These are hey days for entrepreneurship around the world. In the not-so-distant past, entrepreneurship was a word which was viewed with skepticism. Today entrepreneurship is a word liked by all. Everyone wants to be an entrepreneur. Entrepreneurship comes in all shapes and sizes.
Entrepreneurship is all about starting an initiative by undertaking risk and sustaining risk. In popular parlance, business entrepreneurship is associated with starting a new business. Entrepreneurial businesses come in all shapes and sizes.
The idea of entrepreneurship has struck a responsive chord among all sections of the society. The time is ripe for business entrepreneurship all across the world.
Entrepreneurship is an important ingredient in the process of economic growth and development.
Where others see problems, those with business entrepreneurship see opportunity. They are driven by a vision of how to achieve improvement.
When you take global entrepreneurship into account, it is being found that entrepreneurship is more or less on the rise across the world but that there is greater scope for growth.
Building Entrepreneurship Ecosystem
Creating job opportunities is central to the sustainable development and growth of a country. This can be achieved by the creation of business startups which can be possible only through the emergence of business entrepreneurship.
One of the drivers of economic and social development is innovation. It is pertinent to realize that entrepreneurs are the important innovators in the economic life of a country. So it is in essential fitness of things to support and encourage entrepreneurs to create sustainable growth.
To generate greater attention to business entrepreneurship, especially in the emerging markets, is a challenge in itself. It is for the governments of those countries to address the issue of entrepreneurship on a priority basis. They have to proactive in their approach towards creating entrepreneurship opportunities.
When it comes to different forms of entrepreneurship, ‘social entrepreneurship’ is making wave in its areas of development these days. The term ‘social entrepreneurship’ was coined by Bill Drayton, founder of the social venture philanthropy, Ashoka. The definition of the phrase is still in the realm of debate, in general, social entrepreneurship differs from business entrepreneurship in the sense that while in the former the social mission is central to the business, the latter is undertaken for purely business purpose.
Social entrepreneurship provides opportunities for the investors for investment and innovation in those ventures which have a social impact. When it comes to social entrepreneurship, a case in point is the setting up a start up which has the potential of solving the water and sanitation problems. Around the world, there has been emergence of a new wave of social entrepreneurs who are setting ups in areas such as health, environment and skills.
Many countries around the world are becoming highly receptive to the idea of social entrepreneurship that is focused on its positive impact on society.
Challenges for entrepreneurship
Though there are many economies in the world which provide fertile ground for entrepreneurial opportunities to the people, there are challenges specific to those countries. . For example though entrepreneurship is gaining momentum in Iran, the trade sanctions imposed on the country are acting as barriers for the growth of entrepreneurship in this Asian country. Similar is the case in the Eastern European country of Latvia, where lack of seed funding acts as a hindrance for the growth of technology start-ups.
Though entrepreneurship is catching in the developed economies, the challenges are there too. In many countries, finding a traditional job is still being preferred which discourages young people from becoming entrepreneurs. Loss of benefits in a social welfare state is also one of the reasons which discourages people to join the entrepreneurship bandwagon.
Lack of research and development, capital and willing investors as well as inadequate access to technology is one of the challenges which are faced by the entrepreneurs. These challenges prevent the creation of start ups in a country. In order to build a vibrant entrepreneurship business ecosystem the youth population of a country needs to be engaged. Young people must be willing to create job opportunities for themselves and others. It is being found that youths are taking steps to be their own entrepreneurs and demonstrate that they can be effective catalysts of change and progress in their countries.
Most of the people which are willing to join the small business entrepreneurship bandwagon face the challenge of capital and lack of marketing advice. The educational institutions in the country can play a pivotal role in instilling the spirit of entrepreneurship in young generation. They should encourage them to take calculated risk which is of utmost importance in gaining success in an entrepreneurship venture. They youth must be innovative and look for opportunities. They should not be ashamed of failure which often accompanies while starting a business.
Entrepreneurship, an initiative to take risks to start a business venture, is the bedrock of the economy of any country. In these not-so-good times for world economy, as we look for innovative ways to jump-start growth through job creation, entrepreneurship is viewed as the next thing which can ignite the process. The main drivers for the growing interest in entrepreneurship are globalisation, advances in technology and emergence of knowledge-based economies. Entrepreneurship is capturing the mainstream imagination and is crucial for the sustainable economic growth because it is equipped with the potential to generate employment, fuel innovation, enhance productivity and competitiveness. Entrepreneurship provides you an avenue to give back to your community and achieve societal goals.