High growth entrepreneurship has not been mentioned in
education circles for a very long. There are many definitions of the term, but
for the purposes of this article we can take Autio’s description
which is “strong owner-managerial aspiration for rapid organisational growth coupled
with substantive potential for achieving this aspiration”1.
It’s only recently that the key role that high growth
entrepreneurship plays has been highlighted. Its importance becomes clear when
we look at its effect on economies. We know that employment, wealth creation
and economic growth are achieved in economies where there is a thriving
entrepreneurial class. Fostering these attributes is perhaps even more
necessary in developing countries. High growth entrepreneurship drives faster
development of these factors and high growth firms make a disproportionately
large contribution to an economy. One of the reasons for this is that the
technology opportunities that drive high growth entrepreneurship have expanded
so rapidly.
In fact policy makers around the world are starting to
understand and believe that high growth entrepreneurship is crucial for all
countries, regardless of their levels of development. To the extent that the
United Nations Foundation has asked a business and technology figure of the
stature of Michael Dell be its Global Advocate for Entrepreneurship in order to
“help shape and advance a global entrepreneurship agenda”2.
High growth entrepreneurship is richer territory than merely
more companies producing more products and services more quickly. What it
yields is entire economies becoming more vibrant, dynamic and entrepreneurial,
which can entirely change a nation’s economic emphasis. It’s not all smooth
sailing though – high growth entrepreneurship can be disruptive, making it
difficult for government and business to fully take it on board3.
The influence of education
Education levels, the richness of the educational
environment, the encouraging of entrepreneurial traits in educational
institutions, formal educational courses – these have all been identified as
having a positive influence on the development of entrepreneurial drive and
subsequent entrepreneurial activity and success.
So it follows that the more hospitable the environment for
entrepreneurial development and the more education that can be provided, the
more high growth entrepreneurs will be produced.
All of the knowledge related to the influence of education
on high growth entrepreneurship shows that high growth entrepreneurs have higher
levels of education than average. In turn, higher growth firms usually have
founders with higher levels of education than lower growth companies4.
More pointedly, there is a lot of evidence from studies in at least 20 African
countries that examined the effect of schooling on entrepreneurial performance.
It all supports the idea that the more highly educated the entrepreneur, the
superior the entrepreneurial performance5.
The message is clear: we need to provide as much of the
right sort of entrepreneurial education to as a high a level as possible, and
place this within reach of as many learners as possible. In this way high
growth entrepreneurship will be maximised, thus stimulating the economy,
creating wealth and creating employment.
1. Autio, Erkko (2009) : The
Finnish paradox: The curious absence of high-
growth entrepreneurship in
Finland, ETLA discussion paper, No. 1197
2. Atkinson, Rob (2015) : “High-Growth Entrepreneurship for Development: Report of a Roundtable with Michael Dell”
(http://www.innovationfiles.org/high-growth-entrepreneurship-for-development-report-of-a-roundtable-with-michael-dell/)
3. Ibid
4. Audretsch, David B. (2012)
: “Determinants of High-Growth Entrepreneurship”, Report prepared for the
OECD/DBA International Workshop on High-growth firms: local policies and local
determinants, Copenhagen
5. (2009) : “High-growth entrepreneurial firms in Africa:
a quantile regression approach”, Small Business Economics
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