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Book part
Publication date: 17 June 2019

Robyn Owen, Julie Haddock-Millar, Leandro Sepulveda, Chandana Sanyal, Stephen Syrett, Neil Kaye and David Deakins

The chapter examines the role of volunteer business mentoring in potentially improving financing and financial management in under-served (i.e. schemes aim to assist…

Abstract

Introduction – General Principles

The chapter examines the role of volunteer business mentoring in potentially improving financing and financial management in under-served (i.e. schemes aim to assist deprived neighbourhoods and youth entrepreneurs) youth enterprises.

Youth entrepreneurship (commonly defined as entrepreneurs aged up to 35 years) is regarded by the OECD as under-represented, within entrepreneurship as a general social phenomenon, and young entrepreneurs as disadvantaged through being under-served. Indeed, young people with latent potential for entrepreneurship have been defined as a component of ‘Missing Entrepreneurs’ (OECD, 2013). This under-representation of nascent entrepreneurs within young people under 35 is partly theoretical. While examining entrepreneurship as a social phenomenon and taking a resource-based approach (Barney, 1991), young people are perceived at a particular disadvantage compared with older members of society. That is, however creative, they lack the experience and network resources of older members.

Theoretically, from a demand-side perspective, young people may have aspirations and the required skills for start-up entrepreneurship, but are disadvantaged from a supply-side perspective since financial institutions, such as the commercial banks, private equity investors and other suppliers of financial debt and equity, will see greater risk combined with a lack of track record and credibility (pertaining to information asymmetries and associated agency and signalling problems: Carpenter & Petersen, 2002; Hsu, 2004; Hughes, 2009; Mueller, Westhead, & Wright, 2014). This means that aspiring nascent youth entrepreneurs face greater challenges in obtaining mainstream and alternative sources of finance. Practically, unless such young entrepreneurs can call upon deep pockets of the ‘bank of Mum and Dad’ or family and friends, we can expect them to resort to pragmatic methods of stretching their resources, such as financial bootstrapping and bricolage (Mac an Bhaird, 2010; Mac an Bhaird & Lucey, 2015). Although these theoretical and practical issues have long existed for youth entrepreneurship, they have only been exacerbated in the post-2007 Global financial Crisis (GFC) financial and economic environment, despite the growth of alternative sources such as equity and debt sources of crowdfunding.

Prior Work – Unlocking Potential

There has been an evidence for some time that young people have a higher desire to enter entrepreneurship and self-employment as a career choice, in preference to other forms of employment (Greene, 2005). Younger people are also more positive about entrepreneurial opportunities. For example, a Youth Business International, Global Entrepreneurship Monitor (YBI/GEM) (2013) report indicated that in the European Union (EU), ‘younger youth’ were more positive in their attitudes to good business opportunities and in seeing good opportunities than older people. Theoretically, the issues of low experience and credibility can be mitigated by the role of advisors, consultants and/or volunteer business mentors. In corporations and large organisations, mentors are known to be valuable for early career staff (Clutterbuck, 2004; Haddock-Millar, 2017). By extension with young entrepreneurs, business mentors raise credibility, develop personal and professional competence, business potential and entrepreneurial learning. From a supply-side perspective, this reduces risk for financial institutions, potentially increasing the likelihood of receiving external finance and improving the likely returns and business outcomes of such financing.

Methodological Approach

In examining the role of business mentoring in youth entrepreneurship finance, the chapter poses three research-related questions (RQs):

To what extent is the youth voluntary business mentoring (VBM) associated with access to external finance?

Where access to external finance takes place, does the VBM improve the outcomes of the businesses?

To what extent do VBMs make a difference to the performance of businesses receiving financial assistance?

The chapter draws on primary evidence from an online Qualtrics survey of 491 (largely) youth entrepreneur mentees drawn from eight countries in the YBI network. These were selected for their contrasting high (Sweden and Spain), middle (India, Argentina, Chile, Russia and Poland) and lower (Uganda) income economies, global coverage of four continents and operation of established entrepreneurship mentoring schemes. The study provides collective quantitative data on the current relationship between mentoring and the access and impact of external finance. It surveyed current or recently completed mentees during Autumn 2016 – the typical mentoring cycle being 12 months. Additionally, the chapter draws on further qualitative insight evidence from face-to-face interviews, with current mentor-mentee case study pairings from the eight countries.

Key Findings

In summary, the profile of surveyed mentees demonstrated even gender distribution, with three-fifths currently in mentoring relationships. At the time of commencing mentoring, nearly four-fifths were aged under 35, half being self-employed, one quarter employed, with the remainder equally distributed between education and unemployment. At commencement of mentoring, mentee businesses were typically in early stages, either pre-start (37%) or just started trading (34%), the main sectors represented being business services (16%), education and training (16%), retail and wholesale (12%) and creative industries (8%), with the median level of own business management —one to two years.

