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					Appendix E Five aspects of enterprise education as ‘project
management’


   1. Project ideas

The idea for a project focuses on the intended outcomes which might be products or
services. Students need to be aware of the context in which their outcomes will be
provided: What is the evidence of need? How will they find out the strength of
demand? To what extent is the need or want being met already? What are the
prospects of the need or want being met by others in the future? How predictable is
the extent of the need or want? In the context of business this aspect of enterprise
education is investigated by Marketing and Economics. However, most of the ideas
and evidence developed by Marketing and Economics can be applied in the case of
not-for-profit providers. It is also perfectly feasible to consider the wants and needs
in terms other than those for which private individuals are currently willing to pay.
One difficulty for Young Enterprise teams is how to identify a good idea. The easy
way is to look at what other people have done or to focus on what can be easily
achieved. In practice most entrepreneurs recognise their good idea on the basis of
their strong knowledge of consumers and current production in a particular market.
The same principle works in not-for-profit sectors. The good idea is generated from
strong contextual knowledge.

Getting a ‘good idea’ off the ground requires securing the commitment of others. In
the case of Young Enterprise it requires securing the commitment of others in the
team and in the school. More broadly a ‘good idea’ needs to command the
commitment of stakeholders and an enterprising individual needs to secure that
support through persuasion. The way in which the commitment of stakeholders is
secured and retained reflects a particular set of values. An entrepreneur might
approach this in terms of establishing a long-term co-operation between those
supplying the service or product and those whose needs are being met. One form of
organisation might be a co-operative. Alternatively an entrepreneur might only be
interested in ‘consumer wants and needs’ in so far as these provide opportunities for
gain for the entrepreneur.

In order to marshall persuasive arguments they must understand
             Factors that will determine the success of a project.
             Factors that will affect the commitment of stakeholders to a project.

They will therefore need to distinguish between weak and strong arguments in
different contexts. They must be able to see the project from different perspectives.

Knowledge and understanding

      Recognising needs and wants:
          - identifying markets,
          - recognising alternative ways in which needs and wants may be
             evaluated (on the basis of ability to pay, personal need, equity etc.)
          - matching interests of providers and clients,
          - identifying competitors and niches,


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      Identifying support and capital required to start the project:
          - sources of finance
          - participation and or permission of stakeholders affected
      Choosing key success factors
          - Relating success factors to stakeholder analysis
      Evaluating the potential of a project
          - Balancing potential gains against the resources and time required
          - Identifying risks

Skills and Attitudes

      Using systematic methods of collecting relevant information
          - Comparing examples (not relying on incidental anecdotes)
          - Using samples
          - Checking reliability and relevance of data
      Ability to reflect on the values that are implicit in the way they are
       approaching the design and management of their project
      Ability to present persuasive arguments to stakeholders
      Ability to use systematic decision-making strategies
          - SWOT
          - Analysing risk through ‘best/worst case’ scenarios

   2. Strategies

An enterprising person aims for something new, for change or growth. This requires
a sense of ‘self-efficacy’ in relation to enterprise in this context. The individual must
be able to give positive answers to the questions ‘Am I capable of organising
something new?’ and ‘Can I be successful in this context?’ They might also be more
collaborative in the way that they plan for a project. In this case they would ask ‘Are
we capable of organising something new?’ and ‘Can we be successful in this
context?’ Young people should develop an ability to evaluate individual and
collaborative strategies. Their answers to these questions will also reflect their
knowledge of the context and their attitude towards managing risk. Enterprising
people manage limited resources in a time-constrained context and decisions have to
be made when information is incomplete. Sometimes decisions will be wrong for this
reason. However, individuals who are wildly optimistic or who make decisions too
quickly or too slowly are unlikely to be effective in their enterprise activities. Even if
they are simply replicating a tried a tested idea in a new context or time they must
form a viable plan. For a project to stand a chance of success it must have a coherent
plan that matches what is possible to what is intended and leaves scope to adapt to
new information and to take action before the opportunity passes. Procedures must be
established for taking decisions: when do individuals have freedom to decide on the
spot and when do they not? Procedures for decision-making must be closely linked
with procedures for ensuring good information and communication flows. Problems
arise in a collaborative venture when a couple of students assume executive control
that is not sanctioned by others but which is imposed through strength of personality.
There is no clear procedure against which decision-making procedure can be
challenged.

