Developing Entrepreneurs at University An Australian Case Study Professor John Breen Director Centre for Tourism and Services Research Victoria University

Aims To develop a degree program designed to attract young people into a career in small business. To develop a degree program in small business & entrepreneurship in an Australian university. To articulate the lessons learned as the program has progressed.

Background Significant growth in the number of small businesses in Australia. Provide opportunity for young people studying at university to have the option of a career in small business. Most university programs designed to develop entrepreneurs were at Masters level.

Setting up the course Victoria University – some history The first degree course in Entrepreneurship had commenced in Australia VU had some expertise in small business VU was looking for new course ideas First intake of students in 2006

Course Design Standard Bachelor of Business program 8 Business Core subjects 8 Specialisation subjects 8 Electives Used some existing elective subjects to form the basis of the specialisation Only allowed small numbers to begin with

The Students Small number of students 100 in total since 2006 Averaging around 20 per annum Difficult to attract high quality school leavers Mix of school leavers and mature age

Student Enrolments to date 2006 = 16 2007 = 17 2008 = 20 2009 = 29 2010 = 18 Total = 100 11= graduated 41 = withdrawn/transferred 48 = currently enrolled

Results Small number of students Difficulty in competing with vocationally oriented courses Positive response from those who stay The drop-out rate has been high Students decide in their first semester Course format required some fine tuning Eg first year subject offerings

Those Who Did Not Finish Course Status Number of Students Percentage (%) Never commenced the course 2 5.2 Completed one semester only 18 47.3 Completed 1 year only 9 23.7 Attended more than 1 year - dropped out of the course 3 7.9 Transferred to another course 6 15.8 Total 38 100.0

Those who lasted only 1 semester Student Results Number of Students Percentage (%) Failed all 4 subjects (probably dropped out) 8 44.4 Passed 1 subject 4 22.2 Passed 2 subjects 1 5.5 Passed 3 subjects 2 11.1 Passed all 4 subjects 3 16.7 Total 18 100.0

Student Comments “It has challenged me to think outside the square with a lot of things and come up with new solutions to everyday problems. I now tend to look at every day activities differently, I take a more thoughtful approach ...I’m continuously looking for opportunities and ways to improve everyday tasks and everyday products.” “I gained much knowledge and experience from the class, that I will be able to bring back to Germany.” “This subject was one of my more rewarding and fun ones and it has taught me a lot about starting a venture and developing it. “ “This practical experience of beginning an entrepreneurial venture and assessing feasibility allowed me to look at the opportunity for myself as a possible entrepreneur.”

“My expectations have been fulfilled as I have gained a broad knowledge of entrepreneurship. This subject is very useful because…students are constantly challenged to think and respond critically. It helped me to improve my skills through all the presentations and the process of reporting back to the class.” “The guest speakers throughout the semester have been inspiring to me and have helped build on my drive and determination to be successful one day. They also taught me about real-life experiences and what actually goes on in the real world. Overall, this course has made me think more like an entrepreneur and made me more aware of what is going on around me. “ “With the topics covered and continually looking at possible business ideas, I was able to see a future for myself as a young entrepreneur.”

Lessons Developing a new course to attract young people into a career in small business was not as easy as first thought. Target market now clearer. Small market size at the moment. Perhaps change the course name. Need to raise the profile of the small business sector as a career option to help expand the potential market Perceptions of small business study