Why entrepreneurship is important
Entrepreneurship is a buzzy topic thanks the success of a few small and humble companies like Facebook, Snapchat, and Uber. Yes, the world of entrepreneurship and innovation is a trendy one, yet its trendiness is rooted is something substantial. Despite its celebrity status these days, entrepreneurship is a powerful tool that can be applied to drive economic and social growth. So whether you’re trying to build your career, create impact or a combination of both, consider entrepreneurship as the way to achieve it.
Entrepreneurial skills prepare you for life
On a personal level, entrepreneurship is important because of the skills and behaviors it values. Entrepreneurial skills are obviously important if you aspire to become an entrepreneur, but its potency doesn’t stop there. Technological innovation is growing at an exponential rate, and our world is producing, and is exposed to more information than ever before. As a result, what is increasingly valued rather than hard skills, or mastery of one specific field, is the ability to learn, adapt, and process, in a dynamic way. Learning what it takes to create and grow one’s own company doesn’t just make you a strong entrepreneur, it prepares you for the future.
Entrepreneurship can drive social and economic development
As the GEM 2014 Global Report states, “high levels of entrepreneurial optimism, ambition and innovation are vital to advancing economies.” Not only do startups create jobs and stimulate free-market competition, they are responsible for new technologies and supportive communities that teach empowerment and cultivate above mentioned entrepreneurial values.
Additionally, starting a business is now easier than ever, thanks to such innovations like cloud-based services, crowdfunding, and the wealth of (often free) knowledge available online. So, not only does starting and building an enterprise positively affect economies, the very process of doing this is becoming easier and more scalable, thanks to startup products and innovations reinvested back into the communities they were born from.
Millennials have different values than previous generations. Encumbered with debt and with less money to spend “they’re putting off commitments like marriage and home ownerships,” and as consumers, they care more about “access, not ownership.”
They are also the first digital natives and the highest users of social media. It’s no coincidence that the sharing economy was born, a concept based entirely on innovative ways of sharing resources.
According to the 2014 Millennial Impact Report, Millennials make up 80% of the US population, spend $300 billion on consumer goods, and by 2020 will account for 50% of the workforce. Shaped by the economic, social, and political environment of their upbringing, Millennials are natural innovators and entrepreneurs, and are shaping our culture accordingly.
Co-founder of GO, Megan Colgan says, “no longer secluded to Silicon Valley and its types, entrepreneurship is now a part of the fabric of our workforce and economic development.” More than that, entrepreneurship is an indication of our increasingly global world, and the empowerment opportunities that technology has afforded us. For us, and next generations, entrepreneurship will be the way to prepare ourselves for the future.
ABOUT THE AUTHOR: CECILY MAURAN
Co-founder and Director of Content of GO (Global Opportunity), an agency that specializes in short-term high-impact projects in emerging entrepreneurial ecosystems. I believe that entrepreneurship is a tool for social change. I believe in the power of storytelling. I am an outdoors enthusiast, a photographer, and lover of dogs– especially the stray ones. Born and raised in New England, with piece of my heart in Chile.