rd of landlo en in h it w op Meet ctory to m a fa 10 flag . new ary 2013 u r ew b e F for n g la n f er. Desig m 4pm ate custo r o p y cor rugb n to o s e Tak 6pm g. in train

Thursdaersyonal trainer. 7:30am P

el talk o Role Mod m a n y D m 9:00a hool. at local sc

11am Visit machine service supplier in Swansea to discuss maintenance and parts needed for current machines, and purchase of upgraded machines. 1pm Pack up large Noonoo order bound for Taiwan.

mas e Christ ns lis a in F 2:30pm d product desig an bunting ace new uction, tr ad y for d o for pr ic re to fabr , deliver designs Monday n o n o ti c produ inists to mach products an still away!). m (delivery

4:30pm Stock take at Gower Heritage Centre. 6pm Evening out with son – eat pizza and watch a movie!.

sday Wedne

7:30am t as Breakf g kin networ Liberty , g meetin . m Stadiu

9:00am Meeting with client showing stats on print ed flags versus our sewn flags , a choice of £20K a year ch anging flags every three mo nths or £7K split over three years with no changing of flags and including restorati on and repairs.

e to offic hinists, o t k c Bac with o ma 10am e work t nts, deal t e alloca on shipm uotes and q k c e e on. ais ch ies, r omer liais ir u q st en es, cu invoic

ial on soc s u c o 3pm F house. in media on to g ake s o 4pm T walk the d , g boxin nsea bay a on Sw . h c bea

ting FridayBNI breakfast mee 6:30am tel. Ho Towers

perty with pro for g n ti e e 10am M n requirements ro develope nd flags for sa le flagpo tion of s. e ti e personalisa proper 12pm Overse s. Noonoo order ble and voices pay a 1pm Clear in ts for ma paymen chase profor the week.

3pm Prod ucti it’s the w on shuts down – eekend!. 430pm T ake son t o Boxing and walk the dog.

7:30pm O ut with th e girls for a drink a nd catch up.

y SaturmdaCar boot sale. 06:30a

SundaySon plays rugby 10:30am . until 2pm

Vol 4 Issue 1 2012 │15

│SOUTH WALES BUSINESS REVIEW

Success and the Successor How entrepreneurial attitudes can influence the success of the next generation of family businesses. Vesa Tuomela

Vesa, a Swansea Business School MBA Alumnus, is currently working as Senior Lecturer and Development Manager in HAMK University of Applied Sciences in Hämeenlinna, Finland.

The majority of small and medium size enterprises are family owned and managed, and with the ‘Baby-Boomer’ generations retiring a new generation of entrepreneurs are in line to take over family businesses. If a transfer of leadership is to be successful, the successor’s own entrepreneurial knowledge, skills and especially attitudes may need to be rapidly strengthened during the succession process.

“The majority of small and medium size enterprises are family owned and managed, and with the ‘Baby-Boomer’ generations retiring a new generation of entrepreneurs are in line to take over family businesses.” Entrepreneurship can be defined as an individual’s ability to turn ideas into practice and especially profitable practice, called business, or as “an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organising, markets, processes and raw materials through organising efforts that previously had not existed” (Shane, 16 │ Vol 4 Issue 1 2012

2003). This definition should be the key for the next generation family business entrepreneurs. In the definition, particular attention should be paid to the words “efforts that previously had not existed”. In practice, the successor will have to constantly seek and identify their own entrepreneurial opportunities, as it is rare that earlier generations’ business ideas will have the longevity to attract current or new customers without any changes. It can also be said that Schumpeterian creative destruction is needed to renew family businesses; unprofitable parts and functions may need to be removed no matter how emotional they have been for earlier generations. The next generation of entrepreneurs must also create their own customer relationships, new products, new services and new processes, and so adopting and managing the entrepreneurial process is essential to revise and renew the family business. The entrepreneurial process requires at the very least knowledge of how to identify opportunities, skills to plan, organise, manage, lead and delegate operations, and an ability to analyse, communicate and evaluate changes. Knowledge and skills for the entrepreneurial process are not enough, however. A positive attitude of the successor towards continuously improving and changing existing and current efforts to make business a success is the most essential ingredient for an innovative family business. An entrepreneurial attitude consists of initiative, independence and innovation (in all aspects of life), motivation,

