Student Entrepreneurship - Assignment Example

? ENTREPRENUERSHIP The rising population and war for talent has gradually led to a significant decrease in employment opportunities which in turn has become a major cause for motivation and encouragement for the emerging entrepreneurs across the world. The current study aims to conduct a research on the Nottingham Business School where the impact of the organization in promoting students entrepreneurs will be analyzed. The gender impact on entrepreneurship will also be highlighted to grasp an in-depth understanding of the research area. The current investigation will also probe deep into the area and try to determine various factors that are responsible for deterring or motivating students from becoming an entrepreneur. Proper research methodology including both the qualitative and quantitative aspects will be considered for conducting the current research. Critical aspects related with the data collection and identification of current trends in the market will be reflected upon. INTRODUCTION Entrepreneurship is the function or responsibilities an entrepreneur exhibits. An entrepreneur on the other hand is an initiator, an originator of novel ideas and thoughts who actually transforms the business plans into realistic and visible actions which may be in form of products or services. The whole act performed by an entrepreneur may result in establishment of a new organization or reconstruction or modifications in the existing ones. Past researches reveal significant statistics, where one in four working Americans is expected to be self employed. But the real matter of concern for the growth of the economy is self dependency of youth who brim with fresh ideas and innovative thoughts for establishing new businesses and being recognized as successful entrepreneurs in the near future (Boyd, N. G & Vozikis, G. S, 1994). This study aims to identify and analyze the preference youth holds for visualizing himself as a future employer or a competent employee. Entrepreneurship is about taking risks; hence it clearly depicts the true nature, behavior and characteristic of an individual. Uncertainty and ambiguity clouds a business, thus the risk pervasiveness or evasiveness’ trait can also be evaluated. Our current study would certainly facilitate in comprehending the above areas of concern. LITERATURE REVIEW ‘Entrepreneurship is the act through which systematic and organized knowledge, experience, skills and other related attributes could be well applied for establishing a creative idea and transforming it into a well planned course of action. Entrepreneur on the other hand is the person who initiates entrepreneurship (Cooper, C A & Dunkelberg W. C., 1987). He is the one who creates abundant job opportunities, facilitates wealth creation, applies modern and innovative tools and techniques and gives a valuable contribution towards advancement of economic growth (Schumpeter, J. A. (2000). In words of Amar Bhide, there is no perfect description of an entrepreneur. He can be a dynamic personality or a gregarious one (Scherer, R. F., Brodzinski, J. D., & Wiebe, F. A, 1991). He can possess analytical skills or intuitive. Entrepreneur may be risk averter or risk taker (Gartner, W. B, 1988). Past researches have also been conducted to explore (Gallaway, J. H & Bernasek A, 2002) influence on entrepreneurship. It has been observed that different reasons are responsible for motivating individuals for the same. For females, independence and sense of achievement are the driving factors while for male family businesses were considered as the top most factor for motivating individuals to opt for entrepreneurship. The past researcher’s have stated that there is a lot of difference between the way the business is actually conducted and the manner in which it is comprehended by the people at large (Shane, S., & Venkataraman, S, 2000). Greg Watson in his findings has revealed that businesses are driven by corporate business ethics which is defined distinctly by different individuals. Statistics display that US stands third in terms of entrepreneurship and small business across the world (Storey, D. J, 1994). Small scale businesses with a total employee count of 500 or less are supposed to render employment to a significant number of people. From growth and development purposes, entrepreneurship is considered to be triggering factor in creation of wealth, generation of employment opportunities, promoting sense of independence among individuals, motivating the tendency to take risks (Todaro, M. P, 2000). Increase of female entrepreneurs in the modern business world is also a matter of consideration for many researchers. They have supported the fact women must be empowered and motivated to come forward and take up the responsibility for establishing enterprises and nurturing individuals. According to them, the women must be trained and encouraged to participate in programmes and venture events by facilitating them with reasonable child care facilities and fair treatment at job place (Gatewood, E. J., Carter, N. M., Brush, C. G., Greene, P. G., & Hart, M. M, 2003). The position of women must be respected in the society at large so that the hitch factor or insecurity tends to get dissolved. The common voice of females must be listened to. Their suggestions and opinions must be thought off and imbibed in business orientations and formations, right from the conception to the establishment phase (Ridgeway, C. L., & Smith-Lovin, L, 1999). Women entrepreneurship must be taken from a global perspective and they must be imparted opportunities to put up their innovative ideas in most distinctive manner (Brush, C. G, 1992). The myths, fallacies, erroneous beliefs and pre conceived notions must be petered out. It is the youth which has to be encouraged and consistently motivated to come forward and take the batten in their hand for surpassing past records and creating new history. For this it becomes utmost responsibility of governments of various nations along with the educational institutions, business schools, colleges, existing well established and successful entrepreneurs to groom the future generations, build up their personalities and make them business oriented. Students need to be guided, counseled and provided with clear directions for taking up entrepreneurship as a career option. Governments need to launch special scheme, incentive for youth and others so that they are attracted towards the thought of setting up their own work and change their outlook or intentions for a safe and secured lifestyle, however risks taken must be calculated ( Shane, S, 2000). The studies reveal the need for effective communication channels and links between policy makers, government institutions, academic and research organizations and all those people who are related with entrepreneurship with some or the other context. RESEARCH DESIGN For the subject area taken into consideration, an investigative research is found to be apt as it would delve deeper to extract the different views, attitudes, behaviour , apprehensions etc that respondents hold as far as ‘entrepreneurship’ is concerned. In words of Brassington F & Pettitt S (2000), it is clearly revealed that the main reason for adopting an investigative research is draw a preliminary analysis of the problem. In accordance to Saunders, M, Lewis P & Thornhill, A (2003), researcher is able to define a planned research path and direction by adopting such research. For this particular research, multi-method research was preferred comprising of both of qualitative