Buckingham Enterprise and Innovation Unit

According to Edelman and Yli-Renko (2010) "creating a new firm is a complex, idiosyncratic process that starts with an aspiration by the entrepreneur and involves bringing together resources that the entrepreneurs does not necessarily control to pursue an opportunity" (ibid:833/4). Drawing on Sarasvathy and , they go on to argue that, "the entrepreneur needs to garner support, obtain the required resources and generate enough commitment from organisational stakeholders to take the idea from vision to reality" (Edelman and Yli-Renko, 2010: 834). Firms take time to establish and emerge through a series of actions. The route may be causally driven or the result of effectuation (Sarasvathy, 2001a; one being the inverse of the other (ibid: 2001a:2). From a causal perspective there is a predetermined goal and a set of means; the aim being to seek the most efficient way possible to achieve the goal. Effectual reasoning begins with the means and allows the goals to emerge over time (ibid). Sarasvathy argues that entrepreneurs prefer effectual reasoning over causal reasoning in the early stages of venture creation. As the venture becomes established, the transition from causal to effectual must be managed and this poses a problem for some entrepreneurs. Causal thinking, (aligned with traditional managerialist thinking), is based on the extent to which it is believed that we can predict the future and control it (ibid: 6). Predictive tools and business management models support and encourage this logic. Effectual thinking on the other hand, is emergent and can accommodate multiple potential outcomes for a given range of means; this approach is more associated with entrepreneurial thinking. Reality, however, is often more complex than predictive tools are able to deal with (Obolensky, 2010). Managers, leaders and entrepreneurs have to be reactive or adaptive and responsive to complexity. Entrepreneurship, if effectively managed, should be able to reconcile the need for a vision and expectation of the future, whilst at the same time being able to adapt to the deeper uncertainty manifest in a changing dynamic environment. While rule based systems, such as universities, like the certainty of causal thinking, they also understand that effectual thinking, with its inbuilt serendipity, has the potential to create more impactful entrepreneurial outcomes. Drawing upon two case studies, this paper will explore the challenges and opportunities faced by effectual and causal thinking in the design of Venture Creation Programmes (VCPs) for undergraduate students. In both cases the programmes were intended to be effectual in spirit, but one is unintentionally causal by design. Interest in VCP development is likely to follow a similar trajectory to the growing interest in enterprise and entrepreneurship education. This paper could help to inform thinking about the nature of VCP development and where such programmes should be sited (or positioned) within universities.

This paper will explore the approach adopted by two universities who have developed and implemented different approaches to undergraduate business enterprise honours degree programmes. Both educational approaches, in their own way, aim to stimulate real and enduring entrepreneurial behaviour. One programme compels business start-up as an integral part of its approach, the other encourages it. Our approach here is not to condemn either, but rather to compare and contrast our cumulative experience of 10 years enterprise education and to consider what has worked, what has not worked and what we plan to do differently in the future. Our approaches must be viewed from the perspective of our respective institutional backgrounds. Both Universities promote themselves as 'entrepreneurial' and these programmes are flagships of their entrepreneurialism, that being defined by Shattock as the capacity to turn a business idea into a success through blending creativity or innovation with sound business management; implicit in the concept is a readiness to take risks, a taste for independence and self realisation.

This will be an interactive workshop which will present and reflect on the experience of the Programme Director, Business Enterprise, at a the University of Buckingham Business School, in developing and running, since January 2006, an innovative undergraduate Business Enterprise honours degree programme.

During the two year (8 term) programme, undergraduate students have the opportunity to establish and run their own business, as an integral part of their honours degree.

At the end of the two year programme, if the students' businesses are starting to be successful, graduates have the opportunity to buy the business from the university and continue to develop them.

In the first two terms the students study a range of business subjects, including Marketing, Accounting and Business Planning, plus Entrepreneurship and Innovation. The students then prepare and submit their business plan and must also “pitch” their business idea in front of a venture capital panel.

If the students' business plan and “pitch” are successful and they also pass their first examinations, held at the end of the second term, they are given “seed-corn” capital of up to GBP5000 to establish and operate their business for the following 18 months.

In addition to running their businesses, the students also continue to study a wide range of business enterprise subjects.  They are supported by academic staff and are mentored throughout by experienced entrepreneurs.

The vital need for academic rigour in the programme will be discussed, along with the importance of including practical activities, such as learning about working with customers, partners, suppliers, bankers, accountants, government organisations and venture capital providers.