determination to meet objectives, risk propensity, ambition and drive, persistence and commitment, self-belief, self-efficacy, self-awareness, a feeling of empowerment, social confidence, creativity and imagination, curiosity and tolerance of failure (Heinonen and Pokkijoki, 2006). In a family business succession processes, the successor’s attitude should be focused on the knowledge and skills needed for owning, managing and leading the family business for the next twenty-five years. Successors should create their own vision, strategy and execution. The entrepreneurial process can only be successful when pursued with the attitude of continuous improvement and perhaps even by deconstructing earlier family business models. The most profitable way to renew family businesses is to create innovations and grow through innovations, and for that the right attitude is needed; knowledge and skills are not enough. The innovation process may demand creative destruction to renew the family business, and this destruction demands a strong vision because creating destruction in a family business puts personal attributes to the test in every respect. Family business partners and customer relationships are under critical evaluation and this may require extremely careful handling in order for the successor to actually take over the family business and make it their own.

Image: Chris Thomas

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How to be a Successful Successor Self-Knowledge and Self-Belief

Initiative

Self-belieff, self-efficacy and self-awareness are useful tools Self-belief, to reflec ing, ac tion and values. reflectt and steer one one’s’s own think thinking, action Knowing one -selff, belie ving one form any one-self, believing one’s’s ability to per perform given g iven task is necessary for successors to learn new things and grow mentally as a responsible business owner and efficient manager. Strong self-efficacy and awareness is supportt one one’s’s readiness for change. needed to suppor

Initiative is needed when ac actively tively seek seeking ing new goals. Initiative is also needed to star actual steps for startt the actual discover ing, eevaluating, valuating, exploiting and especially executing discovering, entrepreneurial opportunities. the entrepreneur ial oppor tunities. The successor needs to have initiative,, and initiative can and should not be ha ve initiative outsourced. challenging outsour ced. Need for initiative is especially challeng ing in cases where successors are enjoying the fruits of earlier generations’ work,, and perhaps spending family business generations’ work looking opportunities! wealth more than look ing for new oppor tunities!

Social Conf Confidence idence

Creativity C reativity and and IInnovation nnovation

Tolerance T olerrance anc ce of F Failure Failur ailurre

Social confidence is a valuable feature for successors who should foster the earlier generations generations’’ networks and create new connec tions in new networks. connections Social confidence is also needed when the earlier generation’ generation’ss unprofitable networks networks,, customer and par tner relations need to be partner made more profitable.

Creativity and imag imagination ination are needed for innovative problem solving,, seek seeking solving ing new business opportunities, opportunities, seeing the future and painting a vision for industry, the business branch and consumers’ consumers’ behaviour. partt of beha viour. Creativity is par attitude, believing attitude, belie ving that everything everything Imagination can be improved. Imag ination is an partt of any creative and essential par innovation processes.

Tolerance of failure is needed for entrepreneurial learning the entrepreneurial process. Failures Failures at best can be the starting starting point for something new cause-effects as long as cause -effects are constructively construc tively analysed and taken into account the next next time.

Curiosity Curiosity C uriosity keeps a successor on the entrepreneurial entrepreneur ial process and rright ight track,, ac track actively tively seek ing new seeking opportunities oppor tunities and improving processes and current produc ts products and ser vices and services customer relationships. Curiosity C uriosity is a willingness to look and seek unknown n and new situationss by putting prejudices behind.

Focus F ocus on Objectives

Drive and Ambition

Commitment C ommitment to C hange to Change

Tolerance T olerrance of Risk

Determination to objectives meet objec tives iss required in eevery very phase of the entrepreneurial entrepreneur ial process. There aree always obstacles obstacles,, mistakes mistakes,, problemss and failures on thee way. They are a par rt part entrepreneurial of entrepreneur iall learning and clearr objec objectives tives help to o tackle the challenges.

Ambition and dr drive ivee for renewing the business idea and business model together with employers employers,, customers customers,, par partners tners and other stakeholders are a must for succes succes-sors. Without ambition and dr drive ive there will not be enough movementt and change.