and quantitative methods including the use of primary as well as the secondary data (Saunders M , Lewis, P & Thornhill A, 2003). Secondary Data Collection Secondary data is that information which has already been printed for the objective of facilitating other researches (Dillon W R, Madden T J & Firtle N H, 1994). Secondary data is the second hand or pre published data is important for better acknowledgement of the research topics and related areas. Academic and industry literature has been immensely helpful for the particular topic as the latest trends and existing behavior of students from other universities and colleges helped in analyzing a uniform behavior pattern that the current youth persists and for better understanding of the prevailing thought process among NBS students regarding ‘entrepreneurship’. Primary Data Primary data is the quintessential part of the research that answers the specific research problem. Such data is sourced through research tools such as the questionnaire, interviews and survey preferred for this particular research as well (Dillon W R, Madden T J & Firtle N H 1994). For primary aspect, personal interviews and questionnaire technique has been preferred for data collection from students studying in various departments of the institution. Considering the cost constraints, geographical limitations, interviewer’s biasness, time factor and approach, Questionnaire technique was found to be the best among all possible approaches such as the case study method or the observational practices. Qualitative Research Qualitative research is one inclined towards extracting more value added data instead of core figures or numbers to support an opinion or behaviour. In this specific research qualitative aspect is an important part in order to ascertain the student’s perception regarding entrepreneurship and its future concerns (Dillon W R, Madden T J & Firtle N H, 1994). Quantitative Research On the other hand Qualitative research is completely supported by data collected in form of figures that is further represented in form of tables, charts and diagrams. According to Brassington F & Pettitt S (2000), use of surveys, questionnaires etc makes this research more meaningful and relevant. This study also reflects conclusions based on questionnaire used for interviewing students and collecting meaningful quantitative data. Questionnaire For the current research, questionnaire technique is adopted which aims to collect data. The questions have been designed in such a manner that they extract maximum information from the respondent. Various types of questions have been included such as open ended, closed ended, subjective, objective etc, hence involving a semi-structured approach to the entire process Hague P (1998). Likert-style rating is preferred as extensive viewpoint, attitude, perception and opinion of students can be acquired (Hague P N & Jackson P, 1998). Sampling Sampling is a technique that comprises of a specific representative group of competent individuals who can be reached conveniently. Non-probability sampling method is preferred for the particular research keeping into consideration the cost, time and resource limitations (Fink A, 1995). Here, in this research not many resources are accessible, hence non probability technique is favored Sampling Size As per Van de Velde M, Jasen P and Anderson N (2004), even a small percentage of the total population can reflect the total results of a particular region. Hence, a total sample size of 60 is taken for the research. As per Roscoe J T (1975), any sample sizes more than thirty and less than five hundred is considered sufficient for the research. Research Questions 1. Does NBS Management programme have any influence on student entrepreneurs? 2. Does gender affect students from being entrepreneurs? 3. What are the major factors which motivate or deter students from becoming an entrepreneur? Research Plan To gather the necessary data for the current research, a sample size of sixty students has been targeted where both male as well as female students perspective has been notified, taking male and female number of respondents on an equal front. A well planned questionnaire has been drafted which contains both structured as well as unstructured questions, open ended and closed ended questions that delve deep into the subjects thought process (Bell J ,1999). The data duly collected has been arranged in graphical form for better understanding and indulgence. Sample Size: 60 Sampling Technique Non probability sampling or random sampling has been preferred for selection of suitable sample unit for the current research. Social, Legal and Ethical Concern Before starting with the interview, due consent from all respondents was taken and were also made aware about the recordings of the same. A comfortable and stress free environment was created for all to ensure that accurate and realistic data free from external environmental constraints could be obtained. Limitations of Research: 1. Authenticity of the data that is already published is highly subjective and can lead to biased judgments. 2. Findings of the study primarily rest on fresh data which is again encompassed by biasness of interviewer’s responses and inaccuracies attached to it. 3. The total subjects selected for the research are limited; hence a wider and broad research couldn’t be done which may prove to be one of the deterring factors for the research. CHAPTER 4 The in-depth analysis of the research is reflected below by analyzing each and every perspective and keeping in tandem the research area, the questionnaire and the research questions. Evaluation of the questionnaires: Two sets of questionnaire have been drafted, one that is inclined towards students preferring entrepreneurship as their career option and other set preferring recruitment or job as more suitable option for future individual growth and development. The quantitative data analysis is reflected underneath: Most of the respondents are aged between 20 and 25. This clearly reveals that students at this point of time have enough potential to take risks in life due to lack in responsibilities and career motivation. This is peak point where entrepreneurship could be encouraged among students as they look forward for best and most suitable career options for themselves. In the research, we have tried to inculcate the diversity concept as well, where respondents from various nationalities have been intervened. As per out data, maximum belong to Asia, followed by Africa and Europe. In the investigation process, it was found that students from Asia were keener for becoming an entrepreneur in comparison to respondents from other nations, depicting the traits and thinking patterns of particular race of people There has been observed a marginal increase in students who prefer attending recruitment affairs in comparison to those who do not intend to do so. The percentage of students who have attended the affairs is 51.7 percent. The data clearly reflects that almost half of the total population is a risk averter and prefers security more than challenges. Especially students from African and Europe display such character. Students who did not show interest for the same display their keenness for transforming their own vision and ideas into real action. . A clear indication is reflected in the results gathered for organization of frequent careers fairs. Students find that such events help them in planning a better future for themselves as valubale guidance and information can be extracted from such events. Careers