Starting a Company
How Are Today's Entrepreneurs Different from the Past?
Written by Nidhi Ann Raj for Gaebler Ventures
Entrepreneurship is on the rise! We examine the various reasons for this surge and the ways in which today's entrepreneurs think as compared to their predecessors.
It is a fact that entrepreneurs today think differently from those in the past.
But before delving into that, let us probe a little into the rise in the number of entrepreneurs in the past few years. There were entrepreneurs in the past too, but the number has multiplied over the years mainly due to the surge in venture capitalists and angel investors, which makes financing easier for people who wish to start their own business.
While founders still have to toil diligently to get investors, it is much easier today to gain access to such angels today than in the past. Nowadays entrepreneurs heavily depend on the banking system than before. Banking deregulation and the numerous innovative services offered to promote new businesses are other reasons that encourage entrepreneurship.
Another trend that is slowly on the rise is the urge to start early. While in the past people preferred to learn the rules of the game before testing the waters, today young talented minds are courageously taking the plunge without gaining prior experience. According to a survey by the Newsweek, the minimum age to start on one's own is found to be as less as 14 years, though this may have its own disadvantages.
Today anyone who can bear risks and face challenges can become successful entrepreneurs. The rise in the number of women in business is also prominent, something that was not considered happening five years ago. In US about 40% of the businesses are women -owned.
Today business owners are more focused on customer satisfaction than profits. They have realized that customer loyalty is essential for long term profits and sustainability. They believe that their existence is dependent on the value of their products and therefore try to enhance value as compared to maximizing sales.
Various new techniques like data mining that require high end software applications and other cutting edge technology, are used to identify and retain customers. Globalization is also advocated and practiced on a large scale by recent entrepreneurs. They also feel that they have to give back to the society and do so in a number of ways ranging from producing and marketing greener products to becoming social entrepreneurs or making active participation in community programs and social service programs.
Irrespective of how entrepreneurs have changed and evolved over the years, one thing remains the same. The desire to make a change is what drives most entrepreneurs, especially those who were not born into business families; those who chose to take this path out of sheer interest to pursue their own dreams than execute others' plans. The rise in the number of such creative minds has boosted the world's economy and speeded the growth of developing countries.
Nidhi Ann Raj is a gifted writer who is currently pursuing post-graduate studies at George Brown College in Toronto Canada, where she is specializing in Marketing and Finance.
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