These days, it is cool to be an entrepreneur. Lots of people across the world admire the amazing entrepreneurs of our time, for example, Bill Gates, Elon Musk, Jeff Bezos, Jack Ma, and the late Steve Jobs for all the companies they founded, and aspire to create the same effect as these entrepreneurs have done via the technologies and products they produce.
But for most people, entrepreneurship is not simply about fortune and fame – it is about basic prosperity. Economic and social pressures continue to increase all over the world. In most countries, we observe stalling economic growth, escalating inequality and an increase in youth unemployment. When people’s environment is stagnant and the readily available possibilities are uninspiring, entrepreneurship provides people an opportunity to not just develop a path for themselves, but additionally to produce growth and jobs in their communities.
Digitizing Entrepreneurship for Impact, a new article through the Global Future Council on Entrepreneurship spotlights exactly how to boost entrepreneurial outcomes. Because of the substantial energy and effort going into raising entrepreneurial ecosystems, we recognize in the article probably some best practices based on real-life examples that policymakers, business leaders and educators are able to follow.
Today entrepreneurship classes, incubators and boot camps are sprouting up all across the world. Historically, entrepreneurship education has centered on a textbook concept, case studies, ideate-and-pitch programmes, and business planning. By learning probably the best methods of revolutionary business entrepreneur training programmes.
Key Factors of how to be an entrepreneur:
- Develop an individual mindset:
The aim is shifting the underlying perceptions and belief systems of people, to establish the conviction and risk/reward tolerance at an individual level to enable them to take the leap to be an entrepreneur.
- Skills and Practice:
Great programmes usually have an active component where attendees simulate or build a new business, to enable them to develop the skills they have to use in the real world.
- The Ecosystem:
Founding a company may start with a few people, though it requires a society to scale it properly. Great programmes connect budding entrepreneurs with networks which can support their ongoing growth and skill development, and that may provide a chance to access the information they have to create their own ventures.
Entrepreneurs require a functioning ecosystem that offers access to knowledge, capital, talent, clients and networks, all in a progressive regulatory routine. Physical hubs have been vital for thriving ecosystems, like the accelerator design pioneered by groups like Y Combinator and used across the world’s major start-up hubs from Silicon Valley to Bengaluru and Beijing. But what in case you do not live in one of those cities?
Digital platforms are able to make it possible to distribute world-class business expertise to entrepreneurs, particularly those not located in major startup hubs. Provided the platform gets to critical mass, it is able to fill spaces in the tools and information available to entrepreneurs locally.
First of all, the network influences a digital platform to bolster entrepreneurs’ potential to look for capital and talent. Digital platforms may also enable transparent and open procurement channels, which may be vital in driving procurement invest in startups. Digital platforms can eventually evolve to complete marketplaces for entrepreneurs, controlling payments and coordinating shipping and delivery through a wide range of providers. These platforms also provide a digital venue through what entrepreneurs are able to provide information on the ventures, for example, their revenue, size along with funds raised – and on which they are able to present the solutions to establish their reputation.
One important model of an evolving digital platform targeted especially at scaling entrepreneurship regardless of wherever its users operate is IDB Lab; other online entrepreneurial networks influence broader platforms like Meetup and LinkedIn. However, it’s still most likely correct that moving to bodily hubs offers an edge for today’s aspiring entrepreneurs.