For one-third of mentees, mentoring was compulsory, due largely to receiving enterprise finance support, whilst for the remainder, more than a quarter stated that access to business finance assistance was either considerably or most important in their choice to go on the programme.

In terms of business performance, businesses receiving external finance (loans or grants through the programme) or mentoring for business finance performed significantly better than the rest of the sample: amongst those trading 47% increased sales turnover, compared to 32% unassisted (<0.05 level); 70% increased employment, compared to 42% (<0.05); 58% directly attributed improved performance to mentoring, compared to 46% (<0.1).

Contribution and Implications

The chapter provides both statistical and qualitative evidences supporting the premise that youth business mentoring can both improve access to external finance and lead to improved business performance. This provides useful guidance to youth business support, given that in some of the countries studied, external financing in the form of grants and soft micro loans for youth entrepreneurs are not available.

Details

Creating Entrepreneurial Space: Talking Through Multi-Voices, Reflections on Emerging Debates
Type: Book
ISBN: 978-1-78769-577-1

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Book part
Publication date: 8 October 2019

Seyedali Ahrari, Steven Eric Krauss, Zaifunizam Ariffin and Lee Kwan Meng

Recent interest in social entrepreneurship among young people has led to a heightened interest in new research. Few studies, however, have yet to investigate motivators of…

Abstract

Recent interest in social entrepreneurship among young people has led to a heightened interest in new research. Few studies, however, have yet to investigate motivators of involvement, particularly from countries that are new to social entrepreneurship. The current study set out to better understand this phenomenon among young social entrepreneurs in Malaysia. In-depth one-to-one interviews with 12 young entrepreneurs were carried out to collect the data. Four themes and ten sub-themes emerged from the interviews, including early life experience (childhood experience and family experience), inspiration from clients and colleagues (interactions with the target group and exposure to social entrepreneurs), work-related experience (volunteer experience and job-related experience), and personal meaning (contribute back to society, desire for more meaning in life, and personal passions). The implications for policy-makers and interested parties are outlined in regard to enhancing participation and interest among youth for social entrepreneurship.

Content available
Article
Publication date: 1 March 2009

Robert P. Singh

This article discusses the statistics and trends surrounding the rapidly aging U.S. population. Older workers will make up an increasing portion of the workforce and these…

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1207

Abstract

This article discusses the statistics and trends surrounding the rapidly aging U.S. population. Older workers will make up an increasing portion of the workforce and these individuals represent an important growing demographic target market. While much has been written about the aging population and the potential for entrepreneurs to target this growing market, little research has been conducted on older entrepreneurs. They are a unique group and this article provides empirical results and discussion about the differences and importance of older entrepreneurs to the economy and as contributors to American society. Practical implications and future research directions are discussed.

Details

New England Journal of Entrepreneurship, vol. 12 no. 1
Type: Research Article
ISSN: 2574-8904

Content available
Article
Publication date: 3 August 2021

Oluyemi Theophilus Adeosun, Ayodele Ibrahim Shittu and Daniel Ugbede

Despite the noticeable consequences of disruptive financial innovations, access to finance remains a major factor inhibiting the sustainable-growth potentials of young

Abstract

Purpose

Despite the noticeable consequences of disruptive financial innovations, access to finance remains a major factor inhibiting the sustainable-growth potentials of young micro-entrepreneurs in informal settings. This study examines the determinants of financing options among micro-entrepreneurs in informal settings. Specifically, the study seeks to establish whether credit history, income, asset, gender, awareness and network capability have effects on formal and informal financing options among micro-entrepreneurs in informal settings.

Design/methodology/approach

This article uses the survey research design and administers a structured questionnaire among 300 purposively selected micro-entrepreneurs within the University of Lagos, Nigeria. Only 291 completed questionnaires are retrieved. This article also uses the multiple regression analysis to estimate the empirical model and test the research hypotheses respectively.

Findings

This article establishes that: (1) credit history and assets-based financing are significant determinants of formal financing options among young micro-entrepreneurs in informal settings, (2) gender and network capability are significant determinants of informal financing options among young micro-entrepreneurs in informal settings and (3) awareness is significant of both formal and informal financing options among young micro-entrepreneurs in informal settings.

Originality/value

This article examines the determinants of financing option among young micro-entrepreneurs in informal settings. Specifically, the study seeks to establish whether credit history income asset gender awareness and network capability have effects on formal and informal financing options among micro-entrepreneurs in informal settings.

