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5 conditions for strengthening entrepreneurship

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Large companies are associated with bureaucracy. The busy organizational structure, excess procedures, endless emails and approvals stifle innovation. To respond to global competition, the business environment is changing. Innovation and entrepreneurship are spreading throughout the world. The emerging companies are small and offer more and more daring solutions. Entrepreneurs, often coming from corporations, know about the lack of agility of the big companies and speculate their inertia. Business as usual stops working. The Internet gives courage to entrepreneurs. The path to entrepreneurship is paved by bits of initiative.

Innovation and entrepreneurship will gain ground globally thanks to the following essential conditions:

  1. Entrepreneurial thinking – What good entrepreneurs do, and benefit to the business environment is that they can see, understand and capitalize on market opportunities. Their ability to think differently, see what others do not see, observe what does not yet exist, and identify the right opportunities are just a few qualities that differentiate employee contractors.
  2. Confidence – The economic crisis triggered in 2008 has eroded confidence in the financial system and the ability of authorities to prevent economic situations that significantly affect companies. The mistrust stemming from poor regulation of and poor capacity of operating financial instruments has made people responsible, reinvented communities, countries and societies. As such, from a feeling of individual insecurity, collective emotions have been created that support entrepreneurial confidence.
  3. Collaboration between companies – Collaborations between entrepreneurs are set up globally. Conventional collaborative projects on innovation between countries, through research institutes and universities, are now becoming commonplace among entrepreneurial companies. At the same time, the big success of projects such as Start-up Nation are more and more common in EU and Asian countries. In the entrepreneurial landscape, those who start a technology start-up are privileged. Business incubators are increasingly considered viable options for countries that want to increase their competitiveness.
  4. Global trade – Even if there are commercial tensions between major political and economic powers, these are passers-by. In fact, global trade conditions have improved. Economies are interdependent and, altogether, the trade barriers get removed. Easy internet access has become de facto a human right to information. These conditions lead to political reforms, the proliferation of commercial and cultural transparency, social progress, and create a favorable business environment.
  5. Corporate and business responsibility – Business objectives of companies are inseparable from the company and the environment in which they operate. Ignoring the impact on these two components would make the activities of companies unsustainable. Performance by tracking “the objectives of the present” and the responsibility to achieve “without compromising the ability of future generations to achieve their own goals” will count favoring the purchasing preferences for companies that support this goal.

The need for innovation and the entrepreneurial spirit that accompanies it will be aimed at a different purpose: the desire for a better standard of living, the operationalization of the “good-doing instinct” in the service of the community, the protection of the environment and sustainable profit. We need to build a better world.

Author: Alina Făniță, CEO, PKF Finconta

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