Welcome to the Summer edition of Think Enterprise, where we’re all about thriving and making waves. This season, we’re turning up the heat on creativity and inclusion, showing how these elements are driving the future of entrepreneurship and education.
We begin with a focus on creative industries— 2024’s hot market. From art to digital media, these sectors are booming, offering endless opportunities for innovation and economic growth. Our deep dive into this trend reveals why creative ventures are a smart move for new entrepreneurs.
Next, we highlight the exciting new AI qualification launched by IOEE. These groundbreaking units equip learners with essential AI skills tailored for business, positioning them at the forefront of technological advancements. It’s a significant leap forward in making AI accessible and practical for everyone.
We’re also catching up with some of our academies, including Arden University,
where the Lions Den Business Competition is fostering future business leaders. This initiative provides learners with the skills and experience needed to excel in the entrepreneurial world.
In addition, we celebrate the re-approval of Being Your Own Boss academy, which continues to deliver top-notch employability training. Their dedication to equipping learners with the necessary skills for entrepreneurship is truly commendable.
The impact of SFEDI Awards qualifications on SCL Education and Training LTD shows how structured enterprise education can foster a thriving community of entrepreneurial professionals. Their extensive use of the Adult Education Budget to deliver funded qualifications has been a game-changer for many aspiring entrepreneurs.
As we move through this tech-savvy era, our featured centres and academies illustrate that blending technology with creativity and inclusivity creates a robust environment for nurturing future business leaders. This edition of Think Enterprise is a celebration of innovation, inclusivity, and the boundless opportunities they create.
Welcome to a summer filled with creativity, inclusivity, and forward-thinking innovation at Think Enterprise. Enjoy!
PROFIT FROM CREATIVITY: 2024’S HOT MARKET
In 2024, creativity has emerged as a driving force behind innovation, change, and success. Entrepreneurs seeking new avenues for business ventures are increasingly turning towards the creative industries to unlock their untapped potential. From art and design to film, music, fashion, and beyond, these industries offer a unique blend of economic viability, endless possibilities, and a chance to influence society. In this article, we delve into the reasons why creative industries are an attractive and viable business option for those looking to start a new venture.
The Expanding Market of Creative Consumption
The demand for creative products and services has experienced exponential growth in recent years. People are seeking unique experiences, personalization, and authenticity in the products they consume. Creative industries provide an
outlet for these desires, catering to niche markets and creating one-of-a-kind offerings that resonate with consumers. Whether it’s handcrafted goods, immersive digital experiences, or bespoke services, creative businesses have the opportunity to capture a loyal and passionate customer base.
Driving Economic Growth
Creative industries have become major contributors to national economies worldwide. They generate substantial revenue, create jobs, and foster economic growth. In the UK creative industries greatly contribute to the economy. The theatre industry is the 3rd highest contributor to the UK economy, falling behind banking and retail.
The Power of Innovation
Creativity and innovation go hand in hand.
Creative industries are known for pushing boundaries, challenging norms, and introducing disruptive ideas. The dynamic environment of the creative industries fosters a spirit of innovation, inspiring entrepreneurs to think outside the box and develop unique solutions to societal needs. By harnessing creativity, entrepreneurs can differentiate themselves from the competition and carve out a niche for their business
Embracing the Digital Revolution
The evolving nature of technology has revolutionised the creative industries, opening up new avenues for entrepreneurs to showcase and distribute their products and services. Online platforms, social media, and e-commerce have opened access routes between customer and company, enabling entrepreneurs to reach a global audience without the need for substantial upfront investment. The digital landscape has also created collaborative opportunities, allowing creative professionals to connect, share ideas, and form mutually beneficial partnerships.
Cultivating Emotional Connections
Creative industries have an inherent ability to evoke emotions, forge connections, and create lasting memories. Businesses that tap into these emotional aspects can cultivate brand loyalty and generate repeat customers. By infusing their offerings with compelling storytelling, aesthetic appeal, and a sense of purpose, entrepreneurs can create immersive experiences that resonate deeply with their target audience.
Diverse Revenue Streams
One of the unique advantages of creative industries is the potential for multiple revenue streams. Entrepreneurs can monetize their creative endeavours through various channels
such as product sales, licensing, merchandising, subscriptions, collaborations, and events. This diversity provides stability and flexibility, allowing businesses to adapt and thrive in different market conditions.
Inspiring Social Impact
Creative industries have the power to spark social change and address important societal issues. Businesses that align themselves with a purpose beyond profit can create a positive impact on their communities and the world at large. This socially conscious approach not only resonates with consumers but also attracts talented individuals who are passionate about making a difference
As the world becomes increasingly interconnected and complex, the creative industries offer a beacon of opportunity for entrepreneurs seeking to start a new business. The fusion of innovation, economic viability, and emotional connection sets these industries apart, creating a fertile ground for creative entrepreneurs to thrive. By embracing the power of creativity.
