Are we living in a golden age for entrepreneurship? pdf
A number of factors are thought to be at work in the rise of entrepreneurialism in Australia, but there’s a lot more going on than just a handful of companies.
There are more companies, the number of students enrolled in them, the types of skills they have, and so on.
To put it simply, entrepreneurship is a phenomenon.
And that’s important, says the director of the Institute of Business, Innovation and Skills at the University of Technology Sydney, Tom Caulfield.
Caulfields, whose book, Entrepreneurship in Australia: A History of the Australian School of Business and Entrepreneurs, focuses on the country’s unique entrepreneurial history, says that in Australia more than 10 per cent of the population now has a degree in business.
“In the US, a little less than 1 per cent do.
In the UK, a lot less than a quarter of the people do.
It’s a pretty large gap between Australia and the US,” he says.
What is it?
“In a nutshell, entrepreneurship involves the idea of starting something that you think will benefit society.
And, as we see, that is quite common.”
So we’re not in the early stages of it in Australia but we are a long way from that in the US.
“Caulstens work in education and the wider economy is also about understanding why so many of the countrys biggest companies have emerged in recent years, such as IBM, which is now valued at $10.5 billion, and the world’s second-biggest bank, Goldman Sachs.
And the key to creating those companies is not just to have a business idea.
It also has to be a highly skilled person, a hardworking person, someone who has an eye for talent, and a willingness to innovate, Cauls says.
In other words, people who can think outside the box.
And it’s been that way for generations, he says, with some of the most successful entrepreneurs in history.
But what about the problem of high costs?
“That ratio is around 50:50.” “
We have an extremely high student-teacher ratio in Australia,” Caul-field says.
“That ratio is around 50:50.”
That’s because the average age of first-year students in Australia is 21.
For example, the average number of credits a student earns is just under 20.
“So, it’s an absolute bargain to take courses for your first two years,” Caufield says, but if you’re already a high-achieving student you’re probably not going to take any more.
“It’s more expensive to take the courses you want to take, so you end up taking the courses that are actually worth the money.”
And that leaves some students to make do with a low degree of knowledge in subjects they can’t do.
“You can’t go to university to get a good degree in a subject that you can’t read,” he explains.
“And you can only go to a university if you have the right funding.”
And some students don’t have the resources to take those courses.
For instance, the Government’s new student finance scheme, Student Finance Australia, will increase the number and quality of courses offered by about 40 per cent.
But it also has a number of new regulations designed to limit what students can do, such that students can’t take a course unless they’re going to spend two or three years studying for it.
That’s been a challenge for some students, particularly those in higher education.
In 2016, for example, students enrolled at the Australian National University (ANU) were able to take a range of undergraduate courses, but they were also restricted to a maximum of two courses per term.
They could not take a degree-granting degree course and they couldn’t take any course that required them to complete an approved work placement, such is the need for more advanced degrees.
“This is a problem because if you go into university you have this very high chance of being awarded a degree,” Caucstens says.
But that’s not necessarily the case for students at the ANU.
“Some of the students who’ve taken the courses in question have actually actually been awarded a master’s degree,” he points out.
This is because they’ve done a number on a course that was not required for a degree.
And so they’ve been awarded the master’s.
This could happen if students are lucky enough to get the best advice they can, or if they can get the help of a mentor.
“If you can get that, you could get an undergraduate degree in that subject,” he said.
But if you don’t, it may be difficult to find the right course.
“A lot of the time you’re not going have access to the right information,” he adds.
“But if you do have access, you can do a lot of work.
You can write papers,