Persistence and commitment to change with their own vision are vital for a successor, successorr,, especially when facing difficulties difficulties,, challenges and internal iin nternal and external external pressures. Quite often often change causess of resistance and defence among employers, employers, other owners and even even customers.

There may be a risks need to take risks when decision decision-making in making uncertain uncertain situations where inadequate information is available, but this is available, part off an essential part the exploitation and execution phases.

Independence Independence and innovation in all aspec aspects ts of life are needed for obser observing ving the signals and creating solid and intuitive judgments of oppor opportunities tunities and then transforming these intuitive signals into prac practice. tice. The innovation process itself is keeping the successor in movement. The motivation of a successor should be strongly focused internally, meaning that a successor ience of the entrepreneur ial process is successor’s’s exper experience entrepreneurial fulfilling. Nor should she / he be too keen on a lifestyle that the family business wealth could allow.

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│SOUTH WALES BUSINESS REVIEW

10 Minute Guide: Who owns your Ideas? A guide to protecting your Intellectual Property from Welsh Government Expert David Wooldridge Every business owns some form of intellectual property (IP), whether it’s the artistic design, the shape, the technology or the branding of a product or process. Often businesses are unaware of how to protect their intellectual assets and exploit the value they represent. Here, David Wooldridge from the Welsh Government’s Business Innovation Programme in Wales explains how companies can identify, protect and maximise their own intellectual property.

What is Intellectual property and how does it work?

Whether you know it or not, your business owns some form of Intellectual Property. It could relate to a physical product you have developed or manufactured or it could be your brand or the design or style of a piece of work. Intellectual Property (IP) is the blanket term which covers the law protecting inventions, designs and brand names etc. In the areas of innovation and enterprise, IP is a particularly important issue. On a global level IP is big news with many high profile cases being thrashed out in the courts and on the public stage, with the protracted (and expensive) litigation between Samsung and Apple hitting the front pages worldwide. The rise of the internet and global markets means it is even more important now for business owners and innovators to ensure their own IP is protected; IP isn’t just about never-ending legal bills and large corporations but can be a valuable asset for businesses of all sizes. Just as there are laws to protect an individual’s physical property, there is a series of laws designed to protect businesses and individuals from IP theft. These laws provide the right to prevent the unauthorised use of invention, design, brand name or artistic work for the period 18 │ Vol 4 Issue 1 2012

of protection. Sometimes this is an absolute monopoly or it can simply be a right to prevent deliberate copying. What often causes confusion for businesses is the way intellectual property rights can be transferred between parties, licensed to other parties or even mortgaged and used as a form of security. This is often done to enable further development or collaboration with other parties, or to allow commercialisation by somebody other than an IP owner without infringement. Businesses can protect their IP in two main ways: rights are either applied for by registration of a product, design, brand or invention or they arise automatically upon creation of a work. Most forms of IP exist for a finite term, the most obvious example of this is with much classical music that exists today in which rights attached to the original composition or score have expired. The forms of IP most commonly associated with businesses are:

Patents

A 20 year monopoly for new and inventive technical innovations.

Trademarks

A 10 year (although renewable every 10 years ad infinitum) absolute monopoly in a sign, such as a brand name.

A right to prevent the reproduction of an original literary, artistic, musical or dramatic work for 70 years beyond the death of the author.

Designs

A 25 year absolute monopoly on a new design for a manufactured article. Unregistered Design Right:The right to prevent reproduction of an original design which arises automatically and which lasts for a maximum of 15 years.

How can you protect your IP?

In order to maximise the potential of intellectual property it needs to be protected. Businesses can then protect it from infringement by others and defend the sole right to use, make or sell it. IP protection can also lead to the earning of royalties through licensing it, much in the way radio stations pay record labels to play music. It can also be exploited through strategic alliances with the potential to generate revenue through the sale of IP. In order to start the process of protecting IP it is generally best to obtain sound professional advice. The starting point is often a comprehensive IP audit of a company to establish where the IP lies, who owns it and its potential worth to the business. It can then be decided how best to protect the IP, and which regions to secure. It is always worth remembering, especially when operating in a global marketplace, that just because IP is protected in the UK, it doesn’t mean it is covered globally. While the initial IP process is taking place it is important to keep a record of all research, designs and meetings related to ideas, products or names with witness signatures where appropriate. This can serve as a powerful tool in protecting and identifying IP at a later stage. It’s also important to keep an idea secret and not to disclose to third parties until steps have been taken to ensure that adequate protection is in place.

