Entrepreneurship is an important facet of every economy across the globe due to the fact that many times, these new businesses find success when going abroad. The most obvious form of entrepreneurship is starting a new business. Other forms exist as well including revitalizing a mature organization in response to a new opportunity or when large organizations spin off a part of their company, making a new company.
While the definition of an entrepreneur may be very similar across the globe, many other contributing factors change according to the country and culture the entrepreneur is operating within. For example, in the United States entrepreneurs are seen as the drivers of economic growth; entrepreneurship is the “American Dream”. The stigma associated with the title of an entrepreneur is someone who is strong-willed, hardworking, and willing to take a risk (Is Entrepreneurship really that risky though?). If you fail at first, dust yourself off and get back up; nobody will judge you for your failure. Failure is seen almost as a necessary hurdle to overcome before becoming successful. However, many other countries in Europe frown upon failure and see it as a bad thing. If you fail once, why should investors invest in your project again? These cultural differences are very important and drive the entrepreneurial market in different countries.
The role entrepreneurs play in stimulating the economy is growing every year, so it is vital in the big picture of the word economy. This blog series will dive into these issues and more on a global scale and offer some tools for entrepreneurs globally.