What is entrepreneurship?
- Entrepreneurship is the practice of starting new businesses
- As the majority of new businesses fail, entrepreneurship is often a difficult process.
- Entrepreneurial activities vary greatly according to the type of business being started, and the scale of the enterprise, which can range from solo projects to major undertakings creating many job opportunities.
Why does entrepreneurship matter?
- Enterprise is recognised as one of the key drivers of economic growth and productivity in Europe.
- In deprived urban areas, there are often fewer business start-ups than in other areas and businesses may be more likely to fail.
- Residents of deprived urban areas face many barriers to enterprise – for example, difficulties accessing finance or business advice, and lack of skills.
How can we foster entrepreneurship in deprived urban areas?
Policy makers and practitioners can work to promote entrepreneurship in deprived urban areas in the following ways:
- Tailored business support initiatives
- Promoting access to finance
- Promoting networking
- Encouraging innovation and enterprise among young people
- Providing incubator space for businesses
- Regenerating deprived areas and attracting inward investment
Entrepreneurship