From the "Global Heroes" The Economist 2009
Discounting the Debt Limit Crisis, the default crisis of Greece and Portugal at EU, the massacre at Norway, the Libyan conflict, entrepreneurs all the world are having a great time. It the reinnaisance of entrepreneurs!
Why are they successful:
There is no single model for success of entrepreneurs as some policy makers incorrectly observe regarding entreprenuerial success. Various models:
l. Anchor firm model. One large entrepreneurial company spawns a lot of other smaller businesses: spin offs, suppliers, employees resigning putting up their own firm. Research areas/valleys likewise foster entrepreneurial growth.
2. Crisis driven entreprneurship. Lay offs and closure of big firms as cutbacks on defense spending, loss of market create a need for job generation to accommodate pool of talents. As military scientists after the end of cold war in Russia and USA moving on to new industries where talents are put to good use (from arrows to plowshares?)
3. Local (international hero model) The entrepreneurs who became successful motivate quite a number of followers/wannabees, as Zuckerberg of FB, Bill Gates, Steve Jobs, Richard Branson. So many aspire to become entrepreneurs as well.
Three things account for entrepreneurial success"
l. Culture and society - Is there an entrepreneurial mindset in the country in society. We have often noted that many Filipinos (of local descent) often end up employees because the main reason for studying, according to the parents, is so that they will be able to work for someone. Among the Chinese, the main reason for studying is to be able to put up a business.
2. Luck, serendipity
3. Education. Much of entrepreneurship is dependent on technology and research. Thus 85% of new business in the US are put up by graduates from colleges and universities.
This article is not very much unlike the debate in the entrep elective courses where is question to be answered,"Entrepreneurs are born, made, or lucky?"
4. Global mindset. Much entrepeneurial activities take place in countries where there are plenty of expatriates exposed to international and global best practices.
5. Public policy. The World Bank issues a bulletin entitled Doing Business where it ranks government on areas of transparency, convenience and Rule of Law. It is a name and shame paper and many experts comment that the World Bank has done much more with this Doing Business, than its money lending activities.
http://www.doingbusiness.org/reports/global-reports/doing-business-2011/
In the Philippines (must our public leaders act on these?)
http://www.doingbusiness.org/data/exploreeconomies/philippines/
"Every generation needs a revolution an ENTREPRENEURIAL REVOLUTION."
Discounting the Debt Limit Crisis, the default crisis of Greece and Portugal at EU, the massacre at Norway, the Libyan conflict, entrepreneurs all the world are having a great time. It the reinnaisance of entrepreneurs!
Why are they successful:
There is no single model for success of entrepreneurs as some policy makers incorrectly observe regarding entreprenuerial success. Various models:
l. Anchor firm model. One large entrepreneurial company spawns a lot of other smaller businesses: spin offs, suppliers, employees resigning putting up their own firm. Research areas/valleys likewise foster entrepreneurial growth.
2. Crisis driven entreprneurship. Lay offs and closure of big firms as cutbacks on defense spending, loss of market create a need for job generation to accommodate pool of talents. As military scientists after the end of cold war in Russia and USA moving on to new industries where talents are put to good use (from arrows to plowshares?)
3. Local (international hero model) The entrepreneurs who became successful motivate quite a number of followers/wannabees, as Zuckerberg of FB, Bill Gates, Steve Jobs, Richard Branson. So many aspire to become entrepreneurs as well.
Three things account for entrepreneurial success"
l. Culture and society - Is there an entrepreneurial mindset in the country in society. We have often noted that many Filipinos (of local descent) often end up employees because the main reason for studying, according to the parents, is so that they will be able to work for someone. Among the Chinese, the main reason for studying is to be able to put up a business.
2. Luck, serendipity
3. Education. Much of entrepreneurship is dependent on technology and research. Thus 85% of new business in the US are put up by graduates from colleges and universities.
This article is not very much unlike the debate in the entrep elective courses where is question to be answered,"Entrepreneurs are born, made, or lucky?"
4. Global mindset. Much entrepeneurial activities take place in countries where there are plenty of expatriates exposed to international and global best practices.
5. Public policy. The World Bank issues a bulletin entitled Doing Business where it ranks government on areas of transparency, convenience and Rule of Law. It is a name and shame paper and many experts comment that the World Bank has done much more with this Doing Business, than its money lending activities.
http://www.doingbusiness.org/reports/global-reports/doing-business-2011/
In the Philippines (must our public leaders act on these?)
http://www.doingbusiness.org/data/exploreeconomies/philippines/
"Every generation needs a revolution an ENTREPRENEURIAL REVOLUTION."
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