As entrepreneurship is catering to various niches these days and is also proving to be a beneficial asset for the economy of the nation, various measures need to be taken to empower and support the budding entrepreneurs in the market.
With the innovation in business models and companies, entrepreneurship has undergone a massive transformation. It has boosted the economic growth of nations by introducing new techniques, innovations, services, and products to the public sphere. It has also brought about radical reforms by creating better job opportunities and solving the problem of unemployment on a large scale. Due to an immense amount of competition in the global market, entrepreneurs have to constantly endeavor to find innovative solutions over existing ones to meet up with the expansive consumer demands. Entrepreneurship accelerates structural growth and pushes inefficient companies out of the market thereby affecting the productivity of the economy. These arguments prove that entrepreneurship is a national asset that can generate revenue from investment in future and can have a profound influence in many dimensions of life.
There is no common illustration of a typical entrepreneur even though it has been in the gleam of academic research for years. Current development, interconnectivity, and complex networks make it impossible to promote some distinctive qualities of an entrepreneurial mindset. The character of change required cannot be completely comprehended because of the lack of analysis of an ecosystem that will prove to be beneficial for the growth. However, it is always advantageous to empower the budding entrepreneurs to bring about transformation in the future society.
Empowerment is a subjective thing in the context of entrepreneurship and as a whole due to which it becomes inappropriate to subject it to just a few ways through which it can be achieved. There could be numerous ways but some of the most observed and practiced methods of empowerment are:
The most influential companies in the recent times have been a brainchild of young entrepreneurs aspiring and striving to transform their theoretical concepts into reality. This has been possible to achieve because of self-motivation, knowledge, and independence of thoughts amongst the young and creative entrepreneurs.
Creating awareness and understanding of entrepreneurship among young aspiring students can be one of the ways to promote the necessary traits essential for the development of innovative future ideas and concepts. Inculcating knowledge and educating about the entrepreneurship market can have grave impacts on how the young entrepreneurs get inspired. The motivation required for creative thinking, independence of ideas stems from this kind of an inspiration.
Workshops and seminars can be conducted by renowned and established entrepreneurs to help young budding entrepreneurs. This can ensure participation and apprehension on a discrete level. This is one of the most widely exercised strategies which has brought about an immense amount of positive growth amongst certain areas of academics and educational institutions.
A startup is an innovative solution to the existing problems or need of the consumers in the existing market. It is an individual venture and provides the freedom of opportunity and execution. Putting an individual idea into execution can be overwhelming but at the same time can also provide a chance to have an independent working space.
It provides flexibility of working alternatives and development of skills and talents. It can be a self-learning and self-empowering process if financial planning has been adequately accomplished. It is more advantageous for young women entrepreneurs to adopt this method as it proves to be open-ended and quickly adaptable. Another facet of it involves undertaking a start-up program for the purpose of cultivating a learning culture for young entrepreneurs. It can be perceived in multifarious ways to bring about a change in current business practices.
Every individual working in the company contributes understanding and knowledge to the business. The tradition of collaboration amongst entrepreneurs can cohabit because of deep-rooted belief systems, knowledge and business operations. A strong entrepreneur support can be entrusted by meeting up with individuals and entrepreneurs having an independent mindset and striving to create connections. This type of joint venture helps in exchange of ideas and solutions to bring about more innovative solutions in the market. This type of collaboration can aid in facilitating resources and opportunities responsible for additional impact in the market. Collaboration and empowerment are interrelated as it drives motivation to embrace the common operation techniques amongst different teams and management systems.
Social media has revolutionized the way in which people communicate and share assets and knowledge with each other. It has brought about the tremendous positive effect on business, companies, politics, and socialization. It has given globalization a completely different outlook by reducing it to a small accessible place. It has paved the way to provide communication opportunities with various people around the world through blog posts and various communication apps. Prosperous entrepreneurs have taken the help of blog posts and social media platform to make larger customer base aware about their venture. This recognition in the virtual world has helped in attracting investors and capitalists to invest in the business idea and promoted growth. This gradual process can be utilized by young entrepreneurs to empower themselves with fascinating innovative ideas and help them achieve much-needed response for their efforts.
This process is subjective in nature as it cannot have a universal character. The need to provide economic support for empowerment may vary in different countries at different scales. But it is a rational way of empowering the young generation of entrepreneurs to venture into creative ideas and solutions without getting restricted to the finance. Providing financial support for promoting business is a well-known objective but monetary help provided by governments and nations to educate and aware the young entrepreneurs have culminated in unanticipated educational understanding.
Apart from the above-mentioned ways, there are diverse strategies implemented by business leaders and companies to empower young entrepreneurs. Some of them include offering job opportunities to students to give them an opportunity of learning and enhancing their knowledge and skills in the practical business. There are certain prominent entrepreneurs who have come up together and established entrepreneurship programs which involve internship and working alternatives for students aspiring to become young entrepreneurs of the word. These ways prove to be thoroughly competent in emancipating future young entrepreneurs.
Commission or brokerage is percentage or an allowance that a person gets for doing his business. It may be related to selling or buying of goods etc.
Entrepreneurship entails risks, but its advantages are far too enticing to ignore, both for the entrepreneur as well as for the society. Nothing creates personal wealth like entrepreneurship, and nothing helps the economy as it does.
While the mankind owes a lot to scientific inventions, the credit of our prosperity and other economic privileges today goes to the entrepreneurs who found ways to commercially exploit the scientific knowledge, took risks and established new business enterprises that make the buyers and sellers both better off. A large proportion of personal wealth is also a result of such entrepreneurship..