Exceptional Magazine : 2012 Exceptional Magazine
36 What do entrepreneurs want? What should entrepreneurs do? 1. Entrepreneurship culture: strength breeds success Depending on where you start your business, entrepreneurial failure is either stigmatised or worn as a badge of honour. Successful entrepreneurs play a pivotal role in inspiring future generations. Governments should encourage innovation and acknowledge the strong contribution made by entrepreneurs to innovation and job creation. A strong entrepreneurship culture also favours diversity and learning opportunities. • Improve your country's own entrepreneurial culture by promoting your own success • Take account of the local entrepreneurial culture when deciding to globalise 2. Education and training: a broader scope is needed Our report indicated that there should be more specifc education programs — starting as early as primary school --- dedicated to entrepreneurship to encourage young students to identify market opportunities and valid career options. Also critical to an effective entrepreneurial education are the knowledge, self-esteem and skills to act on opportunities. • Inspire students by telling your own success story • Mentor and contribute to internship and experience schemes that match local businesses with young entrepreneurs • Undertake specifc, dedicated, business start-up training when moving from a corporate role to entrepreneurship 3. Access to funding: tap into diverse sources Access to funding continues to be the most signifcant challenge for the creation, survival and growth of successful entrepreneurial companies. However, with several governments’ fscal pressures mounting and bank lending increasingly risk averse, entrepreneurs globally are turning toward 'angel investors', venture capital and private equity funding. Governments can make this easier by helping business angel networks widen their scope and stimulate venture capital. They should also avoid stifing private equity activity with too much regulation. • Open up to international markets as opportunities arise • Use junior markets as a source of funding • Turn to alternative funding sources, such as corporate fnancing and microfnance, to reasonably reduce risks 4. Regulation and taxation: to encourage innovation, regulation can improve It is now more widely accepted internationally that governments have a substantial role to play in regulating, incentivising and directing private sector activity. Many countries have made conditions easier in terms of the cost and ease of starting a business and leading practices are emerging. Those incentives with the most impact are stable, multi-modal and clearly targeted at encouraging innovation and entrepreneurs. Respondents indicated increasing tax incentives would have a high impact on long-term business growth. • Identify the existing start-up incentives at all relevant administrative levels, including regional and national • For your expansion projects, consider locating in a jurisdiction that provides appropriate incentives 5. Coordinated support: time to team Government agencies, business incubators, university resources and training programs have clearly improved their level of support in the last fve years. But entrepreneurs expect them to better coordinate their efforts to unlock greater entrepreneurial activity. These groups should particularly focus their support on young generations of entrepreneurs to help them expand internationally. • Look for centralised providers of simplifed regulatory and taxation information • Take advantage of any coordinated business incubators and mentoring support schemes More information To discuss this topic, contact Bryan Zekulich, Oceania Entrepreneur Of The Year Leader, at email@example.com or Tel: + 61 2 9248 5833. Innovation, globalisation and the entrepreneurship environment Tighter budgets for government and large corporations have lessened the focus on research and development, and to some degree small and medium enterprises will face a similar challenge. But entrepreneurs see innovation as the very essence of entrepreneurship. And given that innovation can help improve productivity costs and uncover new opportunities, it is something governments and large corporations should also be focusing on, especially during times of economic uncertainty. Despite current concerns about the global economy, there is little doubt that globalisation will continue. Entrepreneurs often need to think beyond the borders of their own country --- driving exports and making use of international supply chain opportunities --- to be successful. They will need to know how well other countries compete on the fve key pillars for entrepreneurs. And governments will need to respond to that competition in order to attract their share of entrepreneurs. Turning the corner "I believe that entrepreneurs need to be supported and acknowledged for the critical role they play in job creation and generating innovation," Zekulich says. "This includes more attention in fscal and government policy. Entrepreneurs have a vital role to play in helping our economies maintain momentum and competitiveness. Now is the perfect time to support entrepreneurs and innovators at all levels." The report, based on a survey of 1,000 entrepreneurs globally, highlights fve key pillars to building a successful enterprise environment.
2011 Exceptional Magazine
2013 Exceptional Magazine