Every developed economy wants an enterprise culture. As the rate of economic change increases, entrepreneurship is seen as vital for future prosperity and competitiveness. But it also has a broader significance, acting as a vital stimulant for an open pluralistic culture and a driver of social and civic renewal. But despite the emergence of a knowledge-based economy, and a distinct shift in the qualities needed for companies to succeed, myths about entrepreneurship still persist. This report sets out to explode those myths, and offers a systematic account of the conditions and strategies needed to sustain entrepreneurship in the new economy. Crucially, the authors argue, entrepreneurship should be seen as a process, driven by teams of people and involving collaboration across organisations and between sectors like higher education, government and financial community. A sustained culture of knowledge entrepreneurship requires an infrastructure based on networks and clusters, which government can facilitate. The report sets out wide-ranging recommendations for a more systematic approach to entrepreneurship, including enterprise education in schools, new forms of finance, the linkage of entrepreneurial firms with management skills, and a radical reshaping of the Department of Trade and Industry.
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