To achieve intended learning outcomes, it has been found that it is vital to involve external entrepreneurs with the students throughout the programme. This means that the entrepreneurs not only make interactive presentations to the students, but are also available to them as long-term mentors.

The Business School now has over 6 years’ experience running this programme and four cohorts have graduated. In 2009 the programme was revised and improved, taking into account the students’ and faculty’s experience.

When presenting and reflecting on the experience gained in running this innovative honours degree programme, detailed information will be provided about the range courses offered and their success or not in achieving the intended learning outcomes of the programme.

Although the author believes that academic rigour is important, he has found that the practical activity of undergraduates establishing and running their own real businesses has resulted in the Business Enterprise students achieving excellent "learning outcomes".

This will be a very interactive session to enable the delegates to question and discuss with the Programme Director a wide range of topics, including the selection of students, student drop-out rates, graduate employment, the timing of particular courses during the programme, the courses that have achieved the intended learning outcomes and those that have not.

According to Edelman and Yli-Renko (2010) "creating a new firm is a complex, idiosyncratic process that starts with an aspiration by the entrepreneur and involves bringing together resources that the entrepreneurs does not necessarily control to pursue an opportunity" (ibid:833/4). Drawing on Sarasvathy (2001) and Stevenson & Jarillo (1990), they go on to argue that, "the entrepreneur needs to garner support, obtain the required resources and generate enough commitment from organisational stakeholders to take the idea from vision to reality" (Edelman and Yli-Renko, 2010: 834). Firms take time to establish and emerge through a series of actions. The route may be causally driven or the result of effectuation (Sarasvathy, 2001a, 2001b); one being the inverse of the other (ibid: 2001a:2). From a causal perspective there is a predetermined goal and a set of means; the aim being to seek the most efficient way possible to achieve the goal. Effectual reasoning begins with the means and allows the goals to emerge over time (ibid). Sarasvathy argues that entrepreneurs prefer effectual reasoning over causal reasoning in the early stages of venture creation. As the venture becomes established, the transition from causal to effectual must be managed and this poses a problem for some entrepreneurs. Causal thinking, (aligned with traditional managerialist thinking), is based on the extent to which it is believed that we can predict the future and control it (ibid: 6). Predictive tools and business management models support and encourage this logic. Effectual thinking on the other hand, is emergent and can accommodate multiple potential outcomes for a given range of means; this approach is more associated with entrepreneurial thinking. Reality, however, is often more complex than predictive tools are able to deal with (Obolensky, 2010). Managers, leaders and entrepreneurs have to be reactive or adaptive and responsive to complexity. Entrepreneurship, if effectively managed, should be able to reconcile the need for a vision and expectation of the future, whilst at the same time being able to adapt to the deeper uncertainty manifest in a changing dynamic environment. While rule based systems, such as universities, like the certainty of causal thinking, they also understand that effectual thinking, with its inbuilt serendipity, has the potential to create more impactful entrepreneurial outcomes. Drawing upon two case studies, this paper will explore the challenges and opportunities faced by effectual and causal thinking in the design of Venture Creation Programmes (VCPs) for undergraduate students. In both cases the programmes were intended to be effectual in spirit, but one is unintentionally causal by design. Interest in VCP development is likely to follow a similar trajectory to the growing interest in enterprise and entrepreneurship education. This paper could help to inform thinking about the nature of VCP development and where such programmes should be sited (or positioned) within universities.

The paper explores the ways in which enterprise and entrepreneurial education (EEE), delivered by HEI's, impacts regional development. To do this we analysed several datasets from The Higher Education Statistics Agency (HESA) and the Office for National Statistics (ONS) focusing on the ways in which HEI start-up activity impacts indicators including GDP and employment. This highlights where further research and investment is needed to ensure a consistent regional development policy which we believe aligns with the conference's focus on connecting practitioners and policymakers to create a genuine change in regional disparities. The UK devolution agenda in a post covid-19 economy needs careful development to ensure that the political narratives such as levelling up are actively fostered in a meaningful fashion. This can only be achieved through building on the knowledge based economy in which higher education institutions (HEI's) play a central role. Entrepreneurship has for some time been seen as an engine for the development of increased innovation, regional economic growth, and job creation. Enterprising and entrepreneurial approaches to education (EEE) are considered by many to be the way to achieve this, in tandem with the development of a university ecosystem designed to foster business incubation and knowledge transfer; the so-called entrepreneurial university. The difficulty herein is that the linkages between this activity in HEI's and regional development are poorly articulate in the research literature (