2 Replies Latest reply on Jul 11, 2011 6:20 PM by Samina Azad

    Democratization of Entrepreneurship

    Samina Azad

      Forbes Magazine encourages more women to take up entrepreneurship to help strengthen the economy in the March 14 2011 issue. Statistics shows during the recent recession, most jobs were created by small start-ups that are less than 5 years old. Many small companies fail but it takes many of such small failures to equal the losses from one lay-off at a large company. Older companies tend to cut as many jobs as they create. When a start-up is created,they hire people just to get the company going, gaining from zero to X numberof jobs to start with.

       

      The article talks about ways to help Entrepreneurship:

       

        • Understanding that there are two types of Entrepreneurs: social entrepreneurs focused on non-profit activities and Job Creating Entrepreneurs interested in generating earnings. To strengthen economy, we need more of the Job Creating Start-ups.
        • Average age of Entrepreneurs in the US is 40. Many of them have not gone to college. However, top tier entrepreneurs have degrees and work experiences. Most of our efforts to prepare people for entrepreneurship goes towards collegiate-level programs. We need to better target our efforts by modifying the training programs.
        • Democratize entrepreneurship by bringing morewomen and minorities, who are the less represented part of our population, into the profession. Also, encourage entrepreneurship in regions and neighborhoods where firm-formation rate is low.
        • Teaching of Entrepreneurship in Colleges currently focuses on reading case studies rather than hands-on training. Courses teach how to write business plans and to raise venture capital. However, in real life many successful entrepreneurs do neither. Design of the courses need to be more realistic.

       

      We appreciate your comments on this topic.

        • Re: Democratization of Entrepreneurship
          Jay Huebner

          I wonder if this discussion can get to the real points concerning business success without considering the technical issues connecting to the product, at least in hardware oriented businesses, which is about all I know and can talk about. Though of course I am aware of Google and other such successes. What I am talking about is that better "mouse trap." Maybe there would be a role for an ACS (or other) group of "device" experts to provide guidance for selecting or approving possible useful inventions. The best business plan, financing and leadership would likely not succeed with products that were not going to be useful. Market surveys should help if done right, but depend on understanding the usefullness of devices typically not fully developed yet. 

            • Re: Democratization of Entrepreneurship
              Samina Azad

              Jay, thanks for participating in the Just Cocktails discussions. I agree with you that ACS should increase focus on entrepreneurship related topics. Discussions/seminars on real life topics like conducting an effective market research or successful marketing/launch of a new product would be useful to many of the members. However, this is slightly different than what my post was about. The Forbes article was about increasing diversity in the entrepreneur communities in an effort to improve the economy.

              BTW, the upcoming July 21st ACS webinar may be on a similar topic (Who’s Around the Corner? Performing Technology Scouting and Market Feasibility Analysis)