Fostering Future Leaders: IOEE and Arden University Champion Entrepreneurial Success
At the start of 2024, the IOEE sponsored Arden University’s Lions Den Business Competition event, with free memberships for the winner and runner up groups. Arden University are running a series of events throughout the year to support their learners into the world of enterprise and entrepreneurship.
The Lions Den Business Competition took teams of entrepreneurs through a series of workshops, seminars, and activities to equip them with a range of skills and knowledge.
Covering topics such as financial management, stakeholder management, elevator pitches and more. The Lions Den Business Competition gave participants experience in the realm of enterprise and entrepreneurship.
Dr Alfred Mbeteh, Senior Lecturer-Lead of the Arden University Enterprise Incubator, brought the Lions Den Business Competition to the IOEE, wondering how the IOEE could support students through inspirational speeches, appearances and any other methods that would be appropriate.
Following discussions with Dr Mbeteh and the IOEE team, it was agreed that the IOEE would supply several winners with IOEE affiliate membership. This would not only boost their professional status but also provide them with a range of resources to help them create their business.
The competition began at the start of the year, and by May, the winner of the Arden University Lions Den Business Competition was announced. The runner up position went to Sharmeena and Fabio, and Erfan Mohseninejad and Neeka Henry came out on top as the winners of the competition.
We spoke with Erfan, who won the competition, who discussed how the process went differently to how he expected, but was still very beneficial.
Erfan has a background in enterprise and entrepreneurship. Having ran multiple businesses in Iran, before applying to Arden University, Erfan sought academic support and knowledge to take his entrepreneurship practice further. Running a business trading spice, and a minimalistic ecommerce stationary brand, Erfan knows how to run a business, and how to succeed.
Erfan discussed how the group project became a difficult task, but he took the leadership with the help of his team mate Neeka Henry. Now with the ability to focus on his own business idea, Erfan found an opportunity to practise his sales pitch, develop his business plan and consider how he would manage finances within a business in a safe and risk-free setting. Erfan discussed how the competition gave him a motivation, to explore other aspects of enterprise and entrepreneurship. The business competition provided Erfan with the support he needed to consider new elements of the startup process, and the knowledge needed to create sustainable business success.
Erfan expressed his appreciation for various workshops, but specifically the introduction of the sales pitch. Erfan took this as an opportunity to define his offering. Erfan really enjoyed the elevator pitch workshop, in which he was trained in the art of sales. Specifically learning how to sell his business idea to stakeholders and investors within 3 minutes. He also enjoyed the session on financial structures taxation rules. Although the group dynamic broke down towards the end of the project, Erfan remained determined in completing the competition and was declared the winner.
Erfan went on to say how the partnership with IOEE provided double the recognition for winning the competition. Finding the competition useful and appreciating the access to a year’s free membership with the IOEE. The access to various tools and resources within the IOEE campus will assist Erfan in creating planning documents, and the knowledge shared by Arden University will allow Erfan to consider new approaches to entrepreneurship.
Sharmeena and Fabio worked as part of a group throughout the process. They both encountered their own challenges along the way, but from these challenges came a brilliant business idea.
Sharmeena and Fabio told us that they were working on hypothetical ideas for a while and then the pair found a common interest. Sharmeena had an interest in creating an in house accountancy firm and Fabio wished to create an online academy. Their shared goal was to help students. Following discussions, they realised that by combining their ideas, they could provide support to students in innovative ways. The discussions led to the creation of their actual business idea, which is an online platform that serves as a bridge between students and businesses and educational institutes. This would support students to get valuable experience, and support businesses in gaining access to quality candidates to fill their vacancies.
Fabio told us that he found the workshops beneficial, and the support from their mentor Keith Wong, Programme Leader and Senior Lecturer at the University, encouraged them to think with a more focused approach.
Keith confirmed that his approach to starting a business is to think small. Focus on a niche, a target market, or an issue
you are personally motivated to resolve. Then branch out from there.
Sharmeena agreed with Fabio, stating that the support received from their mentor was really useful and provided them with a starting block which they could take to their team meetings.
Communicating via text message, phone call or WhatsApp group, the distanced nature of this project created several opportunities for collaboration. Sharmeena told us that, being based in the Northwest of England, she may not have had the opportunity to collaborate with someone in the Northeast of England. However, with the project taking place online, she was able to connect with Fabio and discuss their business ideas when it was convenient for them both.
Fabio and Sharmeena are continuing to work on their business idea and are looking to launch soon. We, at the IOEE, wish them both the best of luck in launching this endeavour and look forward to hearing how the project goes in the future.
The IOEE is proud to offer support to Arden University, as an IOEE academy. Together we will support the next round of entrepreneurs to enter the industry with the knowledge and skills needed to succeed in a competitive market. As the IOEE continues to work with Arden throughout their time as an Academy, we are ever aware of their commitment to fostering a community based education model in which students and alumni support one another and develop their skills together. This is something the IOEE is keen to support.
Creating an Inclusive and Diverse Business: Embracing Pride and Productivity
As June closes and we see the end of Pride Month, a spotlight shines on the importance of inclusivity and diversity in the workplace. Creating an inclusive and diverse business environment isn’t just a noble endeavour— it’s an essential strategy for fostering innovation, boosting productivity, and enhancing employee well-being. Embracing Pride and supporting LGBTQ+ communities can significantly transform your business.