fairs help the students to esplore various avenues for making an entry for career building hencem both the aspects of job and entrepreurship are encompassed. Various opening in companies and ideas for business can be extracted by students. Thus a fruitful exercise preferred by most of the respndents as an important activity that must be conducted at frequent intervals for them update about the business trends and market dynamics (Carroll, G. R & Mosakowski E, 1987). The data collected is almost similar to the past results where students preferred to attend trade fairs also posted their resumes on the graduate recruitment websites. Such kind of behaviour confirms their strong will to be employed by reputed organizations. Here the African students are found to be part of the league who is trying their level best for exploring all possible options or channels that can open good employment opportunities for them and strong dislike from the thought of being an entrepreneur. Further the most heavy traffic sites that students prefer for employment opportunities are Jobsites and Graduate Jobs. Most of them are aware about the network Linkedin which means that they want to broaden uo their horizong by intermingling with professionals and expanding their networking as well. Surprisingly when students were probed whether they intend to use the above known sight, most of them turned down the thought of it. This shows that proper guidance and counselling is required to encourage students for exploring the available resources and making optimum use of those as well. Effective techniques for same may be applied where meaningful information is imparted to students. Conducting seminars, workshops etc can be of great help to the youth. Most of the students almost 57 percent had no intentions to start up their own business before they joined NBS. It is important so see further, whether any specific changes have occurred in the mindset of the student after joining NBS. . Which factors do you think deter you from planning to start your own business? Risk-taking Capital requirement Inexperience Poor social network other, please state__________ Inexperience and capital inadequacy are supposed to be the prime reasons for which students do not prefer to take up business as a suitable option for the career development. Now it becomes the prime responsibility of the concerned authorities to provide all possible help to students in terms of knowledge and finance, so that the obstacles and hindering factors can be eliminated and students might be encouraged to take up calculated risks in life and grow. Students are very clear in their mind what they need to do in future. Most of the respondents are clearly depicted above, have no inclination whatsoever to start their own business. Universities and colleges have to promote entrepreneurship by all means. Interesting projects have to be taken over by the governments of various nations and the business schools to encourage students to change their peculiar mindset and be creative in their thoughts. They have to be provoked to take up challenges. But at the same time complete support and resources must be imparted to them for boosting their morale and making important breakthrough in life. What are your motives for starting your own business, on a scale of 1 to 5. 1 least 5 most. After analyzing various factors and attributes that serve to be a trigger for initiating own business; few of them were finalized and given as an option to the respondents such as Strive for higher income Risk-taking Independence Frustrated as employee Public reputation(status symbol) Family tradition Gain power and influence Build a successful organization Sense of achievement Almost every factor is responsible for taking up personal business as a career option but the ones that clicked most to the respondents were strive for higher income, independence and sense of achievement. Certainly jobs have their own constraints, one of which being a fixed income or a maximum income beyond which an employee cannot exceed but, businesses give return much higher return provided sufficient input has been feeded, in form of resources whether capital , human or technical. Control or power drives most of the individuals and is one factor that deters them to be an employee rather than an employer. Sense of achievement gives exceptional satisfaction to an individual who puts extreme efforts to realize his goals and ambitions along with taking massive risks for himself as well as others too who are directly or indirectly involved in his business idea. Qualitative Aspects of Research A brief introduction of all respondents was acquired regarding their past and their present educational qualification for ensuring whether the respondents are technically sound for opting either of the option whether business or employment. Respondents were well aware about the concept of entrepreneurship and its characteristics as well. As already mentioned above, most of the students did not intend to initiate a business proposal due to many reasons few of which were risk, inadequacy of capital resources, absence of adequate knowledge etc. There were certain apprehensions which were noticed regarding students being inspired by the institution for opting for entrepreneurship. Few of the students who were already keen for business were satisfied with programmes and related work done by NBS to promote entrepreneurship, but students who were demotivated remained the same even after joining NBS. This could be due to their basic attitude or intent or due to failure of NBS in adopting relevant and effective techniques to mold students for the same (Greenwald, A. G., & Banaji, M. R, 1995). Most of the students agreed to the fact that after completion of their studies, they would be confident enough to start their own business. This reveals that studies have motivated them somewhere and increased their confidence to take up challenges for future. Education has an indispensible role in a student’s life that can change his outlook and serve to be a turning point in his career. And To some extent students are reluctant to join business initially, they want to gain some experience first and then take up risks which I think is justified because practical hands on experience can be an added advantage to an individual in understanding the intricacies of a complex business environment. Respondents a lot of thoughts in mind regarding the pre-essentials for being an entrepreneur such as ability, efficiency, intentions, interest, capital adequacy, knowledge, viability etc. in a nutshell one can say that entrepreneurship involves a bit of all, it a culmination of various attributes that combine together and result in a successful business organization headed by an innovative, confident and capable individual who aims to earn profit, self satisfaction, sense of achievement, legacy as a prime motive for initiating business. Social networking has always been a cause of success or failure of business to which many students did agree. It is a fact that poor networking can result in loss of business opportunities in the long run (Aldrich, H & Zimmer, C, 1986). Social relationships are a quintessential factor that can help any business to bloom and prosper provided the individual is smart enough (Shapero, A., & Sokol, L, 1982) to encash such networking in the right direction at right time. Money has been accounted for as a factor that an entrepreneur can earn from his business. He is the controller hence all the disbursements and receipt of money is under his personal