Enterprise education key to more start-ups

If more people received enterprise education there would be far more start-ups in the UK, a new report has concluded.

The latest Global Entrepreneurship Monitor suggested that enterprise education is inadequate throughout the world.

Entrepreneurship education was a key factor identified by the report in influencing people to start their own businesses. Other factors include access to finance and government policies.

However, only 18% of UK adults have received any kind of enterprise education, according to the report. This figure increased to 21% across the 38 countries included in the study.

“In comparison with other countries, the UK is ideally placed to benefit from increases in provision of start-up training,” said Dr Jonathan Levie co-author of the report.

“In the UK, only 18 percent of working age individuals have received training in starting a business at some point in their lives. Those who have had training are much more likely to be engaged in entrepreneurial activity, even if they didn’t choose to take the training in the first place.”

The report found that 80% of entrepreneurship training was provided through formal channels such as school or university.

Report co-author and Babson Professor Donna Kelley, said: “Training at a young age cultivates an entrepreneurial spirit early on, but college-level training is important too because it validates entrepreneurship as a potential career path.

“Besides skill-building, training increases an individual’s awareness of entrepreneurship and their intent to start a business, and improves perceptions about their ability to do so.”

© Crimson Business Ltd. 2010