Rapid changes in the marketplace are shifting the power equation across countries and regions, reshaping the interactions between governments and businesses. The slowdown in global demands and financial crisis has engendered a significant insecurity for the world’s economy.
Future Developments and Challenges of Entrepreneurship
In this difficult time, entrepreneurship is an opportunity that can leverage capital for building the developed societies of the future. It’s an engine fuelling innovations, eradicating unemployment and increasing economic growth.
Entrepreneurs try new ideas that empower science and technology and ensure to address the world’s issue in health, education, communication and development. They come up with the ideas for the service of the global community.
A Process of Innovation
Entrepreneurship is a global phenomenon. It is a process that results in innovation, creativity, and growth. Its benefits not just limited to startups, business ventures and new jobs. It refers to individual’s ability to transform their ideas into actions. It is a key competence for all and helping young people to think more creatively and be confident in whatever step they take.
So it is necessary to develop entrepreneurial skills in our education system as well as outside the institution. This entrepreneurial education must reach across all ages and all regions as a lifelong learning process.
Goals and Outcomes
The vision and mission of entrepreneurship need greater clarity. They must be based on a pre-defined set of outcomes. It is something that is about leadership as well. It is the application of those skills which are built during an individual’s career and create long-term benefits for economy and society.
A broader framework should be developing for assessing the entrepreneurship’s goals and outcomes. It is difficult to measure intangible outcomes; however applying the potential measure to simple things will generate great impacts.
Role of Technology
The role of technology in delivering great results of entrepreneurship is evident in terms of making greater scalability and access to the real-time data. Computer and IT industry have entered the fray and resulted in dramatic changes for opportunities and social inclusion. The use of computers, automation of industries and growth of the internet has also made a great impact, especially for small businesses. The role of media is also remarkable for creating awareness and educating people for entrepreneurship.
Ecosystem of Entrepreneurship
Entrepreneurship booms in an ecosystem in which stakeholders and policy-makers play a facilitating role at local, regional, national and international level. They help in setting the legal and fiscal framework to fill market gaps and to encourage entrepreneurship.
Learn to Try
A great emphasis is needed on learning and experimental action with a focus on perilous thinking and problem-solving. Entrepreneurs should be encouraged to stretch and test themselves. They have to learn to experiment and should develop an ability to turn ideas into actions. Though the thought of failure should not be in mind, still if entrepreneur fails they learn to try again and start over with new enthusiasm.