Details

Journal of Business and Socio-economic Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2635-1374

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Article
Publication date: 21 October 2013

Andrea Santiago

There is a desire to improve economies as a way to solve social inequities while simultaneously addressing the issue of sustainability. Young and Tilley developed a model…

Abstract

Purpose

There is a desire to improve economies as a way to solve social inequities while simultaneously addressing the issue of sustainability. Young and Tilley developed a model that describes a sustainability entrepreneur. The purpose of this paper is to apply the model in the Philippine setting to determine if there exists a special entrepreneur who looks beyond profit motivations, considers social inequities, and looks towards future generations.

Design/methodology/approach

The paper used the narrative approach in learning more about the motivations and sustainability practices of two Filipino entrepreneurs. The objective was not to compare the practices of both but to match it with the 12 elements of the sustainability entrepreneur model of Young and Tilley.

Findings

The concept of sustainability entrepreneurship is unknown to the two entrepreneurs. Yet, both engaged in sustainable business practices, meant to improve living conditions of marginalized groups. However, while they have actually helped communities to take better control of their livelihood, they have not yet consciously imbibed the element of futurity.

Research limitations/implications

The paper attempts to further the model of Young and Tilley. However, since the measurement of sustainable entrepreneurship is not definitive, the researcher used pseudo-measures.

Practical implications

Informing entrepreneurs of the value of sustainability entrepreneurship, may lead to more for-profit enterprises to consider the effects of their business practices on the future of marginalized group and the environment.

Originality/value

There is no publication yet that has applied the Young and Tilley model. This paper shows that the model may have practical implications for entrepreneurs.

Details

World Journal of Entrepreneurship, Management and Sustainable Development, vol. 9 no. 4
Type: Research Article
ISSN: 2042-5961

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Article
Publication date: 15 November 2018

Vanessa Ratten

Mature age or older entrepreneurship is an understudied but important area of research due to the ageing population and changing demographics in society. The purpose of…

Abstract

Purpose

Mature age or older entrepreneurship is an understudied but important area of research due to the ageing population and changing demographics in society. The purpose of this study is to review the literature about older entrepreneurship to understand the gaps and areas that need more attention.

Design/methodology/approach

A systematic literature review was undertaken and then the content was analyzed according to main themes. The key issues currently discussed about older entrepreneurship are stated, which leads to a number of future research suggestions.

Findings

The findings involve the need to take more care in how to define and conceptualize older entrepreneurship and to undertake more studies that have an older sample in general entrepreneurship research.

Research limitations/implications

The systematic literature review highlights the gaps in the literature about older entrepreneurs that need to be addressed in future research.

Practical implications

The paper provides some suggestions about how older people can be more involved in entrepreneurship.

Originality/value

This study contributes to the emerging literature about older entrepreneurship by providing an overview and directions for the future.

Details

Journal of Enterprising Communities: People and Places in the Global Economy, vol. 13 no. 1/2
Type: Research Article
ISSN: 1750-6204

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Article
Publication date: 14 May 2018

Tharuma Rajan Pillai and Amiruddin Ahamat

This paper aims to explore the contextual role of social-cultural capital in youth entrepreneurship between Malaysia and Lao PDR/Laos, comparing two different…

Abstract

Purpose

This paper aims to explore the contextual role of social-cultural capital in youth entrepreneurship between Malaysia and Lao PDR/Laos, comparing two different entrepreneurial ecosystems designed to identify emergent factors that stimulate and/or stifle the genesis of youth entrepreneurship while identifying similar and divergent entrepreneurial identities and traits among young people from these two sovereign contexts.

Design/methodology/approach

Utilizing qualitative-based case study design approach, data collections were garnered from 30 informants through in-depth personal interviews, focus group studies coupled with personal observation conducted via purposive cum snowball sampling.

Findings

Thematic analysis reveals a pattern-based outcome that discloses a variety of inter-related factors within the social network ecosystem that stimulate and sometimes stifle youth entrepreneurship, primarily through the active agency of social-cultural capital.

Practical implications

Entrepreneurial ecosystem contextual differences between Malaysia and Laos demonstrate the unifying factor of social-cultural capital through social network in stimulating youth entrepreneurship and unveiling practical similarities and differences that can be used to promote youth entrepreneurial endeavors among varying sovereign socio-economic contexts in ASEAN (Association of Southeast Asian Countries).

Originality/value

This study specifically focuses on the unambiguous contextual differences of two sovereign entrepreneurship ecosystems. Contextual differences may not necessarily demarcate further the gulf of differences within and between two sovereign entrepreneurship ecosystems but, on the contrary, may close the gap through the dynamic role of social-cultural capital via social network ties in youth entrepreneurship.