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Collaboration

There are often cases in which businesses are not the sole owners of intellectual property. This may be the result of collaboration with academia or another business whose knowledge is required in order to achieve a specific end result. Or, it may be that outside expertise is required to speed up new product development or maximise the potential of an existing idea. Businesses are often understandably reluctant to share knowledge and data at the expense of IP, so a properly drafted agreement between the collbaorators that provides for IP ownership and use will allay concerns. In Wales we are starting to witness more open innovation between businesses, usually driven by larger companies working with smaller ones. Good examples of where this exists already are the EADS Foundation and General Dynamics UK’s Edge Project, both of which are supported by the Welsh Government and promote an environment for research and development projects in a collaborative environment.

access, it can appoint one or more licensees who can help address that market to the mutual benefit of all parties. In some situations it is either desirable or advisable to simply sell the IP for an appropriate price and indeed, many people have made a great deal of money this way. This is possible since IP rights can be assigned (ownership transferred) to other parties. For example, when a business has developed an invention in an area in which it has no commercial interest, the company may wish to consider selling that invention to another party which does operate in that area as an alternative to licensing the party to exploit the invention.

Further help and advice The Welsh Government has set up PATLIB Cymru (part of the European PATLIB network) to provide local access to Intellectual Property information and related issues. The Welsh Government’s advisers offer a range of IP support including: • • • •

David Wooldridge is an Intellectual Property Manager within the Welsh Government’s Business Innovation Programme. Image: ©iStockphoto.com/fr73

Basic IP information and help searching patent and other intellectual property databases. Answers on basic questions regarding patents, trademarks, copyright, design and licensing. Help in formulating an intellectual property strategy. Funding towards patent filing and trade mark applications towards the costs of formulating licence agreements.

For more more guidance call 03000 603000 or visit: www.business.wales.gov.uk emaill: innovation@wales.gsi.gov.uk

In cases where it is necessary or advisable to join forces with other parties, the proper identification and protection of Intellectual Property rights can enable this to take place. Parties can be licensed to exploit particular IP upon mutually acceptable terms. Such terms are often financial, such as the payment of a royalty or a lump sum. Thus, if an original IP owner identifies an exploitable market which it is not in a position to

Vol 4 Issue 1 2012 │19

│SOUTH WALES BUSINESS REVIEW

News and Reviews

Events @ Swansea Business School

For further details of these events and to register to attend please email sbs@smu.ac.uk or call our Faculty Office on 01792 481132.

12th-18th November 2012

Global Entrepreneurship Week

Various events throughout the week

28th February 2013, 6pm

St David’s Day Lecture

Dr Paul Thomas delivers the Swansea Business School annual St David’s Day Lecture on ‘Simplexity’. Limited free places available at http://stdavidsday2013.eventbrite.co.uk

13th March 2013, 1pm-4pm

Undergraduate Open Day

Open Day for Undergraduate programmes at Swansea Business School. Visit: www.smu.ac.uk to book a place.

20th March 2013, 13.30-16.30pm

Sports Marketing: Insights for Other Sectors

Half day conference in collaboration with the CIM. Visit www.cim.co.uk to book. Price: £45

Mergers and Acquisitions at the Met Swansea Metropolitan University and the University of Wales: Trinity Saint David have merged in what has been described as a historic moment for higher education in Wales. The 'Swansea Metropolitan' brand will remain, integrated as a part of the University of Wales: Trinity Saint David. However, this historic development will allow the transformed

20 │ Vol 4 Issue 1 2012

University to enhance the already excellent student experience offered by its predecessor institutions. This, along with the recent acquisition of a number of new properties in the City (including the new Swansea Business School building at the heart of Swansea City), mean the University’s future growth and development as major centre of learning in South Wales is assured. Professor Medwin Hughes, ViceChancellor of the new unified University, said: "This is a historic moment for both Swansea Metropolitan and University of Wales: Trinity Saint David. We have formally started the process of creating a transformed University which will build upon the traditional strengths and values of both academic institutions.”

