The New Paradigm for Entrepreneurial Success

Entrepreneurship is a great magnet to deliver new ideas, unique approaches and innovative technologies. When conducted in a proper way, turning people into entrepreneurs improves a country's economic situation and aids sustainable progress. However, transition to become an entrepreneur is not that aspiring to all. Risks and uncertainties involved in starting a new business coupled with stagnant economy discourage people to step up the plate and take a swing.

Global Entrepreneurship Monitor on its January issue supported this fact and said that entrepreneurial activity in the U.S. declined slightly (on the order of 5%) over a year to 11.3% in 2004. Americans used to be at 16.6% level in 2000.

Surprisingly, teenagers who would be the next-generation entrepreneurs in the U.S. are in favor of running their own businesses. In a survey conducted by Kauffman Center for Entrepreneurial Leadership, it was found that 67% of the youths (aged 14-19) were interested in giving a shot to entrepreneurship. Numbers would be likely to improve in the U.S. over time.

Although, new generation is ready to drive the numbers up, there are two basic problems to address before encouraging them to lean forward.

First is the saturation of U.S. and West European markets where both give innovations less chance to survive. David E. Gumpert, in his article, 'For Entrepreneurs, a Harder World' talks about this issue. China factor and large organizations inclination to enter even into very small, immature markets kill the chance for entrepreneurs to find niche plays. He concludes by saying questioning about saturated markets are no longer unreasonable to ask and there are obvious disquieting signs on the horizon. His points need to be taken seriously.

Second can be called as the absence of means, need and/ or motive. A great business plan without financial support would never achieve to aim high. Or, flushing millions of dollars to a solution that the market is not ready for would be a failure. Worst would be to supply all but not encouraging people to run their own business what U.S. is facing today.

Even though, both problems may be accepted as realities of a global economy, they should not hinder the need for a new paradigm to take the entrepreneurship onto the next level.

The aim of the new paradigm should be all about redefining entrepreneurship. Oddly enough, the concept of entrepreneurship covers a lot of topics ranging from running the business to timing the market where system hopes couple of individuals to collaborate to bring out a new approach to the market. They are expected to surpass all difficulties and be a success story.

However, the need is very different. Entrepreneur, as a term, applies to someone who establishes a new entity to offer a new or existing product or service into a new or existing market. Responsibility begins and ends at forming and running the entity. The idea of a product or service, the strategy and the search for investment need to be taken care of separately. However today's system forces entrepreneurs to do them all. Undoubtedly, this forces them to cut themselves thin and disallows them to assume their real roles.

First; innovator, entrepreneur and strategist are different people so they need to be separated. Second, a new model that prepares a ground for innovators, entrepreneurs, industry analysts and investors need to be set that lets them discuss and work with each other. With a clear-cut definition of everybody's role; innovators can be free from taking the risks of being entrepreneurs, while entrepreneurs, by relying to research and strategy specialists' knowledge, can be bolder on their journey. On top of all, investors' assumed risks would dramatically diminish.

Today, investors trust due diligence process before making a decision. The problem is, in such a short period of time, say one month, grasping all the data about the market is not possible. Other thing is, there may be better deals out there where investors might have better probability to make more money.

Hence, the new ground, addressed above, will be a strong knowledge base for everybody who is willing to transform an idea into a profitable company. The new ground will ask people to focus on wherever they are strong at, rather than asking them to take responsibility of all. So, the success rate of newly formed companies will boost and more individuals will be willing to be a part of this process.

As soon as being an entrepreneur will not be considered as the end but the means of delivering ideas, the moving forward on entrepreneurship would be easier. That's why; a 'focus at what you are good at' approach needs to be taken immediately to situate the entrepreneurship condition better for the upcoming entrepreneurs.

Burak Fenercioglu is a freelance writer and working for a computer network security company for over 4 years. His articles are about new ideas, innovation and strategy and can be found at http://burakfenerci.blogspot.com

---

The Lonely Hat: A Marketing Parable

Jones was a typical entrepreneur who worked long hours and... Read More

Be An Entrepreneurial Artist: Paint A Picture, then Commit It to Canvas

James had an original concept and he needed an investor.... Read More

Six Steps to Guarantee Your Business Success

Many of us slave away for years for one uninspiring... Read More

How To Find Hot Online Business Ideas

Would you like to find the key that unlocks the... Read More

Is Now the Right Time to Become An Entrepreneur?

A number of economic changes are magnifying the role of... Read More

Double Your Income Automatically

It is a common known fact that it is far... Read More

Goals and New Venture Creation

More and more corporate workers are leaving their jobs to... Read More

Preparing to Outsource

It's important to understand when to add individuals to your... Read More

The Business and Life You Want to Build

In the early days of my first consulting business, I... Read More

5 Habits Of Successful Entrepreneurs

Habits get a bum rap. When you think about your... Read More

Corporate Espionage in Franchising

Franchising Trade Journals do not do well, because today with... Read More

From Employee to Entrepreneur: Taking the Plunge

Before you decide whether or not running your own business... Read More

Could a Non-Profit Structure Be Right for Your Business?

If you have a business idea, or an idea for... Read More

Financial Strategies for Transitioning from Salaried to Solo

7 Financial Strategies for Transitioning from Salaried to SoloA 40's... Read More

The Ideal Length of Your Business Plan

How long should a business plan be? A business plan... Read More

Surviving the Three Pitfalls of Business Ownership

The morning sun sheds its brilliance and warmth... Read More

5 Tips to Step Boldly into the World & Set Yourself Apart from Others

"Real champions believe in themselves even when no one else... Read More

Could a Book About Your Company be Worth $1.7 Billion? Building Value Through Publishing

"Berkshire Hathaway (NYSE: BRK.A) to purchase Clayton Homes for $12.50... Read More

Used-Book Case Study

Dwight Payne and Gary Heap reside in Santa Barbara, CA,... Read More

Chairman Greenspan and the FED, learn more you will be glad you did

So many people work their whole life to make money,... Read More

The Visionary Entrepreneur

Any success you have in life must begin with a... Read More

Time Management Tips for Solo Entrepreneurs

Does it seem like everyone and everything is vying for... Read More

Entrepreneurs: Benefits vs. Features-Know the Difference!

Entrepreneurs know their business. They know their product, their service.... Read More

Seven Key Qualities of Successful Entrepreneurs

A recent poll conducted by Forbes magazine shows that majority... Read More

Two Types of Business Plan Executive Summaries

Companies seeking capital often ask how long the Executive Summary... Read More

10 Secrets of Successful Entrepreneurs

Running a one-person business is a creative, flexible and challenging... Read More

Creativity & Entrepreneurship: The Secret to Discovering Your Purpose in Life!©

Hello Creative Entrepreneurs!In the second course on Creativity & Entrepreneurship... Read More

How To Get More Clients and Customers; Dont Sell Be of Service

Whether you are just starting your business or focusing on... Read More

The Cockroach Test

Let me ask you a question? Imagine I would offer... Read More

Differentiation ? Smart Marketing Strategies for the Solo Entrepreneur

Are you ever frustrated or hesitant when you talk to... Read More

Your Company Needs A Mission Statement; Make It Count

Does anyone remember that book "Built to Last" done y... Read More

7 Lean Marketing Laws For The Inspired Entrepreneur

The following laws will provide guidance on how to act,think... Read More

Find Me the Expert on This!

Many people who set up as consultants never make more... Read More