In upcoming economies across the world, interest in entrepreneurship is presently more than ever due to burgeoning youth population and a desire to move up the value chain.
Three major components are identified in this environment that community leaders need to address −
Culture − Acknowledgement of the importance of entrepreneurs to the local as well as national economy, appreciation of the values that entrepreneurs earn, welcoming entrepreneurs who often tend to beat off a different drummer, accepting failure as a part of the process and willingness to motivate and unconditional support to entrepreneurs when some of their ventures do not pan out.
Infrastructure − Moving beyond the traditional notion of layout to involve traditional and non-traditional leadership strategies. For example, educational institutions like community schools, colleges and regional universities, cultural and recreational resources, quality schools, and social enterprises that are different and stress on creativity.
Entrepreneurial support elements − Precise programs and initiatives created to facilitate a range of support to entrepreneurs of all types when and how they require it. This involves providing services like the Chamber and Small Business Development Centers, help centers, counseling office, networking organizations and opportunities, financing programs, business incubation services, mentoring and coaching, and youth entrepreneurship education in and outside the schools.
Having a complete knowledge about these components helps in building an entrepreneurial environment that facilitates our community to become more entrepreneurial.
We need to consider our readiness for entrepreneurship. How can we and should get started? We may wish to start by getting a sense of how supportive our community’s current environment is towards entrepreneurs.
A lot has been documented about the importance of the entrepreneur’s access to financial capital, as well as educational achievement and progress, to the enterprise’s ultimate success. The family background of an entrepreneur is often an unrecognized aspect of success. Few facts regarding the role of family for entrepreneurs are −
Two to three times more business is owned by the children of industrialists than those whose parents don’t own a business. So it is pretty clear that, business ownership runs within the family but the question here is does it lead to success?
Entrepreneurs working in their family business before starting a business of their own, tend to be 10 to 40 percent more successful than they would be otherwise.
The would-be entrepreneur gains valuable experience through informal learning and apprenticeship that occurs while working in a family business.
Who can teach us better than our own parents? A brilliant way of learning the “name of the game” of running an own business is first working in the family business.
Family business is a golden ticket for family members to hold human capital linked to operating a business. It is not necessary to gain this experience in the same industry, probably because basic business experience is what counts.
The major scope through which families shift their business success across generations is by working through experience. However, a major drawback is the cycle of low rates of business ownership could be easily broken and relatively worse business outcomes could be passed from one generation to the next. It is very important to address the lack of opportunities to work in family businesses.
The major role of the society in entrepreneurship is support. Entrepreneurs contribute to the society in the following ways −
Business yields and allots products and services to meet certain public requirements. Business has to be very flexible and frequent research on consumer demands should be done to increase profit.
Entrepreneurs create job opportunities. Income is ensured through entrepreneurship. It is a very important factor to consider.
Entrepreneurship has its own contribution in the national well-being. It ensures it in different ways, assisting the government to preserve and manage all kinds of public, social institutions and services, etc.
Entrepreneurs facilitate in enlightening and educating people and motivating their growth at a personal level. Due to high level of competition in the market, it is important for both businessmen as well as their employees to be involved in the constant process of learning and improving personal skills and abilities like creativity, determination, communication skills and vision for new business chances.