Recent Worldwide Trends In Entrepreneurship
A new breed of entrepreneurs is emerging.
Akosua Dardaine Edwards, founder of the Enabling Enterprise Project, examines some of the recent trends within entrepreneurship, considering the rise in female entrepreneurs, the increasing and more innovative financing methods available, and the rise of social entrepreneurship.
Over the last decade, entrepreneurship has come to the fore, not simply as a means of job creation and reviving the economy, but also as a means of introducing new ways of thinking and problem solving. Some experts have also suggested that entrepreneurship ought to be a way of life.
This article explores some of the trends within entrepreneurship which have emerged over the last decade, and their impact.
Women in Entrepreneurship
According to the latest Global Entrepreneurship Monitor (GEM) report, an estimated 126 million women were starting or running new businesses in 67 economies around the world in 2013. In addition, an estimated 98 million were running established businesses. These women are not only creating jobs for themselves and their co-founders, but are also employing others.
This is the highest increase in a decade, indicating that the entrepreneurial landscape has indeed shifted throughout the globe with the addition of these women
Financing of Entrepreneurs and Entrepreneurship
Over the last decade, the options available to entrepreneurs to finance their businesses have not only increased, but have also become more innovative and non-traditional. One example of this is crowdfunding, where businesses are funded through a large number of small donations in return for equity, interest payments or a lovely thank you.
Crowdfunding has become quite popular, particularly with the rise of social media and social entrepreneurial ventures.
Microfinancing is another method that has worked well, particularly in developing economies; small loans with high interest rates are given to women in particular, enabling these female entrepreneurs to start their micro enterprises. Bootstrapping is another method made popular by women, where creative methods are used to start and run an enterprise, such as using family and friends as employees, using credit cards to fund growth, scheduling payments to be made at the most optimum time, and bartering.
The rise of businesses that solve social problems; or those that find innovative methods to make profits, whilst keeping in mind the impact on the community within which they operate.
Social entrepreneurs look not only at profit, but also at the role they play in improving lives and the world overall.
Akosua Dardaine Edwards is the founder of the Enabling Enterprise Project. The Enabling Enterprise Project is a progressive and interactive pilot project, which aims to partner Caribbean and international women’s business support agencies, policy makers and women entrepreneurs from all over the world, for the enhancement, empowerment, exchange of ideas and experience, and best practice of women’s enterprise and entrepreneurship worldwide.
Akosua has worked throughout many countries, including Uganda, Tanzania, India, the United Kingdom, and her native Trinidad and Tobago, with women and youth entrepreneurs, combining her expertise of entrepreneurship, empowerment and transformation
Image courtesy of reniith krishnan/FreeDigitalPhotos.net
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