control. Business if successful can certainly return a much higher rate of return in comparison to employment. Another main objective of the research was also highlighted regarding biasness in entrepreneurship. Data reveals that to some extent female students do not prefer to take up business as a suitable career option. They feel more secured and safe at job. This notion has to be wiped off so that the talent among females can actually be groomed and guided (Correll, S. J, 2001). Females are still hesitant to come forward and take challenges as feel business is not what they are born for or capable off. This myth has to be eradicated and NBS can offer immense help in doing so. Proper educational reforms, curriculums can be designed keeping in mind female entrepreneurs and their specific constraints that is a hinder in progressing them in this specific career development field. One factor that has portrayed a negative image for NBS is its extended help for career growth to international students specifically who are not completely satisfied with the kind of help and support the business school is currently providing them in establishing a sound career. As far as NBS is concerned for promoting entrepreneurship and changing pre conceived notions among students in mind regarding the subject, not very positive results are encountered. When students were asked that after joining NBS, do they intend to start up their own business then negative replies such as ‘I am still uninspired’ , ‘Not at all’ etc were obtained which reveals a negative attitude towards NBS by students. Students require more efforts from the university which NBS must take care for in future in order to avoid any kind of prejudice or discontent prevailing among the respondents. CONCLUSION After delving deep into the topic, it was found that a small portion of the total population is inclined towards starting up their own venture. They are enthusiastic about the same and have creative ideas to work upon in future. However, there persist certain myths regarding entrepreneurship among female students and also among the males who prefer a secured and safe lifestyle which need to be refocused. Along with a change in mindset of students, proper resources and opportunities too, have to be provided for. NBS has to make consistent efforts to improve its tarnished image among the students and extend all possible support to regain back their confidence and change their outlook. SUGGESTIONS NBS has to make efforts to change the mindset of students. The concept of entrepreneurship has to be introduced to student’s right from their initial phases of education and learning and not to be imposed upon just a mere option to students for career development. Abundant resources have to be provided for in terms of material, capital and technical resources for extending required support to students. Even the faculty members have to be trained in order to groom students in a specific manner. Various incentives, schemes and attractive programmes need to be organized for generating interest among the youth for opting entrepreneurship as a career option. Female participation needs to be augmented. 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APPENDICE A Questionnaire Entrepreneur is (1) Usually an owner or majority shareholder in a business venture, (2) Not necessarily motivated by profit. (But profit measures success), and (3) Self-Reliance, optimistic, risk-taking. This questionnaire is designed to analyze the possibilities and factors that could motivate or affect students' decision as potential entrepreneurs. Response will be highly appreciated and treated with maximum confidentiality. 1. Gender ?male ?female 2. What is your age? ?20-25 ?26-30 ?30 or above 3. What continent are you from? ?Europe ?Africa ?Asia ?America ?Others, please state ________ 4. Have you attended any graduate recruitment fairs? ?Yes ?No If Yes why?(You may tick more than 1) ?Career development ?Want to have more information(industry, and company, etc) ?Consider about future job ?Interested in a particular firm ?Others, please state ________________________ 5. How important would you rate careers fairs on a scale of 1 to 5. 1 least 5 most 1 ? 2 ? 3 ? 4 ? 5 ? 6. Have you signed up to any graduate recruitment websites? ?Yes ?No?Milkround ?Prospects ?Jobsite ?Monster ?Graduate jobs ?Other, Please state _______ 7. Have you heard of the network Linkedin? ?Yes ?No Do you use it? ?Yes ?No? 8. Before coming to NBS, did you plan to start your own business? ?Yes ?No, (If Yes, please go to Q.10, If No, please go to Q.9) 9. Which factors do you think deter you from planning to start your own business? Risk-taking 1 ? 2 ? 3 ? 4 ? 5 ? Capital requirement 1 ? 2 ? 3 ? 4 ? 5 ? Inexperience 1 ? 2 ? 3 ? 4 ? 5 ? Poor social network 1 ? 2 ? 3 ? 4 ? 5 ? Other, please state__________ 10. After finishing your Mac, do you plan to start your own business or work in a firm? ?Start business ?Work in a firm 11. What are your motives for starting your own business, on a scale of 1 to 5. 1 least 5 most Strive for higher income 1 ? 2 ? 3 ? 4 ? 5 ? Risk-taking 1 ? 2 ? 3 ? 4 ? 5 ? Independence 1 ? 2 ? 3 ? 4 ? 5 ? Frustrated as employee 1 ? 2 ? 3 ? 4 ? 5 ? Public reputation(status symbol) 1 ? 2 ? 3 ? 4 ? 5 ? Family tradition 1 ? 2 ? 3 ? 4 ? 5 ? Gain power and influence 1 ? 2 ? 3 ? 4 ? 5 ? Build a successful organization 1 ? 2 ? 3 ? 4 ? 5 ? Sense of achievement 1 ? 2 ? 3 ? 4 ? 5 ? Interview questions 1. Please talk about your educational background. 2. What do you entrepreneurship involves? 3. Before coming to NBS, did you plan to start your own business? What inspired you or worried you about this prospect? 4. (IF YES) What business did you have in mind? 5. Now you are doing this programme at NBS, do you still plan to start your own business? OR ( if no for question 3) now you have experienced this programme at NBS, are you inspired or still uninspired to start a business? 5. Do you think it's viable that a student could start their own business while studying? What about on this Masters in particular too? 6. Would you prefer to work in a firm, start your on business straight away, or both? 7.What do you think is the most significant factor to consider when starting a business? Do you think poor social network is the least important? (this is the result from our questionnaire. 8. What are your motives when considering starting up a business? 9.Do you think being an entrepreneur would account for a higher income? 10. have you attended any graduate recruitment fairs? 11. Do you think there are ample fairs advertised or offered? 