In this article, we’ll uncover how you can cultivate an inclusive atmosphere, the tangible benefits of doing so, and the pivotal role social enterprises play in driving this change. Get ready to learn how inclusivity and diversity can lead to a thriving, engaged, and loyal workforce while highlighting the meaning of Pride Month.
Understanding the Importance of Diversity and Inclusion
Diversity in a business setting means bringing together individuals from various backgrounds, cultures, genders, sexual orientations, and abilities. Inclusivity ensures that these diverse groups are not just present but are welcomed, respected, and given equal opportunities. Embracing this inclusive ideology is more than a moral or ethical choice; it is a strategic advantage that leads to the following benefits:
Enhanced Creativity and Innovation: Diverse teams bring in a wider array of perspectives, leading to more creative solutions and innovative ideas.
Better Decision Making: Inclusivity leads to diverse viewpoints and reduces groupthink, enhancing the decision-making process.
Higher Employee Retention and Attraction: Workplaces
that are inclusive are more attractive to potential hires and boast higher retention rates as employees feel valued and accepted.
Focusing on LGBTQ+ Pride in the Workplace
Integrating LGBTQ+ Pride into business practices signals a commitment to creating a safe and supportive environment for all employees. Here are some ways to foster LGBTQ+ inclusion:
Adopt Comprehensive Policies:
Implement anti-discrimination policies that explicitly protect LGBTQ+ employees and offer benefits such as healthcare that covers the needs of all employees, including transgender-inclusive medical care.
Support Employee Resource Groups (ERGs):
Encourage the formation of LGBTQ+ ERGs where employees can find support and advocate for changes that benefit the community.
Training and Education:
Provide training sessions for all employees on LGBTQ+ issues, sensitivity, and allyship to foster understanding and support.
Celebrate Pride:
Participate in and support Pride events and campaigns within the community and inside the workplace. This not only shows support but also educates the workforce.
The Role of Social
Enterprises
Social enterprises play a crucial role in driving social
change and fostering inclusive practices. These organisations prioritise social objectives alongside financial goals, thus creating a profound impact on communities and individuals.
Community Engagement:
Social enterprises often engage deeply with their communities, understanding and addressing their unique needs, including those of the LGBTQ+ community.
Creating Safe Spaces:
They can act as safe havens for marginalised groups, offering employment, support, and a sense of belonging.
Promoting Social Change:
Through their inclusive business models, social enterprises set examples and press for broader societal changes towards inclusivity and fairness.
Well-being and Productivity
Ensuring a diverse and inclusive workplace positively impacts employee well-being and productivity. Employees who feel accepted and valued are more likely to:
Experience Lower Stress Levels:
An inclusive environment reduces the stress and anxiety associated with discrimination and bias.
Engage More Deeply in their Work:
Employees who feel they belong are more engaged and committed, leading to higher productivity levels.
Demonstrate Higher Job Satisfaction:
Feeling recognised and appreciated boosts job satisfaction and morale, reducing turnover.
Creating an inclusive and diverse business environment that actively promotes and participates in Pride, and LGBTQIA+ inclusion, not only fosters a better workplace culture but also drives innovation, engagement, and productivity. By embracing these values and supporting social enterprises, businesses can contribute significantly to societal wellbeing and set a powerful precedent for future corporate practices.
Today we’re featuring one of our new academies, Charterhouse School.
Charterhouse School, one of the oldest and most esteemed boarding schools in the United Kingdom, proudly announces its accreditation as an Institute of Enterprise and Entrepreneurs (IOEE) Academy. This significant achievement reflects Charterhouse’s commitment to providing an innovative and forward-thinking education that equips students with the skills and mindset needed for success in the future world.
With a rich heritage spanning centuries, Charterhouse has always been at the forefront of educational excellence and opportunity. Today, the school declares its dedication to innovation and relevance by partnering with the IOEE to ensure it’s pedagogical approach goes beyond traditional academic standards.
Commenting on this milestone, Sandip Patel, Head of Entrepreneurship and business teacher at Charterhouse School, stated, “Charterhouse, primarily a boarding school, is one of the oldest schools in the UK. We partnered with the IOEE to have something accredited so it means something when they leave school.”
This accreditation marks a pivotal moment in Charterhouse’s educational offering, signalling a shift towards a more practical and hands-on learning experience.
Sandip emphasised the importance of providing students with “something a little bit more hands-on, not completely exams based.”
In an effort to make entrepreneurship more accessible, Sandip discusses how Charterhouse focuses on providing practical, simulated real
world experience to their learners, who are 13-18 years old. Through its partnership with the IOEE, Charterhouse aims to cultivate an entrepreneurial mindset among its students, empowering them to think creatively, adapt to challenges, and seize opportunities in an everevolving global landscape.
