Should the Oxford Foundry encourage undergraduates into entrepreneurship?

Entrepreneurship is of pivotal importance to the economy. It increases innovation, as entrepreneurs can create new industries, employing and benefiting millions whilst finding solutions to contemporary societal problems (Litan, 2008). It was Malthus who famously predicted that the world’s resources would not be able to sustain a growing population, but he did not take into consideration the potential of entrepreneurship and innovation. Therefore, I believe that even if the Oxford Foundry does give an illusion of the ease and exciting nature of entrepreneurship, it can not be regarded as a harmful distraction. In fact, it is a call to utilise their knowledge and expertise to develop solutions to the world around us.

Academic studies and academic performance, in and of itself, is of limited value if it can not translate to solutions in society. University researchers focus on basic science however, the fundamental aim of scientific research is to improve the human condition which involves the commercialisation of discoveries (Litan, 2007). Therefore, academic performance for undergraduates can even be enhanced by looking at the potential applications of their field of study to give a more broad understanding. Developing understanding of commercial ventures is an important skill for students to prepare them for industry, whether they seek to become entrepreneurs or not. Furthermore, it is all well and good to develop civic awareness and social conscience but if an understanding is not developed on how to implement this in to one’s immediate surroundings, then it will have limited impact. There is the growth of the social enterprise with social investment now realising and expecting social returns (Wilson, 2014). Students do not have to get involved in commercial ventures that do not agree with their social values and can in fact use their ethical understanding to have an effect and impact on upcoming ventures. Albeit, there are challenges and investors are limited in how far along the social spectrum they can move, and the need for institutional capacity (Wilson, 2014). However, one of the obstacles to investors is the number of available social enterprises and more student involvement can certainly help.

The distinction between postgraduate students and undergraduate students has some validity. Undergraduate studies are usually broad and intense and thus it may be difficult to find time to engage in a commercial venture. However, undergraduate students who are capable of organising their time effectively should have the opportunity to engage with institutions such as the Oxford Foundry. Furthermore, even if students are willing to sacrifice some of their time from their studies to engage in entrepreneurial ventures then is that not a valuable pursuit, particularly as mentioned above, that it can help create innovative solutions to societal problems. Unless, of course, all extracurricular activities should be outlawed, and students should only focus on their academic studies almost like robots only to find out that they are poorly positioned to implement their knowledge practically. An erroneous approach to say the least. Furthermore, postgraduate students who have specific research interest are in a stronger position to engage in entrepreneurial activity, as outlined by Drucker (2002) — innovation requires focus, diligence, persistence and commitment. Consequently, even without the restriction on undergraduates, it is natural and it is the case that postgraduates will be more present at the Oxford Foundry than undergraduates.

Additionally, many undergraduates complete their studies with little clue of what they want to do for the rest of their lives. Sometimes with little direction and ambition. Participating in institutions such as the Oxford Foundry can enable students to investigate if they have the entrepreneurial traits required to be successful. Also, as demonstrated in the Lean Start-up model by Blank (2013), a perfect business plan does not need to have been planned out to begin with and it is often possible to adapt, iterate and pivot to a successful business plan through customer engagement and feedback. This is a vital opportunity for undergraduate students to investigate their interests which can help shape their subsequent choices for potential postgraduate studies or maybe to start their own entrepreneurial venture in the future.