Professor David Warner, who becomes Senior Provost at Swansea Met, said: "This exciting new development builds on the excellent track record both universities had of working together. It is based on a partnership of equals and will free-up greater resources for front-line delivery."

Supporting the Next Generation of Welsh Entrepreneurs

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Flipping Classrooms! The final of the Mini Dragons Enterprise and Skills Competition organised by the Building Enterprise Education in Swansea group (BEES) took place recently at The Liberty Stadium, Swansea, with support from Swansea Met. Swansea Met works as part of the BEES group which works across a range of agencies, education providers and with local government to develop and coordinate enterprise education across the county and beyond. The competition, organised by Sue Poole of Gower College, Beverley Wilson-Smith, the Regional Network Provider Advocate and their teams

was a huge success and more than 170 children took part in total. Swansea Business School lecturer Lucy Griffiths was part of the judging panel for the event, and said ‘ The standards achieved by the minidragons at such a young age was exceptional. Enterprise in Swansea has a bright future in the hands of this new generation of young entrepreneurs.’ Swansea Business School also supports a range of other activities aimed at fostering enterprise and entrepreneurship in South Wales including the Swansea Bay Business Dragons competition (for secondary schools) and the Young Enterprise Competition.

An Audience With Andy Swansea Met’s Professor of Creative Entrepreneurship, Andy Penaluna and Sir Tim Wilson, author of the Government’s Wilson Review of Business and University collaboration will be leading a high profile ‘Audience with…’ event at Leeds University in January 2013.

Enterprising educators from Swansea Met are linking up with lecturing staff from more than a dozen institutions across the UK to take part in an innovative teaching and learning project called ‘Mashhop’ which aims to use a ‘flipped classroom’ model to collaboratively build a range of resources for enterprise educators across the country to share and use under Creative Commons licensing. Lucy Griffiths from Swansea Business School, and Professor Andy Penaluna have recorded a ‘Smith and Jones’ style head to head conversation on creativity and innovation to contribute to the project and Lucy will also be contributing a lecture on ‘Marketing on a Digital Shoestring’. Scan the QR Code to see the ‘head to head’ videos on YouTube. Image: Frances Brown/ Matthew Draycott/Ben Lumley

The event, organised by the Higher Education Academy, is designed to offer Higher Education leaders an opportunity to discuss key issues in relation to enterprise and higher education with policy makers. Professor Penaluna lead the development of the QAA’s recent guidance on assessing enterprise and entrepreneurship and has played a key role in policy development in this area in recent years and this high profile event highlights the importance of enterprise to the future of University education. Further details about the event, which takes place on 10th January 2013, can be found at http://www.heacademy.ac.uk/

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│SOUTH WALES BUSINESS REVIEW

Books Special:

What’s Your Personal Business Model?

We speak to Tim Clark about his international bestseller, Business Model You.

Tim Clark

When did you realise that the Business Model Canvas also applies to people? While editing the Business Model Generation manuscript in 2009, one day it struck me that the Canvas might be used to describe and analyse individual careers. So on a whim, I drew the familiar nine-block diagram, mentally dubbed it “my personal business model,” and started filling in the blanks. I found this exercise extraordinarily useful, lifechanging, in fact. I was convinced that other people would find it helpful, too.

How is the Business Model You personal canvas different to the canvas in Business Model Generation which was aimed at organisations? Organisational models generally focus on financial elements in the Revenue and Cost building blocks. A personal model considers "soft" elements such as satisfaction, recognition, stress, social contribution, and so forth. We also modified some building block names slightly (Value Provided instead of Value Proposition, for example). "Value Proposition" is business jargon not readily understood by a nurse or teacher, for example. "Value Provided" makes immediate sense to anyone.

22 │ Vol 4 Issue 1 2012

We also created plain language building block descriptors, e.g. "Who You Help" for "Customer." We thought these descriptors would help people who are interested in reinventing themselves on a more personal level, in other dimensions of life not related to work.

What effect has the economic crisis had on the perception of changing jobs?

