The world has changed. The pace and scale of the current recession has heralded a new way of thinking about the future of capitalism. Undoubtedly the current basis of our model will not radically change (at least no one sensible is suggesting that it will) but the way in which we do business will do. The settled and safe view of the economy has been shaken and corporate life in the future is unlikely to settle into its previous comfortable position. Industries that are "too big to fail" are simply too big and this opens up a wealth of opportunity for a new breed of entrepreneur.
An unprecedented number of people are looking at new ways to do business. This could be the model of business e.g. a social enterprise rather than solely for profit; or the way in which trade is carried on, with new ways of using existing resources or by consumers changing their buying methodology. All this will happen at a speed not previously seen and so it will take nimble and flexible businesses and individuals to provide solutions rather than the "supertankers" of multi national companies.
Great businesses emerge all the time and innovation, desire and enterprise are found as easily in a recession as in boom times. Barriers to entry are lowered; labour, materials and premises are cheaper. And the motivation is greater - why bother risking it all to be an entrepreneur when you can risk other peoples money as a trader and make enough to retire on by age 30? That is why most people would be hard pushed to name a true entrepreneur who has made it big in the last 15 years.
So the time is right to usher in the new capitalism with less reliance on a handful of banks, retailers and industrialists and more variety, innovation and choice. There will still be casualties but the next few years could herald an exciting new world - perhaps now is the time for governments to get firmly behind start up businesses rather than protecting the few or trying to pick winners.
In my opinion there has never been a better time to start up your own business.
Showing posts with label entrepreneur. Show all posts
Showing posts with label entrepreneur. Show all posts
Tuesday, June 23, 2009
Friday, January 30, 2009
Faces of the future?
NWES is a sponsor of the EDP Future50 - an attempt to find the key people who will be shaping our region in the years to come. Yesterday we had the first meeting of the "wise men" (and woman!) who will be attempting to judge the applications. It was a fascinating meeting which had a considerable discussion on what we mean by "entrepreneur" and what (if any) criteria should be set for the Future50.
We agreed that in any list there has to be some criteria set to ensure that we compare like with like. In brief, the list should comprise of people not companies - i.e. individuals or teams - who demonstrate a number of characteristics which mean that they will make a difference. It is not all turnover or profit driven - a point which I was very vocal on as this is only one measure of success and not necessarily the best one. So those social entrepreneurs who will influence our future have a real chance to make the list.
This is shaping up to be a really interesting project and one which will set many people thinking. So what makes an entrepreneur? A library of books have been written in recent years on this subject and of course there is no single definition which encompasses all of the research and opinion. I would suggest that an entrepreneur is defined more by their characteristics. In my experience there is a degree of commonality which would encompass the following:
- A leader not necessarily a manager
- Driven by a desire to succeed
- Tough and with a fierce independant streak
- Opportunistic and often ingenious
- Optomistic sometimes bordering on over confidence
- Possessed of a vision and passion combined with determination
- A calculated risk taker capable of making quick decisions
Of course this is by no means a complete list but gives a flavour of the "spirit of enterprise" which flows through every budding entrepreneur. I will return to these characteristics in greater detail in future posts. What would you add to the list and do you know someone who should enter? If so encourage them to do so at:
http://business.edp24.co.uk/content/specials/Future50/default.aspx
We agreed that in any list there has to be some criteria set to ensure that we compare like with like. In brief, the list should comprise of people not companies - i.e. individuals or teams - who demonstrate a number of characteristics which mean that they will make a difference. It is not all turnover or profit driven - a point which I was very vocal on as this is only one measure of success and not necessarily the best one. So those social entrepreneurs who will influence our future have a real chance to make the list.
This is shaping up to be a really interesting project and one which will set many people thinking. So what makes an entrepreneur? A library of books have been written in recent years on this subject and of course there is no single definition which encompasses all of the research and opinion. I would suggest that an entrepreneur is defined more by their characteristics. In my experience there is a degree of commonality which would encompass the following:
- A leader not necessarily a manager
- Driven by a desire to succeed
- Tough and with a fierce independant streak
- Opportunistic and often ingenious
- Optomistic sometimes bordering on over confidence
- Possessed of a vision and passion combined with determination
- A calculated risk taker capable of making quick decisions
Of course this is by no means a complete list but gives a flavour of the "spirit of enterprise" which flows through every budding entrepreneur. I will return to these characteristics in greater detail in future posts. What would you add to the list and do you know someone who should enter? If so encourage them to do so at:
http://business.edp24.co.uk/content/specials/Future50/default.aspx
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