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falviarbaqueroIn the very early days of the Enternships adventure, the idea of an international exchange program came to me as a logical step in our expansion. It made sense not only from a financial standpoint, but also from educational and, dare I say, cultural one.
I’m a firm believer that travel helps one broaden his horizon and gain maturity in the process. Business and travel have always been closely interlinked, the former often being the rationale for the latter. In most cases, International trade and migration has helped draw cultures together. Doing an enternship in a foreign country is a fantastic way to learn about a foreign culture, their way of doing business, working together etc… It’s also a great excuse to be adventurous and try something new.
Being Franco-Egyptian, I’ve had the privilege to grow up in two different cultures. This dual perspective reinforced my belief that communication between cultures is vital and should be promoted as early as possible. Like many people, I was glued to my TV set last week to listen to President Obama’s speech in Cairo. A particular passage caught my attention, due to its relevancy to our mission here at Enternships:
On education, we will expand exchange programs, and increase scholarships, like the one that brought my father to America. At the same time we will encourage more Americans to study in Muslim communities. And we will match promising Muslim students with internships in America; invest in on-line learning for teachers and children around the world; and create a new online network, so a young person in Kansas can communicate instantly with a young person in Cairo.
On economic development, we will create a new corps of business volunteers to partner with counterparts in Muslim-majority countries. And I will host a Summit on Entrepreneurship this year to identify how we can deepen ties between business leaders, foundations and social entrepreneurs in the United States and Muslim communities around the world.
President Barack Obama, Cairo, June 4th 2009
President Obama’s speech was welcomed with much enthusiasm in the region, and he did a great job of highlighting the role of business and entrepreneurship in not only promoting economic growth, but also mutual understanding and respect. Although next time Barack, have a word with us before quoting our ideas!
Last week-end I attended the a conference that explored the Investment Climate in Africa organised by the Africa Club at London Business School. I especially enjoyed the panel that discussed Innovative Financing in Africa and was particularly encouraged by the repeated mention of enterprise, entrepreneurship and the support of SMEs. The main concern remains how to get finance directly to entrepreneurs while the equity risk premia remain so high.
MyC4, an on-line marketplace that connects Western investors directly with Africa entrepreneurs, was put forward as a solution to this. Investors are able to give as little as 5 Euros and the ethos of the company is as follows:
By focusing on the power of Business as the driving force to end poverty, MYC4 provides all with a dynamic platform to create and support new enterprise and commercial innovation in Africa. Through modern technology we all create financing for the ‘unfundable’ by bringing us together in Business partnerships. And thereby MYC4 becomes a significant tool in the fight to eradicate poverty.
This idea becomes even more interesting when taken together with the arguments of Dambisa Moyo in her recently published Dead Aid, a controversial book which has sparked a debate that graced the cover of the Financial Times this week-end:
Ms Moyo argues that official development assistance has fostered dependency and perpetuated poor governance. She proposes a blend of commercial debt, micro-finance, fairer trade and investment in its place….Activists fear that developed countries seeking an excuse to slash aid budgets have found one in Ms Moyo, at a time when Africa is especially in need. They dismiss her book as simplistic – even dangerous.
The debate continues…but clearly we are in a time when we are questioning the status quo and, thanks to Dambisa Moyo, that now includes what we previously took for granted with regards to aid to Africa. In this environment it would be a tremendous step forward if the western individual looking to do something for Africa ended their culture of micro-aid and ‘money for nothing’ to African governments, and replaced it with one of micro-investment directly to the African entrepreneurs that need it most.
You can follow Dambisa on twitter via @dambisamoyo
For more information visit – www.myC4.com
Read this article with interest. Looks like what we’ve been saying has been affirmed by The Economist – always good to know!
I am convinced that entrepreneurship will be the way forward out of this economic mess..so guys – go forth and start-up!
p.s. I really admire the work of the Kauffman Foundation – definitely the leading Foundation championing entrepreneurship. My only wish is that they would do more in the UK!
