Today’s entrepreneurs play a unique role in spurring growth, creating jobs and acting as change agents in the countries where they do business.
In times when jobs are scarcer than we’d like, it pays to watch how entrepreneurial climates in the G20 countries are faring — and to think about what the world’s go-getters can do to help spread their entrepreneurial wisdom.
How can leading countries support one of their most vital resources: their entrepreneurs? And how can entrepreneurs further their own progress?
Here are five key considerations according to The EY G20 Entrepreneurship Barometer:
Access to funding. Entrepreneurs surveyed said this is the most important area for future success.
But 70% stated that it is difficult to tap into capital in their home country. To this end, banks could help. Instead of demanding collateral, which young entrepreneurs rarely have, banks could base their lending on specific performance milestones.
Entrepreneurs, in turn, need to be savvy about seeking the right funding for their business life cycle — and assessing whether stock markets are an appropriate source of capital.
Entrepreneurship culture. To encourage more people to start and grow businesses, a country needs a set of beliefs and customs that make entrepreneurship a valued and respected career choice. And who better to tell the story than those who have lived it?
Entrepreneurs need to communicate their experiences and act as local role models to inspire the next generation of talent. They can share their networks, mentors, public or private sponsorships and life lessons learned along the way.
Tax and regulation. Countries that offer favorable tax rates, simplify procedures and provide support for entrepreneurs are more likely to benefit from high numbers of start-ups. What can entrepreneurs do when the “tax man” beckons?
Explore government-funded resources and capital to reduce business start-up time. Get involved. Be proactive and insert yourself into the consultation processes, particularly on proposed legislation that will impact entrepreneurs.
Education and training. Effective education can help entrepreneurs become true drivers of growth. More than four out of five entrepreneurs surveyed believe that entrepreneurial skills can and should be taught.
Aspiring entrepreneurs should look for educational opportunities that suit them. This could range from an MBA to specific courses to fill a knowledge gap. In the classroom of life, learn from others — and let others learn from you. Share ideas, give feedback and don’t forget to mentor young talent.
Coordinated support. To support entrepreneurship, coordination needs to take place among a range of stakeholders, including universities and research laboratories, business incubators, non-governmental organizations, investors and, of course, existing entrepreneurs.
According to 36% of entrepreneurs surveyed, business incubators play a pivotal role and are a top-ranked tool for accelerating entrepreneurship. They are a great vehicle for seeking out and learning from other entrepreneurs.
Your idea may be unique, but you are more likely to succeed if you leverage the experience of others. The “power of three” is needed to thrive in each of these five indicators of entrepreneurship, meaning that governments, entrepreneurs and corporations all must work together to spur growth.
forbes.com
In times when jobs are scarcer than we’d like, it pays to watch how entrepreneurial climates in the G20 countries are faring — and to think about what the world’s go-getters can do to help spread their entrepreneurial wisdom.
How can leading countries support one of their most vital resources: their entrepreneurs? And how can entrepreneurs further their own progress?
Here are five key considerations according to The EY G20 Entrepreneurship Barometer:
Access to funding. Entrepreneurs surveyed said this is the most important area for future success.
But 70% stated that it is difficult to tap into capital in their home country. To this end, banks could help. Instead of demanding collateral, which young entrepreneurs rarely have, banks could base their lending on specific performance milestones.
Entrepreneurs, in turn, need to be savvy about seeking the right funding for their business life cycle — and assessing whether stock markets are an appropriate source of capital.
Entrepreneurship culture. To encourage more people to start and grow businesses, a country needs a set of beliefs and customs that make entrepreneurship a valued and respected career choice. And who better to tell the story than those who have lived it?
Entrepreneurs need to communicate their experiences and act as local role models to inspire the next generation of talent. They can share their networks, mentors, public or private sponsorships and life lessons learned along the way.
Tax and regulation. Countries that offer favorable tax rates, simplify procedures and provide support for entrepreneurs are more likely to benefit from high numbers of start-ups. What can entrepreneurs do when the “tax man” beckons?
Explore government-funded resources and capital to reduce business start-up time. Get involved. Be proactive and insert yourself into the consultation processes, particularly on proposed legislation that will impact entrepreneurs.
Education and training. Effective education can help entrepreneurs become true drivers of growth. More than four out of five entrepreneurs surveyed believe that entrepreneurial skills can and should be taught.
Aspiring entrepreneurs should look for educational opportunities that suit them. This could range from an MBA to specific courses to fill a knowledge gap. In the classroom of life, learn from others — and let others learn from you. Share ideas, give feedback and don’t forget to mentor young talent.
Coordinated support. To support entrepreneurship, coordination needs to take place among a range of stakeholders, including universities and research laboratories, business incubators, non-governmental organizations, investors and, of course, existing entrepreneurs.
According to 36% of entrepreneurs surveyed, business incubators play a pivotal role and are a top-ranked tool for accelerating entrepreneurship. They are a great vehicle for seeking out and learning from other entrepreneurs.
Your idea may be unique, but you are more likely to succeed if you leverage the experience of others. The “power of three” is needed to thrive in each of these five indicators of entrepreneurship, meaning that governments, entrepreneurs and corporations all must work together to spur growth.
forbes.com
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