Today more than one billion people who want to work full-time are unable to find full-time employment, according to research published last year by Gallup. This is the world's most serious problem. If countries continue to fail at creating good new jobs, their societies are going to start falling apart. So BMY is more important than ever. If you want to be employed, you need to think like an employer. That means understanding how the enterprise works (the organisational business model) and how you fit into it (your personal business model). Even more important, we all have to become more entrepreneurial, whether as employees or entrepreneurs. The only long-term solution to the worldwide lack of good jobs is more and better entrepreneurship. And good entrepreneurship depends on good business models.

Why did you write this book?

I wrote this book because for many years I was unable to advance satisfactorily in my own career, and I saw an opportunity to develop a method that might help other people overcome the challenges I faced. Back in my university days, I studied psychology, and for a time wanted to be a career counsellor. I ended up going into business, and I had some success, especially after becoming an entrepreneur and leading my company to a multimillion dollar buyout from a NASDAQ-listed entity. But it was only later that I began feeling satisfied with my work, when I became a teacher and started helping others advance in their careers. Business Model You was the next step along that path.

What is your main message?

Business Model You's core message is that by understanding organisational business models and applying that same work logic to your own career, you can serve your Customers better, and maybe discover (or create) an organisation in which you can find vocational purpose and satisfaction.

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“True selfknowledge comes more from action than from reflection; so we tried to make it a companion-guide for reflection and planning, a tool readers can use directly in these processes. After that, taking action is up to them.“

For whom did you write this book?

Before I started working on Business Model Generation, I had an idea for a book that would explain business and entrepreneurship basics to people unfamiliar with the financial side of organisations. In particular, I was thinking of undergraduate students in the arts and sciences, people who are not majoring in business, but who need to know about workplace life. Then, while working on Business Model Generation, I became convinced that the Canvas is an ideal tool for teaching not only business basics, but some of the fundamentals of transitioning from student life to the life of a responsible working adult. I decided to aim Business Model You at mid-career adults, but I'm convinced, though, that the methodology is appropriate for undergraduate university and even high school students.

Is this book essentially about reinventing your own career? Is that possible for everyone? BMY is about advancing your career in whatever ways make sense for you. And yes, I believe it's possible for everyone. I began doctoral studies at the age of 51.

So far I've had more than 40 jobs in my life. I've worked as a street performer and as a university professor. I've been a dishwasher, airplane cleaner, bartender, company president, door-to-door salesman, short order cook, delivery driver, legal clerk, translator, corporate planner, market researcher, and author,the list goes on and on. My insights are based primarily on failures, not successes.

What is the importance of reflection?

Reflection is crucial when planning a career change. Some people spend more time thinking about which new car or cellular telephone they plan to buy than they do about which new organisation they want to work for! But while reflection is important, the way we truly get to know ourselves is through action. As the saying goes, it's easier to act your way into a new way of thinking than to think your way into a new way of acting. Business Model You is modelled on the entrepreneurial journey: Reflection means rethinking your existing business model so that in the next phase, Revise, you can create a new hypothesis for how you want to work. The next phase, Act, is equivalent to what Steve Blank calls

"getting out of the building." It means testing your hypothesis with prospective customers.

You stress the fact that people must realise what they are worth. Why? With most of the world experiencing economic hard times, we all have to clarify (if not quantify) our worth in our Customer’s eyes. When we do that, we may well discover we're worth more than we thought we were, or that we have value to different Customers.

What would you like readers to gain from this book?

My greatest pleasure comes when people say that BMY has changed their lives . Quite a few people have said that. It's the most wonderful feeling I've ever had. My personal Value Proposition is helping others advance in their careers. I hope BMY helps readers move ahead, in whatever direction or dimension of their lives they choose.

You can join the Business Model You community and download a free sample of the book at: www.businessmodelyou.com Image: Courtesy of Tim Clark

Vol 4 Issue 1 2012 │23

Next Issueâ&#x20AC;Ś

Can Business be a Force for Good? Out February 2013

Image: ÂŠiStockphoto.com/benignocom

To reserve a copy please visit www.smu.ac.uk/swbr or email your name and address to: swbr@smu.ac.uk