Reflecting on the collaboration with IOEE, Sandip remarked, “I feel partnering with IOEE has worked well” continuing “I did a lot of research, and eventually found the IOEE. After a discussion with IOEE’s CEO, I felt the partnership would work well.” The academy status not only enhances Charterhouse’s reputation but also ensures that students receive practical training and an education that prepares them for the complexities of the enterprising world.
“We are trying to get A-level students not to think like A-level students,” added Sandip, underscoring Charterhouse’s commitment to fostering critical thinking, problem-solving, leadership skills and an entrepreneurial mindset, essential for success beyond the classroom.
Charterhouse School’s accreditation as an IOEE Academy signifies a bold step towards redefining education within a school setting. By embracing entrepreneurship and enterprise education, and partnering with the IOEE, Charterhouse affirms its position as a leader in preparing younger students for a future full of promise and opportunity.
If you’d like to join the IOEE community and become an accredited Academy, contact us today at http://ioee.org.uk/ ioee-academies/
Announcing the Launch of the UK’s First Level 1 AI Qualifications for Business
We are thrilled to announce the launch of the UK’s first Level 1 Award in AI Essentials for Business, a groundbreaking addition to the landscape of vocational education. This OfQual recognised qualification is designed to equip learners with fundamental AI skills tailored specifically for business use. Developed in alignment with the AI Skills for Business Competency Framework, the qualifications represent a significant step forward in making AI education accessible and impactful for everyone.
The Growing Importance of AI in Business
Artificial Intelligence (AI) is rapidly transforming the business world, driving efficiencies, and enabling innovative solutions across various sectors. From automating routine tasks to providing deep insights through data analysis, AI is a critical skill set for the modern workforce. Recognising this, our new qualification focuses on providing foundational AI skills that enhance employability and prepare learners for the evolving demands of the business environment.
The Level 1 Award in AI Essentials for Business is meticulously crafted to introduce learners to the basics of AI and its practical applications in a business context. This regulated qualification is unique as it is the first of its kind at this level, ensuring learners receive a certified and credible education in AI.
Key
Units of Study:
1. Introduction to Artificial Intelligence (AI)
2. Writing Effective AI Prompts
3. Ethics and Responsible Use of AI
4. Practical Applications of AI in a Business Setting
5. Setting Up and Using an AI Account
6. Evaluating AI Outputs
Each unit is designed to provide a comprehensive understanding of AI, from its basic concepts to practical applications and ethical considerations.
Benefits of the Qualification
Regulated and Recognised: Being an OfQual recognised qualification, it adds significant value to learners’ CVs, ensuring that the skills acquired are credible and respected in the business world.
Enhance Employability: The curriculum is aligned with the AI Skills for Business Competency Framework, ensuring that learners acquire relevant and up-to-date skills that are highly sought after in today’s job market.
Accessible and Impactful: The Level 1 Award is perfect for those new to AI, providing a solid foundation without the need for prior technical knowledge.
Integration with AEB Funding
While the Level 1 Award in AI Essentials for Business itself is not AEB funded, its units are included as part of the broader Passport to Enterprise and Employment qualification. This broader qualification is AEB funded, allowing educational institutions to utilise their budget effectively and incorporate these essential AI skills into their existing programmes.
We invite educational institutions and training providers to become academies and deliver this pioneering qualification. By integrating the Level 1 Award in AI Essentials for Business into your curriculum, you can offer your learners cutting-edge skills that are crucial for the modern workforce.
For more information about the qualifications and how to begin delivery, visit ioee.org.uk/ai-essentials
Being Your Own Boss, Bossing Enterprise Training
We catch up with one of our re-approved IOEE Academies
The IOEE is proud to have worked with some centres for quite some time now. Some of our academies have been with us for ten years, or more. An academy name we, at the IOEE, have become very familiar with is Being Your Own Boss, who provide employability training to their learners.
Chris Calladine, at Being Your Own Boss, has been working with the IOEE for a number of years. Chris has a genuine passion for employability training and providing his learners with a high standard of education. Using the SFEDI Level 1 Award in Understanding Enterprise qualification as a structure for his delivery, Chris delivers his training to those interested in starting a business or developing their employability skills.
Chris’ commitment to engaging with those seeking employment and self employment opportunities is commendable. Through the delivery of the Level 1 qualification, Chris is able to equip his learners with a range of entrepreneurial skills ranging from accessing funding to legal structures that apply to business owners.
Chris has told us that delivering the qualification is “enjoyable and rewarding” and that the learners are engaging with the content well. Chris enjoys seeing new entrepreneurs emerge from the sessions and encourages the learners to think big
and set ambitious goals for themselves. Their use of online live delivery methods has made employability training accessible to a broader audience. Suiting the learner as a priority, the learning content is completed on an online platform allowing both learner and tutor to engage with each other as they work through their learning materials. Their IOEE academy status, provides learners with extra value, as they complete their qualification. Each student is given a free 1-year studying membership to the IOEE, and the online campus. Full of resources, e-learning material and tools, the IOEE online campus is a great supplementary tool to any student on a SFEDI Awards or IOEE Accredited qualification.