12. Would you like more careers help? APPENDIX B Interview date: 1st of March, 2011 Interviewer: Mei-Yin Chung (N0355523) Place: Newton Building Interviewer: Hi, I am Celina. First of all, I would like to thank you for taking part of this interview. Respondent: Yep Interviewer: This interview is designed to analyse the possibilities and factors that could motivate or affect students’ decision as potential entrepreneurs. Your response will be highly appreciated and treated with maximum confidentiality. If you agree, we shall start the interview. Respondent: Yep Interviewer: Please talk about your educational background. Respondent: I studied my under graduate in Nottingham Trent University at Clifton campus, and I studied International Relation with Italian; I recently graduated in July 2010. Interviewer: What do you entrepreneurship involves? Respondent: I think entrepreneurship means when an individual has the inspiration and ability as well as motivation to start their own business, not necessary start their career but build that into only that or start their own business. Interviewer: You mean like an organization or? Respondent: Yes, they can gain experiences or inspiration they might have through the process of growing up or life. Interviewer: Can I ask before coming to NBS, did you plan to start your own business? Respondent: No, I never plan to start my own business. Interviewer: Not at all? Even like eBay or … maybe not formal one. Respondent: I don’t think so, I think partly because of my personality. I don’t feel safe or secure; I don’t feel like I have that ability and power to start my own business. I have thought that over eBay but I wouldn’t necessarily put that… Interviewer: Can I ask what kind of power do you infer? Respondent: Sort of, do I have a numerical scale like accounting, economics, am I able to engage with people set up my business, do I have the potential to possibly carry on this business and not just for short time because I feel interest at the time and lose interest, you know I am scared of losing interests or the pressure or fear of failure. Interviewer: Now you have experienced this programme at NBS, are you inspired or still uninspired to start a business? Respondent: I am still uninspired, due to the fact that…(paused) to be honest, this business school isn’t what I expected. I have learnt quite a few things which I will take with me in future and future career, but some of the things that I don’t like particularly like or I think I don’t like the way the real world but … Interviewer: So probably after graduation I should ask you again because you are still studying in the middle of the programme. Do you think it's viable that a student could start their own business while studying? Respondent: Yes, some people can manage time; can manage multi-tasking, two things or three things at the same time. I think it’s that possible, but at the same time it is very difficult. In my own opinion, I wouldn’t be able to do that because I would have to commit full time either studying or commit full time doing my own business, I don’t think I can do both at the same time, because there will be so much involve into that, you know. Perhaps I could ask somebody who might work for me or like a business partner, but…I might be rely on this person quite a lot, and might not be able to concentrate on my study, so I rather concentrate on one thing at the time than do two big… because they are quite big…you know… Interviewer: (Nodding) Yep yep. So, after graduation, would you prefer to work in a firm, start your own business straight away, or both? Respondent: I would prefer to work in a firm, most importantly because I feel that if you work in a firm you can gain more experience, when eventually you do want to start a business you know you have that experience or expertise of what you have been through or what kind of problem you probably face or your business will face or might face. Interviewer: Have you worked before? Respondent: Yes, I have. Interviewer: Okay, thank you! Respondent: But like what I said, I would definitely want to work for someone or another organization due to the fact that you can gain more experiences. Interviewer: Do you think the experiences and your master programme will be enough to support to start your own business? Respondent: I think you need more experiences, I think school gives you a fundamental understanding of the industry you wanna work or business world if you like, and then the experiences make you link your study together, so when you have enough experiences, but I mean I suppose it is never enough, when you start a business, hmm… not easier but you know where you going or you have a direction. Interviewer: Direction...hmm (nodding) what do you think is the most significant factor to consider when starti business? Respondent: The most significant factor? Interviewer: Like some people think of capital, some people think of experiences… Respondent: Ok, yep, I think you should think about yourself: Do you want this? Do you want this because you feel like you will be more popular? Like what do you want in life rather than what do I need in life, there is difference between what I want and what I need, I think you need to understand yourself… Interviewer: Before doing anything else… Respondent: Yea, I think sometimes instead of thinking of the money, do I have this, do I have that, think about yourself, what kind of person are you, do you have emotional, psychological, intelligent in starting your own business. I think a lot of people rushing to it, thinking it will be great, fantastic. But think about it, do I want this in life. Because starting a business. Interviewer: Do you think entrepreneurial will fail if they lack of understanding themselves? Respondent: Sometimes, I think it is kind of like getting marriage. Marriage is an important thing if you do not understand yourself, you can not commit yourself into it because at the end of it if you fail Interviewer: you might affect a lot and lose a lot Respondent: Yea, you should understand yourself what are your strength, weaknesses, personality, and capabilities associated with business that you are facing your customers. Do you have the mentality and personality to face people? Interviewer: Do you think poor social networking is important or less important? Respondent: Social networking Interviewer: Yes Respondent: I think networking is important especially you want to start a business. In this stage is about whom you know not what you know. Interviewer: Like ‘guan xi’ Respondent: Yea, but I am not trying to say that you should keep meeting people, obviously you should like I said study is fundamental and a basic for your career. With that knowledge, you can then meet people. Understand yourself, so you can lead different types of people and be able to communicate in an effectively help your organisation. Interviewer: Thank you. What are your motives if you consider start your own business? Respondent: My motives… do you mean… my goal? Interviewer: Like you want to gain more money, or… Respondent: Oh, okay! I think starting my own business would…hmm…. I think this business if I was going to start it would be something that I am passionate for, not just something that will make money, because essentially to me, in my personal value, money is not the only thing, money is important obviously. Interviewer: So you think being an entrepreneur would account for a higher income? Respondent: No no no… income is a bonus, like oh yea, I can get money from. Interviewer: Like extra… Respondent: Yea, but essentially I want to do something I love, I don’t want to start because of this gonna make money. If you do something you don’t love just because of money, you won’t succeed; I don’t think you can succeed, you can succeed by making profit, but are you happy? Once you finish the work and you close the door, are you happy with the person, you might have lot of pressure. Do you weigh money more, or do you weigh happiness, to me happiness is more important. Interviewer: Have you attended any graduate recruitment fairs? Respondent: Yes, I have attended in Nottingham Trent University, Interviewer: Do you think there are ample fairs advertised or offered? Respondent: Hmm... Yes and no, I think there is enough for British students, but not enough for international students, they don’t seem to understand international students’ point of view, or their requirements or Visa issue. I think sometimes graduate recruitment fairs may only be suitable for British people, I haven’t been to other one, I only