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Increasing entrepreneurship in ethnic minority communities

Increasing entrepreneurship in ethnic minority communities. Raj Patel Director Talent Economy raj@talenteconomy.co.uk. Content. Workshop on early stage enterprises rather than SME growth and development Has ‘traditional business support’ been right for early stage BAME enterprises?

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Increasing entrepreneurship in ethnic minority communities

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  1. Increasing entrepreneurship in ethnic minority communities Raj Patel Director Talent Economy raj@talenteconomy.co.uk

  2. Content • Workshop on early stage enterprises rather than SME growth and development • Has ‘traditional business support’ been right for early stage BAME enterprises? • What can be done differently? How can support be improved? • New ideas or lessons to take away from today

  3. The new context • Demographic change - a new BAME generation with young people the fastest growing demographic • Growing self-employment … but in many cases no customers! • Sharper competition across all markets • Technology and multi-channel marketing • Growing need for social enterprise as the welfare state continues to shrink … with private sector partners • Physical retail in the dole-drums but opportunities for exciting business ideas, e.g. pop-up shops • Some targeted schemes but overall cuts in business support – with gaps not yet filled by Local Enterprise Partnerships

  4. What makes entrepreneurs entrepreneurial? • Traditional enterprise education sequential process: Set end goal  Select means  Execute • Evidence suggests that actual entrepreneurship involves: Given means  Execute  Range of possible ends Who you are What you know Who you know Sarasvathy, S (2001), University of Washington

  5. Rethinking aspects of business support • From the idea of a heroic entrepreneur to a collaborative approach • Means starting with people not just the idea • Confidence building and staying power; who is in your ‘team’? • More creative thinking … lateral ideas; market testing and experimentation • Building social capital … the role of connectors • Technology • Formula based business plans that miss the point For example, see ‘Don’t make my eyes bleed’ by Neil Davidson at http://neildavidson.com

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