The Covid-19 pandemic has caused chaos throughout the world.
Similarly, the effect of Covid on the economy of the UK had been disastrous.
Learn to be an Entrepreneurship
Many huge businesses have had to close down, many people have lost their jobs, and there has been a huge, deep issue of inequality.
However, a trend that is rising throughout the UK is entrepreneurship.
Did you know the initiative of new businesses in 2020 has been record-breaking?
Around 770,000 new businesses started in 2020, mostly being online and mail-order businesses.
The question which arises from this situation is:
Is entrepreneurship ever-increasing because of the Covid-19 pandemic, or has it always been increasing but at a slower rate?
The pandemic gave this trend an accelerating push it needed.
The figures and research show that many people are going after entrepreneurship as it is the most viable choice for experienced and skilled workers.
When it comes to entrepreneurs, one has a stereotypical image that they are tech-savvy and young students.
However, that is not the case, in fact, 40 years old is the average age in the UK.
Consequently, we think that much more is yet to get done at a College or University level to encourage young graduates to take entrepreneurship as a goal they can achieve and not just something to take aspiration in.
In an interview, the Senior Enterprise Manager in the Careers & Enterprise Centre at Durham University, Marek Tokarski (MT), answers questions about entrepreneurship amongst students and graduates and how one can cultivate vision from an early stage.
What is the role of Marek Tokarski at the university?
The role of Marek is to provide strategic leadership for its students when it comes to enterprises and entrepreneurship.
Students get assistance from Marek directly when it comes to developing capabilities needed for enterprising and launching new businesses.
Furthermore, Hazan Venture Lab is an entrepreneurial space that the university created for students and graduates looking to take that route, so they can connect, collaborate and create a community at the University.
Answers from Marek Tokarski
A much more talked about subject at a student level is entrepreneurship. Do you see a rise in the interest in entrepreneurship in the last few years or so?
MT: Yes. Many students now look more desirable career choice. Why? Because the increasing number of inspirational case studies showing how an entrepreneur can be fulfilling for life. This gets reflected by the fact that there was an 80% increase in the number of business startups that Durham University supported in the 2019/20 academic year compared to the prior year.
Recently, in entrepreneurship, what are the key areas or industries in which you have seen a huge rise?
MT: Tech-based startups have become much easier and cheaper to do than before because of the developments in technology. Many students look at how they can solve the issues of today by using tech. Moreover, the increase in the number of students who are starting scientific innovations businesses, using the knowledge they have gained studying at Durham, encourages us to do more.
There is a lot of inspiration in seeing startups with ambitious goals and plans to influence the world in a positive way through various fields like construction materials, agriculture, and space technology.
Can one get trained to become an entrepreneur, or is it more about the skill set they have?
MT: We believe that entrepreneurs learn from the experiences they have, and it’s not something that can get taught. Yes, we could teach them the basics. However, the main point is that they should learn what they can apply in the ‘real world’ and start and go on their journey.
Durham University’s main role is to promote and encourage students to develop an entrepreneurial mindset and get them thinking about how they can use these skills and knowledge to better the world we live in. For the students who get determined to start a new venture, we will guide them and assist them to think about the experiences they face and learn from their actions so they can make informed decisions and actions.
What are a few key things a budding entrepreneur should know or get organized in before they launch their new venture?
MT: Aspiring entrepreneurs must explore deeply the problems they wish to solve. They should be clear about who is most likely going to be their customer, what problems they might face, and how that problem can affect the customer. This will help them to build a strong foundation in which they can then begin their startup. After that, founders can keep an open mind about the most effective solution to their problem, take action, test various ideas and apply what they learn to grow.
How can entrepreneurs get the help they need from a University to develop? Should every subject teach or give lessons on entrepreneurship?
MT: It is something we would love to see happening. However, the reality is that it is not exactly practical for every subject to teach about entrepreneurship. Nevertheless, I believe there is a place in every subject for them to include enterprise as it got defined by QAA (2018) as:
‘The generation and application of ideas, which get set within practical situations during a project or undertaking’.
Getting students to develop skills in various topics like creativity, problem-solving, generating ideas, initiative, and taking action when it comes to the subject area is crucial.
Are there other ways in which Universities can encourage entrepreneurship and only through teaching?
MT: Yes, many universities in the UK give opportunities to aspiring entrepreneurs through extra-curricular support for them to explore their ideas and launch or develop new ventures. Students get provided with startup coaching sessions, in which they get the assistance they need to reflect on experiences and think about what their next steps will be and give them a component of accountability.
The most important factor in assisting students to search and validate their ideas by getting early-stage grant funding. Networking events and combined working spaces facilitate students to join a community where there can meet like-minded individuals and get knowledge, new connections, and inspiration.
In the launching stage, is it important for entrepreneurs to have mentors?
MT: Entrepreneurs need the right mentors to provide them with highly valuable support in the early stage. Mentors can be from various backgrounds and areas. Many successful entrepreneurs can help others through their experiences and share the same journey that others might be going through also. Moreover, industry mentors can also give a deep insight into their sector and open doors to possible opportunities. Entrepreneurs can get highly valuable information through investors and specialists to get the support they need as emerging entrepreneurs.
Do you believe there is a ‘right time’ that will come for a person to become an entrepreneur? Is it later in life, when they have experience, or early in their career when they have fewer responsibilities?
MT: The matter of fact is, if you wait for the perfect time, then it might never come. You will always find reasons to put it off or have many reasons to not start it and finally regretting that you should have started something before. The message to young people these days is not to hold back their ambitions and goals because they think that they are juvenile and inexperienced.
In the book ‘Originals’ Adam Grant describes how a lot of amazing innovations and new ventures come from what he called ‘young geniuses.’ Thankfully, there are has been an increase in the number of growing case studies at Durham University, which will inspire students to think and do big.
What advice would you give to someone who wants to launch a business?
MT: Never rush into launching a business. Take all the time you need to analyze the issues you want to solve and find a solution using the best method you can. That being said, one has to commit to action and not overthink or over-plan. The more action you take, the quicker you learn. Once you understand all the issues you are having, have their solutions at hand, get out, test your ideas and use what you learn to make a more informed step.
Final Thoughts
Marek Tokarski says entrepreneurs get made by having various skills, taking risks, and getting the support they can from colleges, universities, and various mentors. When you have the mindset of being an entrepreneur can start with support and get successful, especially as many people now have the mindset to change the world for the better.
Are you one of those people?