Knowledge and understanding


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      Ability to evaluate the implications for strategy of different forms of
       organisation: Ability to evaluate implications of individual, hierarchical
       groups and collaborative groups in relation to:
           - ownership and motivation
           - specialisation
           - efficiency of decision-making
           - transparency and accountability
      Need for a plan: Understanding how to devise a coherent plan for an
       enterprise activity which includes realistic estimates of resource needs and the
       achievability of desired outcomes (including contingency planning)
           - Choosing outcomes
           - Matching outcomes to resources
           - Setting up a way of working
           - Organising resources/ resource and financial viability
           - Time plan: what will happen when
      Ability to analyse different contexts for enterprise activity: stakeholder aims,
       client needs, competition and supply
           - Stakeholder analysis
           - Competition and market niches
           - Identifying market needs, market segmentation
      Ability to analyse the outcomes of an enterprise activity from different
       perspectives
           - In relation to stakeholders
           - In relation to financial outcomes
           - In terms of what they (the students) have learned through the activity
      Understanding how an enterprise can be sufficiently flexible to respond to
       new information or situations
           - Devolved decision-making
           - Procedures for revising plans
           - Procedures for gathering new information and better ideas

Skills and Attitudes

      Communicating a vision of an enterprise activity to stakeholders
      Evaluating the skills and resources needed for an enterprise activity
      Sustaining motivation of others
      Developing a sense of capability in organising and leading an enterprising
       activity in different contexts


   3. Budgeting

Assessment of current and capital flows: income and expenditure, liabilities and assets
is central to the evaluation of the feasibility of projects. Projections needed to be
qualified by assessments of risk: how much are we likely to sell? What are the most
optimistic and the more pessimistic estimates? In calculating current income and
expenditures students have a tendency to ignore crucial costs. Frequently they do not
account for their own time. Not-for profit organisations need to budget for their use
of resources as well. This may reflect their use of charity or grant income but it


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makes sense for a project to evaluate its use of resources even if no money is
changing hands.

Knowledge and understanding

      Distinguishing between capital and income
          - Liabilities and assets
          - Income and expenditure
      Calculating and evaluating flows of expenditure and income
          - Recognising all costs including time and costs to others outside the
              organisation
          - Recognising benefits to others outside the organisation
          - Cash flow
      Calculating and evaluating the net benefit of the project
          - Break-even
          - Return on capital
          - Calculating risks

Skills and Attitudes

      Addition and subtraction
      Ratios
      Percentages
      Probability
      Simple equations


   4. Roles

The standard Young Enterprise approach is for each member of a team to be assigned
a role: e.g. marketing director, finance director etc. This gives students particular
responsibilities and provides each with a focus although it does tend to model a large
rather than a small business. Students can have difficulties in understanding these
roles and the extensive forms of the Young Enterprise are not always successful in
illuminating uncertain students. Nevertheless, the idea of roles is very helpful and
with better support this might be a strong source of learning for students.

Knowledge and understanding

      Understanding and evaluating communication within a project
          - Communication to share information
          - Communication to aid decision-making
          - Factors affecting the success of communication in a project
      Understanding relationships between organisation and decision-making
          - Clarity of roles and responsibilities
          - Effect of size and type of organisation on decision-making
      Understanding working in teams
          - Division of responsibility and
          - Specialisation and skill match



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           -   Co-ordination of teams

Skills and Attitudes

      Evaluation of own strengths, weaknesses and particular skills
      Communication with others in a project
          - Listening
          - Distinguishing between opinions and evidence
          - Presenting information
          - Using communication to shape opinion and morale
      Motivating others
          - Recognising differences in motivating factors
          - Sensitivity to conflicting priorities


   5. Rewards

Rewards and incentives are important for the operation of any organisation or project.
These rewards might come in many forms: pay, job satisfaction, status, self-
improvement and CV enhancement. Young Enterprise projects tend to pay
insufficient attention to sorting out the basis on which financial rewards will be made.
They keep inadequate records of time put in by group members and the basis for
reward is never properly established. This can be a major source of conflict.
Understanding and using relationships between rewards and motivation can be a
major focus of enterprise learning but it does not always work out that way.

Knowledge and understanding

      Understanding relationships between incentives and motivation
          - Different types of incentive (financial and non-financial)
      Rewarding stakeholders
          - Identifying and satisfying stakeholder interests
      Methods of calculating rewards
          - Systems of payment
          - Non-financial rewards
      Analysing fairness in the distribution of rewards

Skills and Attitudes

      Calculating payments in a given system
      Keeping systematic and transparent records
      Respecting alternative perspectives on fairness
      Appraising the motivation of others




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