Education is Job One in Creating Entrepreneurial Culture, Study Finds

Business Wire, Nov 13, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 13, 2000

Providing individuals with quality entrepreneurship education to convert a market opportunity into a commercial reality is the single most important issue in developing and fostering an entrepreneurial environment.

According to the Global Entrepreneurship Monitor 2000 (GEM), a 21-country study of entrepreneurship and economic growth conducted by Babson College, London Business School, the Kauffman Center for Entrepreneurial Leadership, and Ernst & Young, the level of participation in post-secondary education in a country is strongly related to that country's level of entrepreneurial activity.

The study further revealed that, among the many factors that contribute to entrepreneurship, perhaps the most critical is a set of social and cultural values, along with appropriate social, economic and political institutions that legitimatize and encourage the pursuit of entrepreneurial opportunity.

The countries covered in the GEM 2000 report include Argentina, Australia, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, India, Israel, Ireland, Italy, Japan, Korea, Norway, Singapore, Spain, Sweden, United Kingdom and the United States.

According to the GEM study, the economic growth of a country is directly correlated to its level of entrepreneurial activity. In particular, there is a high correlation of economic growth and entrepreneurial activity among the industrialized G7 countries.

The GEM 2000 study is an expansion of the groundbreaking 1999 GEM report, which analyzed entrepreneurial activity in 10 countries, including all G7 countries.

Scientific surveys of 2,000 persons in each country, over 40,000 in total, were used to determine the level of entrepreneurial activity in countries participating in the GEM 2000 study. National research teams interviewed almost 800 experts. This provided an unprecedented portrayal of the national variation in entrepreneurial activity and its impact on economic development among these countries.

Editors Note: An executive report of the GEM findings can be found at the Kauffman Center's Web site: www.entreworld.org/GEM2000.

The Kauffman Center for Entrepreneurial Leadership in Kansas City, Mo., is taking an innovative approach to accelerating entrepreneurship through educational programming and research. Inspired by his passion to provide opportunity for other entrepreneurs, Ewing Marion Kauffman launched the Kauffman Center, the largest organization solely focused on entrepreneurial success at all levels - from elementary students to high-growth entrepreneurs. The Kauffman Center is funded by the Ewing Marion Kauffman Foundation. For more information visit our Web site at www.entreworld.org.

Babson College in Wellesley, Mass., recognized internationally as a leader in entrepreneurial management education, grants BS, MBA and custom MS degrees through its Undergraduate Program and the F.W. Olin Graduate School of Business at Babson College, and offers executive development programs to experienced managers worldwide through the Babson School of Executive Education. The College's newly launched for-profit venture, Babson Interactive LLC, develops distance learning programs and business simulations for executives and graduate students. More information about Babson is available at www.babson.edu.

London Business School: www.london.edu London Business School is a world leader in business education. The School has been ranked for the past two consecutive years as the No. 8 Business School in the world (and No. 1 outside of the USA) by The Financial Times Annual Ranking of Business Schools. London Business School is also the seventh largest business school in executive education revenues worldwide.

Ernst & Young, one of the world's leading professional services organizations, helps entrepreneurial businesses across the globe to identify and capitalize on business opportunities. The firm founded and produces the Entrepreneur Of The Year awards in over 20 countries in 5 continents. By identifying and recognizing the achievements of outstanding entrepreneurs within successful growing, dynamic businesses Ernst & Young aims to encourage entrepreneurial activity in each of the countries in which the awards are held. For more information visit www.ey.com