been to the one in Nottingham Trent. Interviewer: Would you like more careers help? Like recruitment help? Respondent: Would I like more help? Hmm… in the past, I had CV help, helped my CV, helped with the covering letter, and helped with the job searching application so I had help, and it is definitely helpful. I would suggest anybody if they need write any resume or CV, they should look for careers help. Interviewer: Do you have any suggestions to NBS? Respondent: I think they should definitely help with international students, because of the timing or time table were giving, a lot of time they encourage us to do it but I don’t think they understand that we have class every day, so although they say the offer is there, but none of us could attend, because of why? Because we never have time! Why don’t we have time? Because of people on the 9th floor don’t seem to understand us… Interviewer: Hmm… haha, thank you for your time to the interview, do you need the copy or transcript? Respondent: No, that’s fine. Interviewer: Okay, thank you very much! Interview date: 1st of March, 2011 Interviewer: Mei-Yin Chung (N0355523) Place: Bass Management Centre (BMC) Interviewer: This interview is designed to analyse the possibilities and factors that could motivate or affect students' decision as potential entrepreneurs. Your response will be highly appreciated and treated with maximum confidentiality.  If you agree, we shall start the interview. Interviewee: Yes, please. Interviewer: Please talk about your educational background. Interviewee: I studied biochemistry at the University of Lagos in Nigeria, and after that, I started for a graduated pure management business at Nottingham Trent University for college before I began the MMP programme. Interviewer: OK. So, what do you think entrepreneurship involves? Interviewee: I think entrepreneurship involves starting your own business, or you own business initially, just being self employed in my opinion. Interviewer: self employed. Interviewee: Yep! Interviewer: Before coming to Nottingham Business School, did you plan to start your own business? Interviewee: Nope, not at all Interviewer: Not at all?? Interviewee: No, I never ever thought about being an entrepreneur, maybe, hmm… towards a time, towards all day, I was thinking of, maybe...hmm…like a club, hmm... Not... a club, for friends to come, and talk and do things like sport, and relax. Interviewer: You mean like a resort? Interviewee: Yes, like a recreation resort, kind of, yes, like I never ever thought of, it’s not, it just keeps me busy, not because of money, I never ever thought about being an entrepreneur. Interviewer: But money isn’t necessary for being an entrepreneur. Interviewee: Yes, that’s the thing, I never thought of being an entrepreneur as I never took it seriously. Interviewer: OK. What inspired you or worried you about this prospect? Interviewee: why I didn’t want to be an entrepreneur? Interviewer: Yes. Interviewee: Because I… I thought that it requires certain amount of risk which I am not prepared to take. And… I just didn’t see myself to have the required acumen.. Interviewer: Hmm…according what you said, you didn’t want to start you own business before coming to NBS, I mean Nottingham Business School. Now you have experienced this programme at NBS, are you inspired or still uninspired to start a business? Interviewee: Yes…I would love.. right now I think I am more willing to start a business on my own business Interviewer: Oh…why? Interviewee: Because my first degree was medical science, and now I have done graduate programme in business, I’ve done something in management, so you see I have... I now consider myself able, now ideas can crop up into my head, and I consider myself is able to carry out those business ideas that may come in to my head. Interviewer: So... Do you think…? Interviewee: But that doesn’t mean that I am going to become an entrepreneur now, I need time. Interviewer: Hmm…after maybe? Interviewee: Yes, maybe later. Interviewer: Do you think it's viable that a student could start their own business while studying? Interviewee: Yes, it depends on the kind of business you are doing; just do not interfere with your study. Good! Interviewer: Like eBay, selling online… Interviewee: Yep, lots people start their business when they were in the school, Bill Gates, and Facebook guy - Mark Zuckerberg… sort of. Interviewer: Would you prefer to work in a firm, start your own business straight away? Interviewee: I would like to work in a firm. Interviewer: Or both? Interviewee: No, I would like to work in a firm. Interviewer: Could you talk about the reasons? Interviewee: Because firm would give you practical experience that the university cannot give. It gives practical experience that working in somebody else’s company, and is not me who taking the risk, is somebody else’s business. Interviewer: So, you concern more about the risk. Interviewee: Yes, I concern more about the risk. Interviewer: What do you think is the most significant factor to consider when starting a business? Interviewee: It will be your interests, and capability. If you are interested in it, if you are generally interested in it, you would be willing to build the capability to get the business done, or at least you would know who to get to run the business for you, so interest is very important. Interviewer: Can I also ask about capital requirement? Interviewee: Yes, capital requirement is also very very important, which is another reason why I would like to work for a while and save some money; so I could have something you could always say okay. If I start my own business I could borrow from bank, capital is very important, very very important! Interviewer: What do you think poor social network is the least important? Interviewee: Social network? Like GuanXi? Interviewer: Yes Interviewee: GuanXi, I don’t… for me I don’t consider that as that important, maybe it depends on what kind of business you are going to, some businesses requires social networking than all the other businesses in my opinion. Interviewer: Depends on different business, is that what you mean? Interviewee: Yes. Interviewer: Can I also ask what kind of business do you think? Interviewee: If… you are going to become, you are going to a private real estate or whatever, you want to deal with real estate, buying or selling your property, I would assume you need social networking. Interviewer: Thank you. What are your motives when considering starting up a business? Interviewee: My motives? Hmm…first one would be legacy. Interviewer: Legacy? Interviewee: Legacy is something that it will still be there after you die, so you left behind the legacy. You start this thing and it is still successful even when you go; if Steve Jobs dies tomorrow, Apple is the legacy, the legacy he left behind. So the most important thing for me will be legacy. It is something that even if I will leave, it will add value and help the people around me. Interviewer: Oh…Do you think being an entrepreneur would account for a higher income? Interviewee: I think…if you consider the factor you are looking for money, and put it as a most important thing in front of you, you might be disappointed. Because I assume that every small business would have difficulties when anyone starts, so money is good to be able to be financially secure, if your business can be successful, higher income would one of the benefits. Interviewer: Just one of the benefits. Interviewee: Yes, and fact you can have you own time, your own free time, spend with your family. Interviewer: Have you attended