Details

Journal of Enterprising Communities: People and Places in the Global Economy, vol. 12 no. 2
Type: Research Article
ISSN: 1750-6204

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Article
Publication date: 1 July 1999

Roger Henderson and Martyn Robertson

The changing nature of work suggests that young people may face the prospect of a “portfolio” career including periods of paid employment, non‐work and self‐employment, of…

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8209

Abstract

The changing nature of work suggests that young people may face the prospect of a “portfolio” career including periods of paid employment, non‐work and self‐employment, of which the latter implies greater scope for entrepreneurial activity. Reports questionnaire surveys of young adults which examine their attitudes to entrepreneurship as a career. Reference is also made to current policy initiatives and entrepreneurship education in the UK. The findings suggest that generally positive images of entrepreneurship are hampered by a lack of identifiable role models, poor media presentation of individuals or small firms, and lack of encouragement from important influencers on career choice such as teachers and career guidance specialists. University courses have their limitations but can have a role in providing a useful insight into the challenges involved in being an entrepreneur and also encouraging skill development and self‐reliance.

Details

Education + Training, vol. 41 no. 5
Type: Research Article
ISSN: 0040-0912

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Article
Publication date: 7 September 2012

Zainalabidin Mohamed, Golnaz Rezai, Mad Nasir Shamsudin and Muhammad Mu’az Mahmud

The purpose of this paper is to evaluate the effectiveness of the Basic Student Entrepreneurial Programme (BSEP) among local university graduates who have undergone the…

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5373

Abstract

Purpose

The purpose of this paper is to evaluate the effectiveness of the Basic Student Entrepreneurial Programme (BSEP) among local university graduates who have undergone the training programme in entrepreneurship development.

Design/methodology/approach

In total, 410 respondents who had participated in BSEP were interviewed with a structural questionnaire to gather information on their social attitude towards the effectiveness of BSEP on their intention to become an agri‐entrepreneur. Chi‐square analysis was used to determine the relationship between demographic variables towards motivating agri‐entrepreneurship among the participants.

Findings

The results show that the participants agreed upon the effectiveness of BSEP in developing graduates’ intention towards becoming agri‐entrepreneurs. The results also show that there is a significant relationship between three variables which motivate participants to become agri‐entrepreneurs. These were the origin of the participant, the presence of family members already involved in entrepreneurial activities and educational background.

Research limitations/implications

The paper is only concerned with students’ perceptions towards the effectiveness of BSEP in encouraging them to become agri‐entrepreneurs. The results from this paper are limited in terms of determining whether they really become an agri‐entrepreneur or not because this research only focuses on intention.

Practical implications

The paper provides an important exploratory analysis of the BSEP programme to enable further research to take place in the area of entrepreneurship education. The findings provide a valuable insight on effective teaching methodologies in the area of entrepreneurship education.

Originality/value

The paper expands on Ajzen's framework to provide a basis to improve the effectiveness of entrepreneurship education in Malaysia.

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Article
Publication date: 13 June 2016

Kang-Lin Peng and Pearl M.C. Lin

This study aims to construct an integrated social entrepreneur system in the rural area of Hengshan, Taiwan, that could benefit four stakeholders, namely, tourists…

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2057

Abstract

Purpose

This study aims to construct an integrated social entrepreneur system in the rural area of Hengshan, Taiwan, that could benefit four stakeholders, namely, tourists, business, community and government. Two social entrepreneur cases demonstrate a mutually beneficial situation of lowering the structural unemployment rate, returning young human capital to villages and innovating rural tourism through the activism of service science.

Design/methodology/approach

Qualitative approach was applied to data obtained from 12 research projects spanning three years. Service experience engineering (SEE) methods were used to conduct a service design for social entrepreneurs in an integrated service system. The service system aimed to innovate rural tourism through the activism of service science.

Findings

SEE methods explain a series of service design processes that helped our research team start up two social entrepreneur projects as service prototypes to offer service innovation based on cultural creativity to innovate rural tourism. These two social entrepreneurs in rural tourism offer job opportunities to young people and senior citizens alike. In addition, an integrated service system of interdisciplinary knowledge, multi-stakeholders and local resources fulfills various requirements of stakeholders to promote sustainable rural tourism.

Research limitations/implications

Real action studies are limited in the research on social entrepreneurs. This case study provides research insights into service science and calls for action in practice to change the future of a local village. The results provide the philosophy and knowledge of service science that social entrepreneurs of rural tourism can use in the village. Designing service innovation for rural tourism has shaped its vision toward a sustainable tourism system.

Originality/value

Few studies have shown that social entrepreneurs could innovate rural tourism. The present study presents an action case through the activism of service science.

Details

International Journal of Contemporary Hospitality Management, vol. 28 no. 6
Type: Research Article
ISSN: 0959-6119

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