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How can strong Entrepreneurial Ecosystem be created?

Are you heading towards the path in which you would take an initiative for contributing towards the economic development of the country? Yes, Entrepreneurs take an effective part in economic development. An idea can nurture to grow as a business! Though it is not easy to become an entrepreneur, with the perfect plan, learning, and strategy, you can get established as an entrepreneur.

There are lots of challenges in the path which you need to smartly deal with! Being concerned about the tough market competition, each and every step must match up with the trend. Initiating a plan, establishing a brand and generating revenue can’t be achieved in few days, so it is essential to learn the basics of Entrepreneurial Ecosystem.

Learn about entrepreneurship ecosystem

Entrepreneurial or entrepreneurship ecosystem is a collective and systematic nature that refers to social as well as an economic environment that affects the local entrepreneurship. The reasons behind a successful business startup are not just innovative ideas and visionary of the individuals/entrepreneurs!

A startup can achieve success when it is located in an ecosystem. This ecosystem consists of private as well as public players who nurture it in a combined form. Such actions are quite rewarding for the entrepreneurs with which they can turn their business sustainable.

Few essential things to learn for getting a good grip on ecosystem

An ecosystem combines start-ups as well as one or more entities that have similar goals. The members of the ecosystem together form a network that helps in exploring economies of scale. With business functions, economies of scale can be explored. Different business functions are financing, business development, market analysis, human capital management, marketing communications, legal support, IT infrastructure and Financial & accounting management.

Even numbers of researchers claim, the government even has active participation in creating an ecosystem for the entrepreneurs. You must not forget, the ecosystem may even obstruct entrepreneurship growth! For generating revenues and achieving success, it is essential for you to have a good grip on the ecosystem.

What is real?

  1. A strong entrepreneurship ecosystem is not formed with the increased numbers of start-ups.
  2. By contributing financial incentives, the investment risks on the entrepreneurs can’t stimulate the entire ecosystem.
  3. The primary objective of creating an ecosystem is not job creation. The objectives may be either generating tax revenues or job creation or for public officials.
  4. Establishing co-working spaces or incubators is not necessary for strengthening the ecosystem.
  5. It is not necessary to gain strong knowledge about entrepreneurship for creating a strong ecosystem.
  6. There is a common misconception that the entrepreneurs operate the ecosystem.
  7. Even there is a mistaken belief that the large corporations shrink the ecosystems as they target the entrepreneurs as well as their ventures.
  8. The top challenges for the entrepreneurs are easy to access to talent, excessive government interference and scarcity of capital.

Create a strong ecosystem with GEM!

Entrepreneurship creates multiple economic benefits along with social spill-over.  It is essential for you to learn about the realities and distinguish the myths and misconceptions. With this strategy, you can effectively create a strong Entrepreneurial Ecosystem. Enrolling for membership in GEM, you can easily be able to achieve success and encompass your business!

Author: Robin Gupta