Page 150 - guidance-supporting-europe-s-aspiring-entrepreneurs-policy-and-practice-to-harness-future-potential

Guidance supporting Europe’s aspiring entrepreneurs
Policy and practice to harness future potential

Reflection tests differ from the career management tests described above as
they use open ended questions to aid the reflection process. These tests are
aimed at both would-be and existing entrepreneurs. A test developed by Almi in
Sweden encourages new and aspiring entrepreneurs to develop a clear
understanding of their business idea and to reflect on certain aspects of the
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business ( ). It comprises three sections. The thinking section asks the user to
assess their business idea and consider the possible profitability of the project.
The preparation section encourages the user to formulate their business idea by
identifying issues for the user to think through using a business start-up checklist.
The early years section allows users to focus on issues such as the external
factors that affect the company and how to balance personal life and business.
It is important to be aware that there are many tests where methods or
results have not been scientifically tested. This means that many can only
provide an impression of the individual’s characteristics or skills and the results
should be seen as indicative only. Few tests offer any personalised support in a
form of telephone helplines or question or answer service. For these reasons,
they should be seen as one of many helpful methods available to improve career
and self-management skills of entrepreneurs (rather than as one critical one) and
their strength lies in the fact that they tend to be easily-accessible and
inexpensive.

5.5. Private sector interventions

Private sector structures such as business incubators, venture capital companies
and business parks are involved in providing support for prospective and novice
entrepreneurs, and they have a pivotal role to play in this process. Experienced
entrepreneurs start new businesses ‘habitually and serially’ by acting as investors
in other start-ups (Thompson and Downing, 2006). In this way they coach and
mentor other new entrepreneurs without any public funding, shile continuing to
run their own companies. Some venture capitalists and business parks also
appoint mentors for new starters (i.e. their own experienced members of staff) to
protect their investment. These are not formal mentoring arrangements but they
are significant to the entrepreneurship context. Another common feature is that
the entrepreneurs and their private partners share the same goal: to succeed in
the entrepreneurial effort, as both have invested in the venture.

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( ) Available from Internet: http://www.almi.se/Nyforetagande/ [cited 1.2.2010].

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