Every year many consulting firms release reports that reveal trends they see in business, industries, individuals, and societies. According to thierry weinberg viadeo, the new trends are green energy, health, and technological innovations. It is said that the global economy is dependent on these trends. As you know, entrepreneurs are the livelihood of economic growth. This is because they provide employment and income for themselves as well as others. Moreover, they produce new and innovative products that drive value chain activities.
Aspects of Entrepreneurship on upward trend
Opportunity driven entrepreneurship
Rapid growth markets have always had lots of entrepreneurial activities because of high poverty rates and unemployment. However, you can see an increase in some these types of entrepreneurs.
Mature markets that are made of developed economies have realized a significant number of disruptive entrepreneurs that continue to build transformative enterprises and to succeed. This is evident with what is known as “frugal innovation” and production of low-cost services and products that are tailored to the local markets.
The young entrepreneurs deserve congratulations. There are many reasons for this. First, if the high rate of unemployment among the youth and the changing lifestyle preferences. A lot of young people are looking at entrepreneurship as a viable career path. Moreover, young people require support, funding, and mentorship.
The new face of entrepreneurship is largely female. As women start businesses across the globe, they continue to face bigger hurdles as compared to men. This is the case when it comes to assessing funding. It is very important for the stakeholders and policymakers to create conducive environments for female entrepreneurs. In this way, you can increase their chance of success.
Other than access to funding that is necessary for success of entrepreneurs, there are other requirements:
- Entrepreneurial culture
- Tax regimes and supportive regulatory
- Educational systems, which support the entrepreneurial spirit
- Coordinated approach, which links the private, public, and voluntary sectors
The main challenge to entrepreneurship remains to be access to funding. This is both in scaling a new business and at startup phase. Thus, a broad range of financing alternatives are required. This explains why many entrepreneurs rely on venture capital, but great involvement from stakeholders and government is necessary. They can help with crowdfunding, credit guarantee, and microfinancing schemes that offer capital to the entrepreneurs.