Developing Enterprise/ Entrepreneurship

1. Developing Enterprise/Entrepreneurship Facilitated by Willie Te Aho

2. key points made Speaker: Rod Oram • Entrepreneurship can be taught – with 3 preconditions • Need the urge; teachers, courses and mentors; opportunities and resources. • Types of Entrepreneurship – necessity vs opportunity entrepreneurship. • Need to turn high level entrepreneurship into valuable activity • Recent survey shows Maori have the highest levels of entrepreneurship • ambition and skill • but higher failure rate in business lower uptake technology • access to capital is difficult, higher rate or dormancy.

3. key points made Speaker: Rod Oram • Ambition – encouragement through role modeling. • Skills and education – good entrepreneurs are bold but calculating. Entrepreneurship need business skills to carefully manage risks – these can be taught – more mentoring is available than in the past. • Resources – informal investors, need astute management skills. • Priority strategies for Maori: • pursue ambitions, skills and resources in a balanced way • explore different business models – identify unique ways of putting a business together • think internationally – reach out to international markets • think Maori – offering something distinctly different to customers that is significantly better – grow the ability to distinguish. • Working the collective assets – role of very good governance.

4. key points made Speaker: Rod Oram • Learning from the best: • be very open – “plugging” into the wider world • know what “the best” looks like • vanguard companies – have truly inspired products, real originality born out of Maori “roots”, very smart strategies for international markets, very astute management skills, confidence and skill to collaborate with other partners and companies.

5. key points made Speaker: Graham Pryor • Entrepreneurship - refers to a certain kind of active effort to create purposeful change through innovation - commitment to the systematic practice of innovation. • For innovation to succeed it requires: diligence, persistence, and stick-ability (to achieve what you set out to do). • Enterprise in NZ – many enterprises are short lived, many don’t get past infancy. • Need to concentrate on building Maori enterprises for much longer periods – business paralleled with longevity – build to survive for 100 years. • Requires clear vision – a global view, identify values and objectives as Maori, create the vision then strategize. • Long-lived businesses are a community of people. They are not just about making money.

6. key points made Speaker: Graham Pryor • Need to ingrain basics inside the enterprise – so that businesses manage with future generations in mind. • Highly successful entrepreneurs take very low risks. • Maori business – need to think about the next generation - need to uphold organizational tikanga. • Entrepreneurship can be learned – need a reward system appropriate to aspirations. • Learn from the best – talk to them and study them carefully. • Maori businesses need a global perspective – networks. • Maori businesses need to cluster together at the governance and operational levels, both as individuals and collectively.

7. key points made Speaker: Graham Pryor • Mai FM • has long term strategies – 100 yr strategies • twin goals – social and commercial (need to be balanced). • is a flexible organization with the ability to move fast • is very conservative in the management of risk • has built informal links with media organizations, music industry, • has diversified income streams and exploit as much as possible out of those business. This has in turn spurred the creation of new business eg record labels, research and technology • focuses on growing the company and doing the things they do well.

8. key points made Speaker: Hinerangi Edwards • Can Entrepreneurship be taught? • There is an element/energy/spirit – but we need to action it. Strategy without action is a daydream. • Elements to entrepreneurship: good management, good administration – need to find a balance – evolving. • Priorities - some different motivators in addition to creating wealth: • ability to create models that can add value to our collectives, eg hapu, whanau trusts • creating space for Maori to succeed in whatever they do - as whoever they are • don’t be afraid to put our hands up and contribute even if we aren’t “experts” • share – eg with rangatahi the direction to our future • collectivities of Maori businesses – give an outlet to “push out” frustrations but also ensure that we don’t reinvent the wheel, they allow us to go out in strength – into the world.

9. key points made Speaker: Hinerangi Edwards • Creating new entrepreneurs: • allow people to make mistakes • need to have teachers and mentors • look at locus of control – need strategies in place beyond settlements – other types of development can’t wait • plan that a part of business time will be spent elsewhere – iwi/whanau/hapu commitments • create platforms so entrepreneurs can contribute to home but live their lives elsewhere – we don’t need to be physically bound in one place.

10. Entrepreneur panel – questions to panelists • How do we increase the pool of skilled senior Maori professionals? Groom less experienced professionals, place Maori into larger businesses then bring them back. • What’s more important, business or professional experience? • Both – key thing is the ability to learn very quickly. • Importance of trust – for both small businesses (individuals) and big business (build a culture of trust and reputation for the business). • What is the impact of regulatory requirements on Maori business? • regulations at local body level can be onerous - often dealing with people with limited understanding of how the business operates for no gain. • regulatory requirements have the potential for major impact, We need to cost in the amount of time required to perform under regulations. • sometimes regulatory regimes are attached to Maori businesses that are different from others in the market place. • how can small businesses manage regulations more effectively?

11. Entrepreneur panel – questions to panelists • What is the level of access by Maori to government services? • Services that are currently in place are not always conducive to Maori business. • Business boot camps. • In relation to dormant Maori entrepreneurship from entrepreneurship study... are the Maori business ideas feasible? Why aren’t Maori business ideas progressing? • Many business ideas aren’t feasible. • Out of the wealth of ideas, occasionally there is a gem – the ability to think through the ideas at an early stage and skills to develop the ideas are critical. • Entrepreneurs are often starting from a lack of understanding. • Needs a balance between a sounding board and not “squelching” people’s ideas. • Need to be outward looking from a base of strength. • Need to expand and transform the research industry.

12. key points made / agreed in workshops How do we grow a new generation of entrepreneurs over the next 20 years? • Create a culture of expectation – everyone is clear about what is expected of them and what is expected of others (children, parents, teachers). • Encourage our young people to aspire to excellence. • Expectations of success start at home with the whanau – positive and encouraging. • Publicize successful Maori businesses and entrepreneurs to build a climate of success. • Extend our networks so we are able to share and consolidate our resources. • Provide mentors who are exceptional role models.

13. key points made / agreed • Building sustainable networks - access to people, to finances, to networks, to knowledge. • Education – in schools, professional development, in the homes -shifting mindsets. • Creating the opportunities where there are tools/mechanisms eg incubators, think tanks. • Community brokers - an avenue to test ideas. • Stock-take/database of successful businesses. • Need to celebrate success a lot more visibly, including role models and mentors. • Education needs to come from a young age and go right across the spectrum. • Developing a best practice tool kit – being able to share good ideas and practice.

14. key points made / agreed • Developing a coaching/mentoring system – clinics using the sports model including networks and secondments. • Create inspiration for young entrepreneurs – tell stories and keep telling them. • Include professional development in the education system within schools – a programme which targets Maori, encourage practical application of skills.

15. Summary of key points agreed • Create a culture of expectation and visibly celebrate success. • Encourage the indigenization of entrepreneurship from a young age, starting within whanau and extending into the formal education system. • Increase investment in coaching, mentoring and networking initiatives to promote entrepreneurship.