Unlocking Entrepreneurial Success: Thriving as a Foreign Student in Finland’s Supportive Ecosystem –

Anuradha Lakshani, MBA
Reija Anckar, Ph.D. (Econ.) Head of Master’s Degree Programme in Business, Service Design at Novia University of Applied Sciences

There is a developing trend that many young individuals move to other countries for their higher education. According to the latest statistics in 2021, a majority of international students come from China, Russia, India, Vietnam and Bangladesh. According to Lakshani (2023), Finland has recently become more popular thanks to its high quality and affordable education, strong support system, high focus on research and development, as well as other attractive factors. While considering the pros and cons of Finland as a destination for international students, it is important to discuss the Finnish job market and entrepreneurship opportunities for international students after finishing their studies or while conducting their studies. Most international students need help to enter the job market due to the high requirement of fluency in the Finnish language, which is the main barrier for English-speaking students. With this background, most foreign students attempt to establish their own businesses in Finland, as a solution to enter a highly challenging job market.

The number of foreign students in Finland has been rising steadily in recent years. As stated by the Finnish National Agency for Education (2021), "the number of international degree students in Finnish higher education institutions has been on the rise, reflecting Finland's attractiveness as a study destination." This nation benefits from the different skills, cultural perspectives, and entrepreneurial goals brought by this expanding group of overseas students. The number of international degree students in Finland increased from 20,000 in 2016 to over 25,000 by 2020, representing a remarkable rise of 25% in just four years, according to the Finnish National Agency for Education (Study in Finland, 2020).

Throughout the years, entrepreneurship has been defined from different angles. The study “Enhancing Entrepreneurial Mindset in Asia” identifies e.g. different aspects of entrepreneurship: Opportunity-based entrepreneurship and Necessity-based entrepreneurship. Opportunity-based entrepreneurship explains that the entrepreneur identifies a particular business idea and develops it as a career, while Necessity-based entrepreneurship defines entrepreneurship as the only way of earning an income. Both methods depict a different way of perceiving entrepreneurship. A well-established entrepreneur has a passion for success and independence. Due to globalization and the development of society, more challenges and opportunities have emerged, which perform better platforms for innovations and new product developments. (Anckar, Holmberg, Konttinen and Ritalahti 2023 p.3.)

It is crucial to focus on what kind of entrepreneurship opportunities and support systems are available for international students, to build their future as successful entrepreneurs in a European country, such as Finland. The study focused on identifying the three main research areas, which creates a balanced structure for the thesis. Consequently, the research questions were following:

•  What are the most prominent challenges for international students to start a business in Finland?
•  What are the unique supportive systems, initiatives and resources available to encourage their entrepreneurial endeavors?
•  What are the key success factors and best practices for international student entrepreneurs in Finland, and how do they differ from those of domestic entrepreneurs?

To effectively explore the diverse nature of entrepreneurial prospects available to international students in Finland, it is significant to employ an effective and well-structured research methodology. The research design functioned as a framework for the study, enabling direction for the gathering, evaluation, and appraisal of data to establish the reliability as well as the credibility of the results. This study provided three major data collection methods:

•  Survey
•  Face-to- face interview
•  Focus group discussion

The survey questionnaire was distributed among international students and encouraged to respond if they have been living in Finland for more than six months. Thereafter, the analysis process started as the researcher gathered the data from 50 respondents. There was not any clue to select the sample size, but according to the researcher’s own willingness and understanding, this sample size was selected as it covers a considerable number of international students, which may lead to gathering some satisfactory level of data for enriching the value of the research.

The researcher expected to gather deeper insights from international students, who are willing to establish their own start-ups in Finland during their studies or after their studies. In this sample, the researcher selected five respondents, who already have a stable business idea in their minds, but still, they are struggling to make the first step in their journey. This sample was not selected randomly; it was carefully observed and selected based on the goals and objectives of the research for gathering relevant data. The researcher wanted to address the deep thoughts of international students, who have the intention of establishing a business in Finland, and their honest ideas and thoughts would be directly applicable to answer the research questions. The interviews were conducted as face-to-face interviews and the type of interview varied from structured interviews to semi-structured interviews in some cases.

In this study, the researcher also facilitated an online co-creation workshop via a mirror board with the participation of ten international students in Finland. These samples consisted of international students, who have an interest in establishing a business in Finland. The researcher’s expectation to facilitate an online co-creation workshop is to apply the methodology of integration and participatory design among the target sample and create a platform for collaboration and exchange of ideas between international students in Finland. It was a huge success and fruitful venture to enrich the value of the thesis output and ended up gaining numerous findings.

Due to the sophisticated nature and significance of the research questions, the study's methodology was carefully developed so that it covered the various aspects of international students' entrepreneurial encounters within the Finnish ecosystem. The research findings were analyzed and presented in an attractive way through service design tools such as personas, customer journey maps, stakeholder map and mind map.

According to Lakshani (2023), language, cultural and social adaptability, and financial burden were identified as the main challenges, while a positive ecofriendly business environment exists as the main supportive system for young entrepreneurs. On other hand, Finland has great opportunities for start-ups and a wider market for innovation, which inspire the fresh entrepreneurs. In summary, this whole study reflected a proper guideline to study and research challenges, opportunities, and supportive systems for foreign student entrepreneurs, who are willing to become successful entrepreneurs.

The Finnish market is backed up by a strong and stable innovative ecosystem, government support and a monitoring system that is continuously observed and evaluated. There are fair and transparent systems in taxation and other legal policies towards the well-being of the business. As per the understanding of the international students, who participated in this study, they firmly believed in the Finnish government and the transparency in every task.

The research findings revealed that government assistance, a practical educational system, international networks, and long-term policies about the environment and sustainability, could be the factors behind successful entrepreneurs in Finland. Resource utilization and adaptability to global changes are a must in a developed entrepreneurial system. The research contributors' perception was that they could bring innovative ideas to Finland that integrated with their local cultural and social norms. See final deliverables in figure 1.

Figure 1. Final deliverables: Entrepreneurial environment of foreign students in Finland (Lakshani 2023)

References

• Anckar, R. & Holmberg, E. & Konttinen, A, & Ritalahti, J. (2023). Encore: enhancing entrepreneurial mindset in Asia. AMK-lehti/UAS Journal, 1/2023. https://urn.fi/URN:NBN:fi fe2023030830712
• Lakshani, A. (2023). Entrepreneurship Opportunities for International Students in Finland. Master’s Thesis. Novia University of Applied Sciences. Laksani_Anuradha.pdf (theseus.fi)
• Finnish National Agency for Education (2021). International Degree Students in Finnish Higher Education Institutions 2020. Finnish National Agency for Education (oph.fi)
• Statistics Finland. (n.d.). Immigration and migrant integration. https://www.stat.fi/tup/maahanmuutto/uth-tutkimus/yhteenveto_en.html

The blogpost has been reviewed by Novia's editorial board and accepted for publication on 16.4.2024