In a world where employability is a top priority, Being Your Own Boss is providing individuals with the skills and confidence they need to take control of their professional lives. Through their innovative approach and dedication to continuous improvement, they are providing great employability training and making a significant difference in the lives of many.
Being Your Own Boss has reapproved as an IOEE academy for yet another period, again confirming their status as an entrepreneurial educator. With the IOEE academy status, Chris gains access to a
range of marketing materials, support from expert staff and learning resources that can be used as part of his delivery session.
This ongoing partnership between IOEE and Being Your Own Boss exemplifies the value of long-term collaboration in educational initiatives. By continually refining and enhancing their training programs, they ensure that learners receive up-to-date and relevant knowledge. As Chris and his team continue to innovate and adapt, the future looks bright for those embarking on their entrepreneurial journeys through Being Your Own Boss. This sustained effort not only strengthens the reputation of both organisations but also contributes significantly to the broader goal of economic empowerment and workforce development.
The Impact of SFEDI Qualifications
SCL Education and Training LTD has been committed to offering SFEDI Awards qualifications for almost three years, empowering learners with vital entrepreneurial skills. Leveraging the Adult Education Budget (AEB), SCL provides students with the expertise needed to thrive in their professional journeys.
SCL Education and Training LTD has been delivering funded SFEDI Awards qualifications for just under 3 years. In this time, SCL Education and Training LTD has consistently demonstrated a commitment to fostering an entrepreneurial spirit within the realm of sports and professional development.
Making the most of the Adult Education Budget (AEB) funding available, SCL Education and Training LTD register around 2500 students annually to gain a SFEDI qualification. The funding covers the registration fee for each learner and allows them to nurture a growing community of entrepreneurial professionals.
A spokesperson for SCL said “Incorporating SFEDI courses, funded through AEB pots, gives us a solid foundation and qualification to build upon when we deliver training to empower aspiring entrepreneurs with the skills and knowledge they need to succeed, driving economic growth and personal development no matter where they are in their journey to starting a business.”
Through our partnership with the IOEE, each learner who is registered for the qualification also gains 1 year of studying membership to the IOEE, for free. Allowing the enterprise education to continue at the convenience of the learner. Each IOEE member gains access to the IOEE online campus, home to various resources, e-learning modules and BizBot, the AI-powered business support guru. Another great benefit of delivering the funded SFEDI Awards qualifications.
One of the hallmarks of SCL Education and Training LTD’s offerings is its comprehensive portfolio of funded qualifications. Over the years, SCL Education and Training LTD have delivered a combination of employability and entrepreneurship programmes to their learners,
including the Level 1 Extended Award In Passport To Enterprise And Employment, Level 1 Award In Understanding Enterprise and Level 1 Award in Enterprising Skills and Employability. The centre has also, recently, been approved to deliver the Level 2 award in Self Employment.
Through diligent curriculum design, the centre ensures accessibility to accredited programmes that empower individuals with the necessary skills and knowledge to thrive in the competitive enterprise industry. By planning their delivery carefully, the academy also maximises its success by delivering multiple qualifications alongside each other.
These funded qualifications not only enrich the learning experience and provide validation for their learning but also equip students with practical insights and expertise that are highly sought after in today’s dynamic marketplace.
SCL Education and Training LTD is a champion in enterprise and employability education, through its delivery of funded SFEDI qualifications, and the support they offer their learners. With high success rates, glowing quality assurance reports and an ever-increasing demand for delivery, SCL Education and Training LTD is an exemplary IOEE academy.
Gaining IOEE academy status is a straightforward process. As an IOEE academy, you too can deliver funded, regulated, qualifications and champion enterprise and entrepreneurship.
Simply head to the IOEE website at ioee.org. uk/ioee-academies/ to find out more about becoming an academy.
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E-LEARNING COURSES. AI-POWERED BIZBOT. BUSINESS CHECKLISTS.
Building Your Business Foundation: Key Skills Every Start-Up Owner Needs
Embarking on the journey of starting your own business is an exciting, but nerve wracking endeavour that requires a unique set of skills and a keen entrepreneurial spirit.
However, in the fast-paced and competitive world of business, dreams and ambitions are not enough to dive headfirst into being a business owner. To truly thrive in this dynamic landscape, start-up business owners must understand the vital role that skill development plays in shaping their success.
Let’s explore how honing your skills can make a huge difference when setting up a business, empowering you to navigate challenges and make the most of those golden opportunities with confidence.
Firstly, you have to have a solid foundation to build your skyscraper of skills on top of. A successful start-up requires a strong foundation, in the form of a skilled start-up owner. As an aspiring entrepreneur, investing in your personal and professional growth is a crucial step in laying this foundation. By developing your skills, you enhance your ability to adapt to changing market conditions, make informed decisions, and effectively lead your team towards success.
In the world of business, change is constant. Start-ups face an ever-evolving landscape, where new technologies emerge, consumer preferences evolve, and industry trends shift.
In order to thrive , it would be wise to look into developing a sense of adaptability. Cultivating a mindset that embraces change and seeks opportunities for growth will allow you to remain ahead of the curve. Skill development enables you to stay current with industry developments and equips you with the tools to pivot your business strategy as needed.
