View Full Version : 10 elements of entrepreneurship

Quaiqu Ananse
6th October 2011, 08:35 PM
Web Exclusive: Facts inc: small business, big numbers. The elements of the entrepreneurial periodic table are diverse and demanding – perseverance, vision, confidence, optimism and much more.

Ten elements of entrepreneurship
Some facts from around the world;

01. Only 39% of entrepreneurial businesses have a ‘very good idea’ of their competitors’ business.
-- Deloitte Entrepreneurship UK 2009 Report

02. A latent pool of hidden innovators (over 50s, ethnic minorities, the disabled) could potentially add £15 billion to the UK economy by 2012 if the right conditions were created.
-- Cass Business School Centre for New Technologies, Innovation and Entrepreneurship.

03. There are around 4.8 million private sector enterprises in the UK, employing 22.8 million people with an estimated combined annual turnover of £3,200 billion.
-- http://stats.bis.gov.uk/ed/sme/Stats_Press_release_2009.pdf

04. Small and medium-sized enterprises together account for 99.9% of all UK enterprises, 59.8% of private sector employment and 49% of private sector turnover.
-- http://stats.bis.gov.uk/ed/sme/Stats_Press_release_2009.pdf

05. Of the 4.7 million UK enterprises, only 15% are led by women
-- “Inspiring Women: Corporate best practice in Europe”, London Business School.

06. SMEs regard four factors as equally important barriers to innovation: problems in access to finance, scarcity of skilled labour, a lack of market demand and the high cost of human resources
-- http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/sme-observatory/index_en.htm

07. Researchers at MIT found that companies held by living MIT alumni employed more than 3 million people and did $2 trillion in business worldwide, equivalent to the 11th-largest economy in the world.
-- www.entrepreneur.com/article/217327

08. Women account for around one in four of all enterprises in the Slovak Republic.
-- http://www.euractiv.com/en/enterprise-jobs/female-entrepreneurs-vastly-outnumbered-europe/article-186911

09. Research indicates that female entrepreneurs are more innovative than their male counterparts: they are more likely to be providing a product new to the market, more likely to be using technology in their products or services and more likely to be offering a product or service developed in the last year.
-- http://www.theukrc.org/resources/key-facts-and-figures/set-women-s-enterprise-in-the-uk

10. Samoa went from one of the toughest places in the world to start a business to one of the best -- 131st out of 183 to number 20.
-- http://online.wsj.com/article/SB10001424052748703859204575525883366862428.html?m od=WSJ_SmallBusiness_LEFTTopStories

Source: http://bsr.london.edu/lbs-article/619/index.html