Building a Powerful Support System for Entrepreneurs

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Building a Powerful Support System for Entrepreneurs

(Source: static.pexels.com

People are not born entrepreneurs. Entrepreneurs are made, and more importantly, they are self-made. Their entrepreneurial journeys start when they start seeking solutions to the everyday problems they face. When they find that a larger mass is facing similar problems, they bank on the entrepreneurial solutions they have come up with to start business ventures.

But solving big problems and building great companies is not easy. Entrepreneurs need a lot of support both before they get into business and once they get their business going. To prosper, they require inspiration, motivation, business skills, connections, exposure, guidance and enduring support. That support usually comes from many quarters, and they can play various roles to help create the right foundations for entrepreneurs.

 

The role of the entrepreneurs themselves

Entrepreneurs play the  most important role in developing a support system for themselves. They need to have the hunger to unceasingly inquire and discover, and later, give back to the support system that nurtured them. They need to be willing to ask their families, universities, the government and even customers to help them learn about and do business. Once they make it, they then need to inspire, motivate and support more people to become entrepreneurs. To help strengthen the support system, they need to guide aspiring entrepreneurs, say, in the role of angel investors.

They need to be willing to ask their families, universities, the government and even customers to help them learn about and do business. Once they make it, they then need to inspire, motivate and support more people to become entrepreneurs.”

 

The role of investors 

Investing reaps far more dividends than saving. The investing option is a winwin one for both the investors and the people and companies they are investing in. For high networth individuals and families, it makes much more sense to invest in productive ventures, than in, say, real estate. Those who are already active investors in blue-chip companies could turn into angel investors and also inspire more people to fund and support entrepreneurs.

Those who are already active investors in blue-chip companies could turn into angel investors and also inspire more people to fund and support entrepreneurs.

(Source: www.entrepreneur.com

 

The role of the education sector

Educators, teachers and trainers enhance the leadership skills of students and also help them realise their talents. With the right approach to teaching, educational institutions can plant an entrepreneurial mindset among young students. The education system must inculcate the culture of asking questions. That helps promote creativity and nurture innovation—one of the main ingredients for keeping entrepreneurs on the ball. Entrepreneurship education and practice has to be sufficiently integrated into the university curricula. And colleges and universities need to set up entrepreneurship clubs and incubators, which provide students a platform to experiment and turn their ideas someday into business ventures.

 

(Source: www.gemconsortium.org

 

And colleges and universities need to set up entrepreneurship clubs and incubators, which provide students a platform to experiment and turn their ideas someday into business ventures.

 

The role of the government

The government must work towards improving the business environment, which is a prerequisite for developing entrepreneurship support systems. The government can help build the support system by introducing provisions for setting up a one-window system for business incorporation, providing tax alleviation for small businesses and setting up startup funds for entrepreneurs. They also need to create an investment-friendly environment for investors by devising FDI friendly policies to attract foreign investors and businesses, etc. 

 

The role of the development sector

The development sector could focus on creating and promoting sustainable economies. It’s high time development organisations started teaching people to be self-reliant. The efforts of development agencies should be directed towards finding new ways to solve problems, creating and disseminating new knowledge and nurturing innovation at different levels. They can contribute to firming up the support system by promoting entrepreneurship at the grassroots, setting up incubation centres and impact funds and encouraging technology and knowledge transfer across borders.

 

The role of the media

From promoting new enterprises and highlighting the efforts of entrepreneurs to writing about unsung business heroes, there is a lot the media can do. The success stories and inspirational journeys they feature can encourage more people to make something of themselves. This exposure will not only motivate the entrepreneurs of today, but also encourage many more of tomorrow. With the joint efforts of these major stakeholders, a strong support system for entrepreneurs in Nepal is not a distant dream. 

*First Published  in M&S VMAG

 

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Guest Tuesday, 22 August 2017