One of the most crucial skills for a start-up business owner is the ability to make sound and strategic decisions. Every choice has the potential to impact the future of your business. Developing your strategic decision making skill sharpens your analytical thinking, enabling you to evaluate options, assess risks, and make informed judgments. It empowers you to use data, anticipate potential obstacles, and identify how to maximise opportunities for growth.
Communication forms the backbone of every successful enterprise. As a start-up business owner, your ability to convey your vision,
values, and ideas to various stakeholders is crucial. Developing your communication skills will allow you to articulate your message with clarity and persuasion, fostering fruitful collaborations, attracting investors, and building a loyal customer base. Effective communication skills also enhance your leadership capabilities, enabling you to motivate and inspire your team.
Starting a business is not for the faint of heart. Yes the rewards can be great, but the road to success is often paved with setbacks, challenges, and moments of self-doubt. The ability to bounce back from these challenges and persevere is what sets successful entrepreneurs apart. Skill development can cultivate resilience by nurturing traits such as perseverance, problem-solving, and emotional intelligence. By investing in your personal growth, you develop the mental fortitude to weather storms and emerge stronger.
In today’s rapidly evolving business landscape, innovation and creativity are the lifeblood
of entrepreneurial success. Skill development encourages you to think outside the box, challenge the status quo, and embrace unconventional approaches. By honing your innovative and creative skills, you unlock the potential to disrupt markets, create unique value propositions, and differentiate your start-up from competitors.
Networking is often cited as a critical factor in business success. The connections you forge can open doors to new opportunities, partnerships, and mentorship. Skill development in networking equips you with the tools to cultivate meaningful relationships, engage in effective professional interactions, and build a strong support network. By expanding your network, you gain access to valuable insights, guidance, and potential collaborations that can propel your start-up forward.
Setting up a successful start-up requires more than just a groundbreaking idea and passion. Skill development is the secret ingredient that can transform aspiring entrepreneurs into thriving business owners. By investing in personal growth, nurturing adaptability, enhancing decision-making abilities, and fostering effective communication, start-up business owners can unlock their full potential. Embrace the power of skill development, and pave your way to success in the ever-changing landscape of entrepreneurship.
Learners can develop an understanding in the above mentioned skills through the SFEDI Awards Passport to Enterprise and Employment qualification, available at level 1 and 2. Each learner would gain an insight into how to utilise the skills in setting up their own business, but also how to apply them to other aspects of employment. The Passport to Enterprise and Employment qualifications are a great stepping stone for budding entrepreneurs and those seeking employability skills alike. To find out more about the SFEDI passport qualification, head to IOEE.org.uk and contact a member of our team today.
WHAT IS A SOCIAL ENTERPRISE?
In the early 2020’s the world of business and enterprise saw a shift. Running a business meant more than profit margins and balance sheets, and a surge in new businesses occurred, businesses that were driving social change with every transaction and decision they make. These businesses are dynamic and purpose-driven entities known as social enterprises.
Think of them as businesses who embrace innovation to tackle societal challenges while still keeping an eye on their bottom line. Social enterprises are all about merging the best of both worlds: the heart of a nonprofit with the savvy of a for-profit business. They prove that doing good and doing well can go hand in hand.
In this article we will delve into the essence of social enterprises, exploring what they are, what goes into starting one, and the fascinating mechanics that power them.
So, settle in and prepare to uncover how social enterprises are rewriting the rules of business, igniting the flame of purposedriven entrepreneurship in this vibrant journey of impact and innovation.
A social enterprise is a unique business model that intertwines the pursuit of social or environmental objectives with financial sustainability. At its core, a social enterprise is driven by a mission to create positive change in society or the environment while operating within a commercial framework. Unlike traditional for-profit entities solely focused on maximising financial gains or nonprofit organisations reliant on donations and grants, social enterprises aim to strike a balance between generating profits and generating positive impact. This fusion of purpose and profit lies at the heart of the social enterprise concept.
What sets social enterprises apart from
conventional organisations is their commitment to achieving measurable social or environmental outcomes. These outcomes are woven into their very fabric, influencing strategic decisions, operational processes, and resource allocation.
The dual nature of their goals— both social and financial—requires social enterprises to think creatively, innovatively, and often disruptively. Their existence challenges the notion that profit and social responsibility are mutually exclusive, demonstrating that it’s possible to generate revenue while addressing pressing global issues, such as poverty, inequality, education, healthcare, and environmental sustainability.
Social enterprises are not driven solely by the pursuit of wealth, nor are they limited by the constraints of traditional charity models. Instead, they embody a new paradigm in which profitability is harnessed as a means to fuel positive societal transformation. As a result, social enterprises wield the power to redefine success in business, shifting it from a narrow focus on financial gain to a broader perspective that encompasses holistic well-being for individuals, communities, and the planet.
