To help, the Association of Business Schools launched the Small Business Charter earlier this year with backing and support from government. Small Business Charter Awards will be given to business schools that demonstrate a strong track record in engaging with and supporting local entrepreneurs and businesses, and which provide placements in small businesses and provide other opportunities for their students. It is a quality mark to signpost aspiring students to the business schools that have forged strong and successful relationships with small businesses and who are proactive in providing opportunities for aspiring entrepreneurs. Nearly thirty business schools across the UK have applied for a Small Business Charter Award so far.
Several government-
commissioned reports in recent years have called for business schools to do more to be incubators of invention and agents of innovation and growth in the business community. Business schools with Small Business Charter Awards will do just that, providing the training and tools for students who wish to start up their own business to excel and helping small businesses to grow.
For instance, those business schools in receipt of a Small Business Charter Award will be able to access and disseminate
various different government funding initiatives such as Growth Vouchers, Growth Accelerators and Start Up Loans – all of which will help entrepreneurs with crucial funding.
Business schools can currently be accredited with different award levels: gold, silver or bronze. Those who demonstrate better engagement with local businesses and other stakeholders and who provide the highest levels of support for their students are more likely to gain the higher award and thus have access to more government funding. This is yet another way of demonstrating to potential students which business schools will be best at increasing their chances of employment and entrepreneurial success.
There’s a great tradition in this country of business schools working with small businesses to achieve great things. Surveying examples of entrepreneurial partnerships that already exist shows the growing appetite for small businesses getting greater support from business schools. Five leading business schools are working under the Goldman Sachs 10,000 small business programme, which provides students with greater access to education, capital and business support. Across a range of sectors – biotechnology, retail, pubs and restaurants
– businesspeople have been supported to take their ideas to the next stage. For example, Rana Harvey attended Leeds University Business School, which helped her convert her small mannequin retail business called Dazzling Dummies into a business called Monster Group. One of the Group’s subsidiaries, Monster Racking has become one of the UK’s leading suppliers in the sector, with global distribution. Equally, Manchester Metropolitan University Business School supported a scientist to form his own company, Euprotec, which now provides research services on infectious diseases, respiratory and allergy biology services. These are just some of the ways entrepreneurs are finding the support and formal training in select business schools.
Britain can’t just talk about needing more entrepreneurs. It needs to encourage them, support them and ensure they succeed in the long term. Business schools are a crucial pathway for entrepreneurs, turning a business idea into business implementation. Choosing a business school and the investment you make is key, so it’s important to choose wisely. The Small Business Charter will show our future entrepreneurs the best business schools and give them the tools and resources need to succeed.
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