Filed under: Global
Rajeeb Dey shares his views on the South Korean government’s plans to offer internships in SMEs:
Last month John Denham, Skills Secretary at the Department for Innovation, Universities and Skills (DIUS) announced plans for a National Internship Scheme: http://www.telegraph.co.uk/education/educationnews/4210088/National-intern-scheme-to-help-graduates-through-the-recession.html
At the time there was a flurry of interest and media coverage however very little seems to have materialised. The plan was to subsidise internships so that students/graduates could get 3 month work placements in a contracting job market.
In my opinion the same forms of ’sweeteners’ offered to the corporates should be offered to start-ups/SMEs. I was impressed to see that the South Korean government recently announced the small and medium sized businesses will pick 25,000 interns who will be offered work placements of a minimum of 6 months: http://tinyurl.com/bzkym4
What’s more impressive is that the government is subsidising 50% of the internship salary which provides a greater incentive for the SMEs to take on these workers. Why can’t something similar be offered in the UK? SMEs are the backbone of the UK economy and if the corporates are scaling back their intake of graduates/interns why don’t we proactively try and engage with the ‘long tail’ of the recruitment market?
Filed under: Global
In this post, Sumita Sarkar shares her views on the difference between entrepreneurs and business leaders and her outlook on India’s role in driving the entrepreneurship agenda:
An entrepreneur is a person who undertakes and operates a new venture, and assumes some accountability for inherent risks. Being in business or being an entrepreneur is about taking risk and confronting challenges. Entrepreneurs build companies which exploit a particular opportunity.
There is a difference between an entrepreneur and a businessman. An entrepreneur has a “vision” which he/she proceeds to implement; a businessman knows how to make run a business (no matter what the idea). Bridging these worlds is an important skill. It is difficult, but possible, to start thinking like a good businessman, when you are an entrepreneur and vice versa. That said not all entrepreneurs are good at running a company and thus many recruit CEOs; likewise CEOs aren’t necessary the best at devising new and innovative solutions.
We feel that the best way to start thinking like an entrepreneur is to work for a startup which offers more opportunities to develop these entrepreneurial skills. In India the awareness about entrepreneurship is increasing incredibly. There are lots of “wannapreneurs”. The real question is “Is India a right place to start a startup? “ Well I believe that India is a land of technologists. It is the best place for techies with similar interests to combine their skills and innovate than in any other country and Indian startups can survive for a much longer time than in any other countries looking at the limited amount of cash requirement for running businesses here.
According to Tim Draper, Founder and Managing Director of Venture Capital fund Draper Fisher Jurvetson (DFJ), “Entrepreneurial talent abounds in India and needs the right atmosphere and encouragement for the skills to be honed and met with success.”
So hopefully by creating the right atmosphere for success, ensuring that entrepreneurs have access to the right skills and capital will strengthen the entrepreneurial ecosystem in India.
Filed under: Global, Macro economy, Reasons to join a startup, Recession, Survival tips
This is an article, Rajeeb Dey (CEO of Enternships) wrote for Smaart Talent Magazine (Winter 08/09 edition):
Whilst we hear of doom and gloom in the media with regards to the economy and job market, the recession we are currently facing in the UK also presents enormous opportunities for entrepreneurial people. The traditional graduate recruiters such as the banks, law firms, accountancy firms etc are likely to be cutting back on hiring which will make finding a job more challenging.
This is therefore the ideal time to be starting your own business; why not team up with the people around you and start thinking about how you can create the next Facebook or Virgin? Sir Richard Branson started Virgin in his early 20s – proof that you are never too young to start a business.
Here are some of my top tips for those of you who are considering striking out on your own:
5 top tips:
1) Network network network: remember the saying ‘it’s not what you know, it’s who you know?’ Well this very true, especially in the world of business. The earlier you start getting out there, meeting people, attending events, talking about your idea / business the better. You never know who you will come across and who in turn they may know so keep an open mind when meeting people. Whilst synergies may not be immediately obvious, you would be surprised how random connections can arise from the most unexpected circumstances.