At the heart of social enterprises lie
distinct characteristics that set them apart in the business landscape. One of the primary hallmarks of these entities is their unwavering emphasis on a social or environmental mission. Unlike traditional profit-centric businesses, social enterprises are driven by a deeper purpose, striving to create meaningful positive change in the world. This mission-driven focus serves as a guiding star, directing all their activities and decisions towards achieving tangible and sustainable social or environmental impact.
In pursuit of their mission, social enterprises often employ innovative approaches to tackle complex societal challenges. These organisations are not bound by conventional problem-solving methods; instead, they harness creativity and ingenuity to develop novel solutions that address root causes and yield lasting outcomes. Whether it’s devising new technologies to enhance sustainability, implementing inclusive business models to empower marginalised communities, or revolutionising supply chains for ethical production, social enterprises exemplify the spirit of innovation as a means to drive positive transformation.
Moreover, the ownership structures of social enterprises reflect their diverse nature and flexibility. These organisations can take on various forms, including nonprofit, for-profit,
or hybrid models. This adaptability allows them to choose the structure that best aligns with their goals and strategies.
Some social enterprises operate within the nonprofit sector, focusing solely on generating social value without the pressure of profit generation. Others adopt hybrid models that blend profit-making activities with a strong commitment to their social mission. This multiplicity of ownership structures underscores the dynamic nature of social enterprises and their ability to find tailored solutions to the diverse challenges they aim to address.
Sustainable revenue generation is a linchpin of social enterprises. While their mission is to create positive impact, the financial sustainability of these organisations is paramount to ensure that their efforts can endure over time. By generating revenue through sales, services, partnerships, or other innovative means, social enterprises can reinvest profits back into their mission, further amplifying their social or environmental impact. This dual focus on both financial viability and social significance encapsulates the essence of social enterprises as self-sustaining agents of change.
At the heart of a social enterprise’s operations lies a clear and compelling social or environmental purpose. This mission acts as a guiding star, driving all business decisions and strategies. By articulating a well-defined mission and vision, social enterprises are able to not only provide a sense of purpose to their employees and stakeholders but
also set a roadmap for their activities.
To ensure alignment with their mission, social enterprises carefully design their business activities to create a tangible impact. These activities are not simply a means to generate profit; rather, they are strategically chosen to advance the social or environmental cause the enterprise seeks to address. This alignment between purpose and action is what sets social enterprises apart from conventional businesses.
Social enterprises embrace the challenge of harmonising financial sustainability with the pursuit of social impact. They adopt a diverse range of business models that are tailored to their specific objectives and target audiences. These models can encompass various strategies, including selling products or services, providing training and education, accepting donations, and even utilising hybrid approaches that combine aspects of for-profit and nonprofit strategies.
The key to a successful social enterprise business model is the careful balance between generating revenue and fulfilling its social mission. This equilibrium allows the enterprise to be financially self-sufficient while consistently driving positive change in its community or sector.
To sustain their operations and foster growth, social enterprises generate income through a variety of means. These may involve selling products or services that align with their mission, often involving ethical sourcing or environmentally friendly
production processes. Partnerships with other businesses or government can also provide a source of revenue.
Crucially, the profits generated by social enterprises are not solely for financial gain. A significant portion is reinvested into furthering the social mission. This reinvestment can take the form of expanding services, increasing community outreach, or developing new initiatives that contribute to long-term positive outcomes.
Demonstrating the effectiveness of their initiatives and programs is a fundamental aspect of social enterprises. They utilise various methodologies to track, measure, and evaluate the social or environmental outcomes they achieve. By quantifying and qualitatively assessing their impact, social enterprises provide evidence of their
contributions to stakeholders, investors, and the broader community.
Transparency is key in this process. Social enterprises often publish impact reports that detail the progress made toward their mission. This not only builds credibility but also fosters trust among supporters and beneficiaries.
Social enterprises are taking the world by storm, and it is clear that they are not going anywhere. Creating a positive impact on society does not necessarily mean burning a hole in your pocket to do so. Social Enterprises are a great way to develop your local community, or have a national impact, whilst succeeding financially.
Towards the development of a Hybrid University Business Incubator (HUBI): The 10 Commandments!
Guest Article by Alfred Mbeteh - Senior lecturer at Arden University
In this article, I share the 10 commandments of specifically setting up a Hybrid University Business Incubator herein referred to as HUBI, which is derived from my experience in playing a leading role in the set-up and running of the Arden University Enterprise Incubator (AEI) and my general knowledge and experience in providing enterprise support services for youths and youth led ventures. The 10 commandments will be particularly useful for enterprise educators, practitioners and government officials who might be particularly interested in building and growing a thriving business incubator within the university setting.
Like most business ideas, the concept of Business Incubators (BI) was born out of a problem. Basically, a local real estate developer acquired an 850,000 squarefeet building and rented it out to a large corporation who later exited the area. The developer resulted in subletting the property by partitions to various entities as he was unable to find a single entity that could lease the entire facility. Subsequently, some of the entities (tenants) began requesting for business advice in relation to things like raising capital, growth strategies etc (Adkins, 2001).