any graduate recruitment fairs? Interviewee: NO. Interviewer: NO? Interviewee: NO. Interviewer: Even before NBS? Interviewee: Hmm... Yes! In my former university, I attended for the programmes. Interviewer: Do you think in NBS there are ample fairs advertised or offered? Interviewee: I am not aware, for the master management programme? No, I don’t think so, I don’t think it is enough, even if there is it still not enough because I haven’t attended. Interviewer: Would you like more career helps? Interviewee: Career helps? Yes, that will be a good idea; they could offer career helps to students. Interviewer: Could you please describe more details? Like help your CV, or hold more recruitment fairs.. Interviewee: Well, I would say if they could sell the students out, do you know what I mean that sell the students out? Let the employers know that there is lots of quality here, and get them to come here. Hmm… if possible, run an assessment for whatever it is, for the students who are probably about to graduate from the master to be able to be selected from amongst. Interviewer: Well, thank you very much; this is the end of the interview. Do you need copy or transcripts? I can you send you later. Interviewee: Hmm… I think I will need… a cup of coffee… Interviewer: (laugh) Thank you for your time! Interview (Female) Interviewer: Before I start, this interview is about entrepreneurship and I will be asking you some questions about starting your own business or becoming an employee after your MMP program. Any information that you give will not be discussed with others without your consent and knowledge.  I will like to record it so that I can interpret it correctly. Interviewee: Yes, no problem Interviewer: Please can you tell me about your educational background? Interviewee: I graduated in Poland, from political science and the year 2005. Studied in Poland language and I have been working at the same time. Then move to England……., after working for four years I applied for studying in university. Interviewer: but your English is so good. In Poland, do you people study in English? Interviewee: No, we studied in polish language. When I came to England four years ago, I couldn’t speak English but I developed the skill by my self. Interviewer: Oh, that is nice. What do u think entrepreneur involved? Interviewee: hmmmm, I think is all about the making of business, all about being involved in organization which bring profit or being involved in the non profit organization. Entrepreneur is a person that starts and owns his or her own business. Interviewer: What factors do you think deter you from starting your own business? Interviewee: ok, well I know that there are many possibilities in terms of e-commerce. It is not necessary to have the asset to open your business because there is many businesses operating online and you don’t need to have the money, you know, you can go online (e-commerce) make millions and you are going to be an entrepreneur at this point, so that is not the problem. I think being brave enough, put everything in one card, or maybe one factor can not stop me from being entrepreneur. Understanding business is another thing. If you take it in one way as operating which involved money only. That may be another factor which can stop people. You know, personal quality is required from entrepreneur, you have to have good time management, quite brave, you have to …….. Interviewer: do you need to have experience? Interviewee: not necessary experience because there is very often….hmm….. there are people who are new, got fresh ideas and they are very good in business line. So is not necessary based on the experience, I don’t think so. Is about having the skill, having the brain and having the courage to do that. Interviewer: But do you think with all these factors you just mentioned, you can become a good entrepreneur without having experience? Interviewee: Yes, as I said before. I don’t think experience is a major factor of being entrepreneur. If you are going to look for example, the company we just talk about in the class today. It as been created by the group of students who has no ideas or what so ever and no experience about doing a business. They are more intelligent so is more about being brave and being creative, not about having money and experience. I think this is the secondary factors which you need to be successful. The much important thing is that, you need to be creative, to have ideas, you need to have original concept and you need to be brave enough to do that. Interviewer: Okay. Before coming to NBS, did you plan to start your own business? Interviewee: No and I didn’t plan it. Unfortunately I want to work for somebody. Interviewer: what stopped you from being entrepreneur? Interviewee: I don’t believe in em……I am not creative enough, I think I don’t have the original idea, I don’t have any concept in my mind. I don’t know what I would like to do business about; I don’t have any passion about it. You know, if I am giving a task I am really good to complete it but I am not good to be…… em…….. very creative, to have the originality and now you know…… em …….. on the market place there are many competitions, you have to know everything and I am not sure if I can break it through. You know, to break it through you have to have some concept and go ahead with it. And I’m not brave and I don’t like gamble so much. Hahahahahaha Interviewer: So you have confirmed that females don’t like to start their own business? Interviewee: No no, I didn’t mention anything about sex, males and females. Interviewer: Why I’m asking is that, I’ve red many articles about gender entrepreneur. Some of the articles stated that most females like being employees while males’ entrepreneurs. Interviewee: I don’t feel competent enough, I haven’t red anything. I know quite few successful business women as well who created business from the scratch (from nothing) only build from their concept and the originality, you know, that is contradiction from what you said. I don’t know what the general ….. em……… academic says about it. Interviewer: Now you are doing your program, you are knowledgeable and exposed to the way of running a business. For example, you have learnt a lot about strategy and marketing. Do you want to start your business? Interviewee: No Interviewer: As in, you don’t want to change your mind? Interviewee: No, I got …. em….. there is no good time for gambling, much gambling will take too long, is a game of chance. Quitting a good job for entrepreneur is just like gambling…. Em…. If you want to be brave you need to keep balance sided, so now I have to put this one (entrepreneur) in back of my mind but at the moment, I can’t be brave (hahahahahahaha) Interviewer: yeah, yeah, have you attended any recruitment fairs? Interviewee: No not yet. I have no chance. I’m working and apart from that I am actually in the university and in my spare time I do my course work. Maybe in few months …….. but for now, no time Interviewer: Since you are rounded up in the next few months, don’t you think it is necessary for you to start attaining recruitment seminar now because immediately after your program, you are going to find it hard to get a job? Interviewee: Actually, I’m really worried about this and I’m planning to do that in short future but I haven’t done it yet. Interviewer: This is the last question I’m going to ask you. Interviewer: Hm hm Interviewer: Do you think traditional employment of graduates in large organization and recruitment fairs can stop students from being entrepreneur? Interviewer: You know