When attending meetings and events always carry business cards with you and when taking business cards from other people – jot down a few notes on the back i.e. where and when you met them and any action points you discussed. This will help jog your memory in months/years to come and make follow-ups easier. Do not wait too long to follow up with people; try to follow up with people you’ve met within a week (to ensure they remember who you are and what you talked about!)
In business it is all about developing long term relationships with your contacts. Just meeting someone, taking their business cards and filing it away is not a good idea. Keep your network active by making introductions between people you know and keeping people informed of what you are up to. Remember though that it is not just a one-way relationship; just as you are looking for help, always think to yourself when you meet someone, ‘how can I help this person?’ Just a simple introduction to someone you know could help the other person immensely and your kindness will not be forgotten.
2) It’s all in the execution: lots of people come up with ideas, but very few go on to execute on them in a successful way. A common downfall for entrepreneurs is being over protective about their idea and failing to discuss it with others for fear of it being ‘stolen’. Whilst this may be a legitimate concern (and you can seek professional advice about this from an Intellectual Property lawyer), I find more often than not, the process of talking to others about your idea helps you to refine and improve it further. Moreover it enables those around you to offer their advice and support which most people are willing to do.
3) “Bootstrapping”: accessing external finance is likely to become more difficult in the current economic climate. It is therefore essential that you are self-sufficient by keeping costs to a minimum. This means cutting back on unnecessary expenses – live more frugally, which in the entrepreneurship world is known as ‘bootstrapping’! Starting a company is far cheaper than it used to be, especially if your business is an online venture.
When putting together a team to work with you, consider offering them equity in your business rather than a salary (or a mixture of the two) – that way they are sharing the risk with you and have a greater incentive to work hard and see this venture succeed (as ultimately the value of their share options will depend on the success of the business as a whole).
There is no need to spend lots of money on expensive advertising / PR; be creative about how you get the word out about your business – use social networks like Facebook or LinkedIn, create a viral marketing video on YouTube; promote yourself and your company using Twitter – there are so many tools out there which you can use for free – make the most of them!
4) Seek advice: you’d be surprised by how helpful people can be. There are many successful entrepreneurs and business people who are willing to offer young upstarts advice and mentoring. One organisation worth looking into is TiE (The Indus Entrepreneurs). They have a fantastic mentoring programme where they match you to an experienced entrepreneur from your industry; developing a strong rapport with a mentor who has “been there, done that” will be invaluable to you and help you to grow your business whilst avoiding some of the pitfalls your mentor may have faced.
5) Get started, but be willing to adapt: too often I hear people saying, “I’ll start my business after I’ve worked for a few years”; “after I’ve turned 30”; “after I’ve done my 500 page business plan” etc. These are often just stalling tactics which to be honest are not going to get you anywhere. I admit, starting a new business can be daunting and you may not have a clue what you are doing at first, but do you know what – most people don’t! I am a firm believer in learning by doing, and the quicker you start the better your chances are of success. That being said don’t forget the tip about seeking advice; you should be agile enough to adapt your proposition and re-invent yourself based on feedback you receive and the changing nature of the market. If you have created a business plan for yourself then great – it’s a good exercise in getting some focus on your idea and the market you are serving but do not be fixated on following your plan to every minute detail.
It is true to say that we will be facing some difficult times ahead, but do not let that stop you making the most of the situation. Finding internships and jobs in the more traditional sector will be more challenging, so why not try and take this opportunity to do something different? If you’re interested in working in a start-up or an entrepreneurial environment then check out my new venture: www.enternships.com (new website to be launched in March 2009).We connect students and graduates to start-ups and “SMEs” (small and medium enterprises) to provide you an entrepreneurial internship – which we call an ‘enternship’. With less jobs available in corporates, now is the perfect chance to augment your CV with experience in alternative work environments. Often these can be far more rewarding and interesting, offering you the chance to take on significant responsibility and make a real difference in the company. It is also the perfect training ground for people who want to start their own business, as by being in a start-up you can learn from those around you and by shadowing the entrepreneurs themselves.
What ever you decide to do, whether it be finding a job, going traveling or starting your own venture I wish you the best of luck!
