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Entrepreneurship and Innovation

The rate of employment has been reported to increase with time according to the Bureau of Labor Statistics. For example, the rate increased to 4.7% as of July 2009 as compared to the rate of 2.8% for the same time in 2008. Attainment of job after the completion of degree programs or other qualification is not a guarantee today, and this calls for identification of proper channels of earning money by making investments. Students who are through with college face an additional burden of repayments of student loans. More so, the job market is expected to hire a smaller number of graduates, especially during recession. For example, there was a decrease in the number of graduates expected to be hired in 2009 (22% fewer positions) than in 2008. The pressure is more as the graduates and their parents face more limitations in terms of choices they should make following global recession. This makes the graduates think about a possibility to get involved into the entrepreneurship. Different industries are open to innovations and “each day sees students and young graduates starting their international business ventures” (Dana 2006, p. 431). It is not only international business where the graduates can succeed. They can start from smaller firms which, in some cases, are even more profitable for the reason that such firms “often flourish because of their ability to deliver a personalized, flexible, tailor-made service at a local level” (Burns 2007, p. 8). There are a number of industries that provide entrepreneurial opportunities for graduates with food and computer sectors being the most promising; the graduates can also become serial entrepreneurs, though even in this case they should consider the influence of global recession on their business.

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What should be mentioned above all is that a number of industries and enterprises offer entrepreneurial opportunities to the graduates. As stated by Timmons and Spinelli (2008, p. 102), “the classic expression of entrepreneurship is the raw start-up company, an innovative idea that develops into a high-growth company.” Food industry is, perhaps, the most promising of all the industries when it comes to entrepreneurship. The brightest example is McDonald’s that emerged from practically nothing and that hardly had any precedents. However, business in food industry does not limit to the fast food restaurant which, as it is worth reminding, become less and less popular in the modern world. One more example of young graduates utilizing entrepreneurial opportunities in food industry is Joey Crugnale who, for the period of twenty years, has become unbelievably popular in the food industry. He started as a partner in Steve’s Ice Cream. In 1982, he started Bertrucci’s which quite soon developed into a chain of 90 restaurants. After this, “he founded Naked Restaurants … The first one, the Naked Fish, opened in 1999 … The second, Red Sauce, which opened in 2002, serves moderately priced authentic Italian food somewhat along the lines of Bertrucci’s” (Bygrave and Zacharakis 2009, p. 6). So, despite the fact that “food industry is among the most competitive and globally-linked of all business sectors” (Plunkett 2002, p.550), the graduates still have a good opportunity to realize their entrepreneurial ideas in this industry. Besides, this sector is the one that will never be left without consumers. Therefore, food sector is where most of the graduates can use their chance of creating their own businesses.

Another sector which presents a number of entrepreneurial opportunities for the graduates is the computer sector. The modern world can hardly survive without the help of computers and this is what the businessmen often take advantage of. Some time earlier, however, succeeding in this industry was easier than at present. For instance, James Clark managed to become a billionaire in this industry in the period from 1981 when he founded “Silicon Graphics, a computer manufacturer with 1996 sales of $3 billion” (Bygrave and Zacharakis 2009, p. 6). Basing on these profits, the billionaire launched another company, Healthscape, which enabled “doctors, insurers, and patients to exchange data and do business over the Internet with software incorporating Netscape’s Navigator” (Bygrave and Zacharakis 2009, p. 6). Of course, this took place in times when standing competition in computer industry was not as difficult as at present. Nevertheless, starting a business in computer sector now is more than possible; all that a graduate has to do is to find one more way in which computer technologies can facilitate people’s lives. Thus, computer industry offers additional opportunities for the graduates because this industry will never stop developing and surprising the users with innovations and improvements.

However, it is not always that the graduates should start their entrepreneurial activities in a definite industry. Serial entrepreneurship, though it is quite rare, still managed to make some people successful. Those graduates who wish to get involved into entrepreneurship, but do not know which industry to choose, have an opportunity to try several of them if time and finances allow them doing so. For example, Wayne Huizenga made several endeavors to realize his entrepreneurial potential before he found himself. He ventured into a number of completely unrelated industries: “first in garbage disposal with Waste Management, next in entertainment with Blockbuster Video, then in automobile sales with AutoNation. Along the way he was also the original owner of the Florida Marlins baseball team…” (Bygrave and Zacharakis 2009, p. 6). This means that the graduates can use a great number of entrepreneurial opportunities; they can start their own enterprises or small firms without a fear to fail because they still have much time to fix everything. At this, however, they should take into consideration a number of factors that can seriously affect their entrepreneurial activities. One of such factors is global recession that can either be benefited from or that can ruin one’s business once and for all.

Experts have advised that the best time to start a business is during recession. There are examples of companies that started during recession and have remained popular at the market. These include Microsoft and Disney (Gilad 2003). Students with substantial amounts of investment must, therefore, be encouraged to begin businesses. The trick lies with the determination of the appropriate type of business to begin. Many factors will have to be considered in choosing the type of business to invest in. More importantly, the determination of the goods and services that are quick to sell and that earn more profits may be given a priority to when starting a business. Wine, chocolate, tobacco and healthcare industries have their profits doubled at recession times. The businessmen should also learn when and where to establish their business. There are industries and businesses that will continue to encounter high demand for their commodities even at recession (Gilad 2003). The types of commodities that cannot stop to be used at recession are very good to begin with in business. Sectors such as healthcare, health commodities, and pharmaceuticals may still continue to be used during recession times. Besides, even regular jobs within such sectors are rarely lost during the recession: “While fast-food and customer-service may churn out a greater total volume of new jobs, those in health care are almost as plentiful and offer better pay, prospects, and benefits, plus the stability of a nearly recession-proof industry” (Payne-Palacio and Canter 2005, p. 44). At present, the growth of this industry is connected with the need for specialized medical care and even home healthcare. This all testifies to the fact that, before starting a business, the graduates should consider the stability of this business in the conditions of recession and know which of the industries (food, healthcare, computers, or any other) can make them prosperous entrepreneurs in and beyond global recession.

Taking into consideration everything mentioned above, it can be concluded that young graduates can become entrepreneurs in a number of industries. Food and computer industries are for those who are not afraid of competition because these sectors, though they offer a number of opportunities, are also characterized by strong competition. Some of the graduates can become serial entrepreneurs, which, as the history shows, can also have its own advantages. What is remarkable, global recession is not always a threat to business. Healthcare, for instance, only benefits from it. So, some research should be done by the young graduates before starting a business in a definite sector.

References

Burns, P 2007, Entrepreneurship and small business, Palgrave Macmillan, New York.

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Bygrave WD and Zacharakis, A 2009, The portable MBA in entrepreneurship, John Wiley and Sons, New York.

Dana, LP 2006, Handbook of research on international entrepreneurship, Edward Elgar Publishing, London.

Gilad, B 2004, Early warning: using competitive intelligence to anticipate market shifts, control risk, and create powerful strategies, AMACOM Div American Mgmt Assn, New York.

Payne-Palacio, J and Canter, DD 2005, The profession of dietetics: a team approach, Lippincott Williams & Wilkins, London.

Timmons, JA and Spinelli 2008, S, New venture creation: entrepreneurship for the 21st century, McGraw-Hill, New York.

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