what, I don’t know. You have to look at the statistic and see how many graduates create their own business and how many entrepreneurs and people having their own businesses actually graduated from universities. I don’t know, I don’t feel competent enough to have a certain judgment. If you really up to the challenge nothing going to stop you. You know, school can only help you. But I don’t think it going to stop you. Interviewer: Thank you very much for your time. Interviewer: You are very welcome. Interview questions (Me) First Respondent: Female Me: Good afternoon, at the first I will introduce myself. My name is Me, I come from Delegation Group. Our research question is the possibilities and factors that could motivate or affect students' decision as potential entrepreneurs. Now, can I ask you some question? Respondent: Ok, of course. Me: Please talk about your educational background. Respondent: Master Me: What do you entrepreneurship involves? Respondent: I think it involves capital, relevant knowledge and experience. Me: Before coming to NBS, did you plan to start your own business? What inspired you or worried you about this prospect? Respondent: no, I worry about that it might be very tired for a woman. (IF YES) What business did you have in mind? Me: Now you are doing this programme at NBS, do you still plan to start your own business? Respondent: no, I don’t want to run own business. I will go to a company practice first to get some experience. And then I will go to a better/bigger company. Me: OR ( if no for question 3) now you have experienced this programme at NBS, are you inspired or still uninspired to start a business? Respondent: just a little, for fun. Me: Do you think it's viable that a student could start their own business while studying? What about on this Masters in particular too? Respondent: yes, for students will obtain more experience. When they enter society, thy will get more chance. Me: Would you prefer to work in a firm, start your on business straight away, or both? Respondent: both, in a firm we don’t need take more responsibility. If one has own business, can get more respect and feeling good. Me: What do you think is the most significant factor to consider when starting a business? Do you think poor social network is the least important? (this is the result from our questionaire. Respondent: I think the most significant factor is capital. No, social network is still important. If you have poor social net work, it is difficult to run own business. Me: What are your motives when considering starting up a business? Respondent: my motives are earning a lot of money. I can buy anything I like. Me: Do you think being an entrepreneur would account for a higher income? Respondent: yes, because the whole profits will belong to me. Me: have you attended any graduate recruitment fairs? Respondent: no, when I graduated, I went abroad for further study. Me: Do you think there are ample fairs advertised or offered? Respondent: I have more confident to explain my degree and major. In my university, I have about job's experience, my major is suitable for the company Me: Would you like more careers help? Respondent: yes. I have no experience for find a job. I need others help. Interview questions (Me) Second Respondent: male Me: Good afternoon, at the first I will introduce myself. My name is Me, I come from Delegation Group. Our research question is the possibilities and factors that could motivate or affect students' decision as potential entrepreneurs. Now, can I ask you some question? Respondent: Yes, please. Me Please talk about your educational background. Respondent: I am studying Msc Management and investment strategy here, and I did my undergraduate degree from Sheffield Hallam University, Business and finance course. Me: What do you entrepreneurship involves? Respondent: In my opinion, entrepreneurship involves leadership, the ability of management, professional skill in specific area. Me: Before coming to NBS, did you plan to start your own business? What inspired you or worried you about this prospect? Respondent: Before I came to NBS, I just graduated from a university without any full time work experiences. I think I lack of work experiences and knowledge to start my own business in that time. Actually own my business is my carrier dream. I want to have my own business when I have enough work and social experiences. Me: (IF YES) What business did you have in mind? Respondent: Maybe some businesses about investment, sports and catering industry. Me: Now you are doing this programme at NBS, do you still plan to start your own business? Respondent: Yes, of course. I doing this programmer here because I want to improve myself, and want to have stronger ability to set up my own business OR ( if no for question 3) now you have experienced this programme at NBS, are you inspired or still uninspired to start a business? Me: Do you think it's viable that a student could start their own business while studying? What about on this Masters in particular too? Respondent: Maybe, I think a very important factor to own business is about the opportunities, If now I find a good opportunities to start my own business, I would catch that opportunities, I don’t want to miss a good chance to create my carrier. But, frankly speaking, I don't think student start their own business while studying is good. Because the more important thing currently is get the degree of master. Me: Would you prefer to work in a firm, start your on business straight away, or both? Respondent: I prefer work in a company for few year and then start my business Me: What do you think is the most significant factor to consider when starting a business? Do you think poor social network is the least important? (this is the result from our questionaire. Respondent: most important factor should be good business opportunities, have enough money to start and business skill. I think the social network is quite important as well, especially in some emerging market, like: China Me: What are your motives when considering starting up a business? Respondent: Family background, influence by friends, and some successfully entrepreneurs’ cases also motive me. I will feel happy from start my own business. Me: Do you think being an entrepreneur would account for a higher income? Respondent: Yes, generally speaking. But in some case an entrepreneur also would be loss of all money when face bankrupt. Me: have you attended any graduate recruitment fairs? Respondent: Yes, a lot. Me: Do you think there are ample fairs advertised or offered? Respondent: No, it is not enough. Me: Would you like more careers help? Respondent: Of course, I found very difficult to find a job in the UK, especially for the international students. Anisha- First of all can you please talk about your educational background? Interviewee- Yeah, I’m…………… from Thailand, er my bachelor degree from Thailand, you know er Bangkok University, er my degree is about Biology, its like, you have to work, er teacher or laboratory something, yeah. But I decide to come here, to study here er management and marketing, because er I used to work for……..and I have no experience or business background about business, so I decide to come here to study. Anisha- Okay, what do you think entrepreneurship involves? Interviewee- Involve to study or? Anisha- What do you think being an entrepreneur means? Interviewee- Yeah, I, in my opinion, I think er entrepreneur, yeah, it’s about, you want to have er, own business, yeah. Actually er when I graduate my degree, I want to have my own b Read More