The Entrepreneurship Era
“This is why everyone is becoming an entrepreneur”
Would you like to become an entrepreneur, to start and operate a small business of your own? If so, you are not alone. Today, some 40 percent of adults say they would like to launch their own company, to call their own shots and many are doing just that. According to the Global Entrepreneurship Monitor, 50 million new businesses are started each year worldwide contributing to 137,000 startups made per day. That’s more than one new company launched every minute! If you dream of owning your own business one day the time to start preparing is now.
An entrepreneurial fever is also sweeping the world campuses, as students take classes to learn how to launch, finance, and run their own companies. John Fernandes, President, and CEO of AACSB International (an organization that accredits business schools around the world), puts it this way, “Entrepreneurship will continue to grow and mature into a distinct management discipline … Elements of entrepreneurship will emerge as essential to any business education.” In other words, in today’s world your business courses, whatever your particular specialty or major, had best include the study of entrepreneurship. Business students, along with engineers, teachers, artists, pharmacists, lawyers, nurses, and many others, are hearing the call to own their own businesses.
You are living in a world of entrepreneurial opportunities, one that is an immensely more hospitable place for entrepreneurs than it was 30 years ago! If there is a question to ask oneself is “why is everyone becoming an entrepreneur?” To understand this let us first understand the definition of entrepreneurship and who is an entrepreneur. Entrepreneurship is a problem-solving technique and way of thinking in which a problem, want, or need of a group of people is identified as an opportunity, whereas an entrepreneur is a person that utilizes problem-solving techniques to seek out new opportunities. Due to the fact that in the world there is a lot of opportunities, everyone wants to seize this moment by solving a certain problem in his or her community, resulting in an increase in the number of entrepreneurs in the world.
At any given time, many potentially profitable business opportunities exist. But these opportunities must be recognized and grasped by individuals with abilities and desires strong enough to assure success. Many individuals achieve success on different levels in business endeavors. Others fail, but a failure in business is not a failure in life, due to the fact that many learn from the experience and end up starting up successful businesses.
Did you recognize that there is a huge risk in starting your own business? Clearly, there is; but different individuals have varied reasons and motivations to own their business. In one study, researchers identified 38 different reasons for self-employment. But I suggest the primary reason for becoming an entrepreneur and owning your own business: to make the world a better place. John Doerr, one of the most famous venture capitalists of all time, inspired the phrase meaning. Your first goal should be to create a product or service that makes the world a better place. Your company should be about something more significant than yourself. Then, when the days get long or you become discouraged, you will have a sense that what you are doing is significant and well worth the effort.
In the race of making the world a better place, everyone wants to make an impact through practicing entrepreneurship, hence contributing to an increase in the number of entrepreneurs in the world. Institutions like Babson College, which is recognized as the best college for entrepreneurship, trains the most impactful entrepreneurs and builds the mentality of “Entrepreneurs of All Kinds” and “Entrepreneurship Leadership” in which they convince individuals that entrepreneurial skills are not just important to entrepreneurs, but also that they are applicable for great leaders and problem-solvers.
For Example, throughout the B-AGILE Blue Skies program, a Babson initiative to help government agencies drive a culture of innovation and entrepreneurial leadership; Stephen Spinelli Jr. MBA’92, Ph.D. the president of Babson College told the 11 officers in the first cohort that “If we can impact how well you make decisions and lead that decision making,” “we can change the face of society.”
This is the value that entrepreneurial leadership is creating in society through making a generation of great leaders and problem-solvers.
Entrepreneurship is everywhere and is developing day by day. It is now your chance to practice it every day. Remember that people who use and practice entrepreneurial skills are often described as inspiring others; being passionate; confident; and skilled at what they do. This entrepreneurship era is a combination of entrepreneurship that will enable you to take your ideas further than you could imagine. Your idea will become important, not only to you but to others as well.