STUDY ON EUROPEAN TERMINOLOGY IN YOUTH ENTREPRENEURSHIP
article by Manuela Trovato, Impact Hub Siracusa team
The Glossary of European Terminology in Youth Entrepreneurship that we are presenting is based on a preliminary research conducted by the 4 partners of the Y Incubate project. The glossary was created, in part, to help the project team to communicate and share more efficiently the results of the research carried out, before the implementation of the strategy for creating Y Incubate toolkit.
Scope and aim
The aim of the glossary creation is to find a common understanding on the research topics across Netherlands, Italy, Romania and Macedonia. What we needed was a common framework for understanding. Each project partner agreed that we come from different contexts (legal, social, geographical) that make us perceive differently the topics of our research. So we felt the need to create a common framework of value and to explore similarities and differences on the common sense and legislation.
This study was conducted following three objectives:
- To identify the main fields of analysis in the Youth Entrepreneurship sector and propose a minimum set of analyses needed for each country to make comparisons at European level;
- To establish a Project glossary, shared by project members, of terms and definitions used in the Youth Entrepreneurship sector on a European scale;
- To explore the feasibility of developing a set of core data for monitoring the Youth Entrepreneurship sector, on the basis of the agreed definitions and terminology.
On a first stage, it was agreed that the terms in this glossary would be listed in English, and in alphabetical order.
The initial list of terms was produced out of a brainstorming between the researchers of the project. The terms identified with this method were discussed between all the team members, who provided further insight and helpful guidance.
On a second stage each partner defined these terms on the base of the legal framework of their country (we can provide the complete grid with all the listed terms).
Finally, we found a common understanding for each of the terms by content analysis.
The result of our internal debate is summarised in the following glossary. All the definitions used are not official, they are created only for internal use.
Accelerator – A programme of grants and mentorship for helping startups to prepare a prototype of product or service, launch the first market tests and seed round.
Entrepreneur – A person who exerts a professionally economical activity, proactively and creatively, in order to produce or trade goods or services for generating value for the clients, hoping that this value will be bigger than the cost of the inputs, in order to create profit.
Entrepreneurship – An organized economical activity based on the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace.
Entrepreneurial ecosystem – As defined by Global Entrepreneurship Monitor, Entrepreneurial Framework Conditions are one of the most important components of any entrepreneurship ecosystem and constitute “the necessary oxygen of resources, incentives, markets and supporting institutions for the creation and growth of new firms”. These EFCs are: access to finance, government policies, government entrepreneurship programs, entrepreneurship education, R&D transfer, commercial and legal infrastructure, market openness, physical infrastructure and cultural and social norms.
Entrepreneurial education – Education that encourages entrepreneurial attitude in students acquiring entrepreneurial skills through formal education (subjects such as Business planning, Legal – how to start the company, Finances, Marketing, HR, IT), non-formal education and informal education – education outside of standard school setting.
Incubator – A company that offers services to people with ideas, that have the intention to create a startup to develop their own business.
Micro-enterprise – a company whose workforce is less than 10 people and whose annual turnover does not exceed 2.000.000€.
SME (Small and Medium Entreprise) – Small-enterprise is a company whose workforce is less than 50 people and whose annual turnover does not exceed 10.000.000€. Medium-enterprise is a company whose workforce is
less than 250 people and whose annual turnover does not exceed 50.000.000€.
Startup – A new company founded. We consider it a startup when it has less then 5 years since it was created.
Successful start-up (What make us define if a start up has success?) – Proof of concept or more precise as survival rate, growth in human resources, services, products, profit increase, n. of created jobs.
Sustainability of incubation (What make us define if the incubation is sustainable?)– The Incubator is a company that gets sustainability from profits of its services, spaces and incubation programmes.
Youth – Young people between the ages of 18-35.
Youth entrepreneurship – An organized economical activity, professionally exerted by individuals less than 35 years of age, that are typically motivated to begin an entrepreneurial venture, in order to produce or trade goods or services.
If you believe we might have neglected anything, kindly let us know by submitting your suggestions through our website.
The glossary of the European Terminology in Youth Entrepreneurship was prepared by Manuela Trovato from Impact Hub Siracusa (IT), with additional contributions from Vlad Atanasiu from Universitatea Alternativa (RO).