Since then, there has been a proliferation of business
incubators across the world. The National Business Incubator Association (NBIA), for instance, estimates that there are about 7,000 business incubators around the world, the majority of which span across the US and Europe.
BI as a concept has also been adopted by universities for its potential to increase graduate outcomes and contribution to the economic development of nations. University Business Incubator, herein referred to as UBI, helps in stimulating the mindset of students towards entrepreneurship, develop their skill sets and ideas and connect them to mentors and potential investors. Thus, UBI is fast becoming a requirement for universities rather than “nice-to-have”.
However, most universities have been primarily focused on providing a physical space for their students, neglecting the virtual elements that might together create a bigger impact. The reason for this could be twofold.
First, most of the definitions of BI tend to suggest that the provision of ‘incubator services’ are only to be carried out within a physical environment/building.
For example, Hacket and Dilts, (2004) defined it as a ‘shared office-space facility’ that seeks to provide it incubates (i.e., ‘‘portfolio-’’ or ‘‘client-’’ or “tenantcompanies’’) with valuable business services. Similarly, Allen and Rahman (1985) averred
that BI focuses on the provision of ‘rental space, shared office’, and assistance through business consulting services. Hughes et al. (2007), also stated that a business incubator is “a facility that houses young, small firms to help them develop quickly into competitive businesses” (p.155). Second, a good number of universities still deliver their programmes using the traditional face to face methodology.
However, with the advancement in technology, the rise in remote/flexible working, work life balance and the accompanying laws, a lot of students now prefer a Blended Learning (BL) approach. BL simply refers to the use of face-toface and virtual environments to deliver programmes.
Thus, to align with the changing needs, it will be strategic for universities to develop and deploy a Hybrid University Business Incubator herein referred to as HUBI.
In this article, I share the 10 commandments of specifically setting up a Hybrid University Business Incubator (HUBI), which is derived from my experience in playing a leading role in the set-up of the Arden University Enterprise Incubator (AEI) and my general knowledge and experience in providing enterprise support services for youths and youth led ventures.
1. Thou shall engage key stakeholders.
Start with a broad engagement of the Senior Management Team (SMT), Deans,
the student body, and the key staff from all departments/schools e.g., marketing, IT. Such engagements will help you to get a university wide buy in and collate useful data that will help you set the strategic direction of the incubator.
2. Thou shall develop a clear vision
Setting a vision will allow you, your team, and all stakeholders to see the bigger picture and pulls you towards the desired destination.
3. Thou shall agree on key business support services
There are many services that can be provided by an incubator such as mentorship, provision of capital, master classes, bootcamps, networking etc Whilst it will be great to offer your students all of these services, in reality this isn’t possible as most universities see in-house incubators as cost centres and thus will be unwilling to provide the funding needed to support all of the services. Thus, only choose those services that can be delivered with the resources available.
4. Thou shall segment your audience.
Clearly define your target audience. Are you targeting current or past students or both? Defining this earlier will enable you to for instance assess how past students will be able to access the virtual and physical platforms as their university emails and IDs would have ceased working.
5. Thou shall form linkages with industry.
Start with listing the existing partners that your university works with, identify their strengths/ core offerings, and then reach out and be specific about what you would want them to help with e.g., mentors, resources, events etc and how they will benefit from their engagements.
Deliberately develop rapport with key members within each partner institution and keep the conversation going.
6. Thou shall think strongly about sustainability of the incubator
As stated earlier, since university incubators are primarily set up as cost centres, the senior management teams of most universities are weary about allocating a huge budget for it especially at the beginning.
Therefore, think of ways to fund activities outside of the university’s coffers e.g., apply for external funding, leverage on the free resources and expertise of local and international partners who are interested in supporting entrepreneurship and graduate empowerment programmes, sell merchandise, and reinvest the funds, reach out to alumni etc.
Also, consider securing a space on campus that you can potentially rent out to the incubates at subsidised rate.
7. Thou shall set up student and staff panels.
The key people that will help you to operationalise and grow the incubator are your students and colleagues. Thus, set up both staff and student panels and regularly meet to get feedback and ideas from them.
8. Thou shall Set up student led enterprise clubs.
Set up enterprise clubs on every campus and distance learning space and get a student volunteer to lead each of the clubs. The purpose of the club is to specifically help in organising local entrepreneurial events and encourage regular meetings of students to spur interest in entrepreneurship and help to nurture ideas and existing student-owned businesses.
9. Thou shall establish KPIs.
Setting Key Performance Indicators (KPIs) will enable you track progress and showcase impact which will in turn draw the attention of your key stakeholders towards your offering.
10. Thou shall develop a virtual platform and prepare to launch
Work closely with the developers and UX designers to build a user-friendly platform and test it out with a cross section of students, staff senior management and partners before officially launching it.
At Arden, we for instance conducted three sets of focus groups with the student, staff and partners and senior management to collate feedback on the platform being developed. This was a very useful exercise; it gave us an opportunity to hear from them and develop a platform in line with their needs.
I hope these 10 commandments will help shape the launch of your Hybrid University Business Incubator and/or improve on an existing one.
