Independence, responsibility, and the rise of entrepreneurship
The world is changing to better. More people around the globe get access to medical care and education. People start to take responsibility for own acts, become independent. Believe it or not, all of these brings us to rise of entrepreneurship.
to overtake corporation
Some may argue that this particular statement is rather bold. But lets take a look into this idea. The future stands by millennials. The young population of digitalization and globalization period have larger educational opportunities and more developed leadership skills. Nobody says that millennials are born to be leaders, but they live in times when leadership skills are taught in schools and offered by many courses. That is the generation of people who have enough trust in themselves and lack of fear to make mistakes. Millennials have always been told that the try is worth doing. Therefore, the percentage of those who try grows together with percentage of those who succeed. It is the generation born to be entrepreneurs. In other words, they want to benefit from their own ideas, and not to implement someone else's.
But the personal skills is one side of the coin. The other one is more obvious: the advantage of technologies. So many business processes are being automatized and performed by computers that entrepreneur does not need to be a wonder-kid after all. Secondly, the accessibility of finances. According to the National Venture Capital Assosiation, in 2014 interpreneurs had easier time finding capital.
Large companies and corporations have complex integrated system that does not allow them to keep up with pace of technology development and quick changes in business demand. Meanwhile, small enterprise have proven to be flexible, and, therefore, more creative with their solutions. Large companies became to be the base point for millennials instead of being the high career goal. For instance, the story of one of young entrepreneur Apoorva Mehta with his InstaCart. Apoorva started his career at Amazon as a backend logistics engineer on supply chain infrastructure. After four year millennial had nothing new to learn in the corporation and moved to San Francisco to develop his own business ideas full time. The idea of InstaCart has not been the first one. Before million-worth app, which delivers groceries to people via a network of drivers, there have been numbers of failure ideas. Why it worked? Because it solved the problem many have - people either hate grocery shopping like Metha himself, or physically have not enough time for that. As Apoorva describes his experience in Amazon, company showed him what does it mean to be actually consumer-oriented and taught him the value of dependable delivery times: "Working with solving complete machine learning and logistics algorithmic problem was really fun. But something that I really leaned and walked away with was how much attention people everywhere in organization put towards the customers. Regardless on your position in the company, every single person there would ask a simple question: does this code impact the customer in positive way or not." The trending of getting an experience in large corporations in order to find yourself is nowadays the reinvention of gap year.
Era of changemakers
When speaking about the rise of entrepreneurship, we emply social enterprises as well. But who is an entrepreneur in social term? According to Ashoka, the social entrepreneurship organization is the one, who desires change in the world and, by gathering knowledge and resources, makes that change happen. Consequently, entrepreneur is a person who sees the insight, notice patterns and trends, combine it together and make it to work. In case with social entrepreneurs, their success is valued not by money, but via social impact. Social entrepreneur is not just a businessman - he is a change maker. For example, Jeroo Billimoria is a founder of a twenty-four seven children helpline operated by children themselves. She saw that this service is in need not only while day working hours, but the biggest demand is when Sun goes down. Jeroo managed to grow her social enterprise outside the India. Jeroo is a social entrepreneur, who created a large social impact all over the world inspiring others to make a change.
Social enterprises have been implemented earlier, but the age of digitalization and globalization gives more opportunities. To begin with, social enterprise is usually founded by those people who are in need. Nowadays with the help of technologies and spread of education, people in need got a voice and a power to make a change. Moreover, there are Social Entrepreneurship courses in universities along with online courses. For example, Copehnagen Business School has launched a Social Entrepreneurship course intending that by the end of it students will launch their own social enterprises creating larger social impact. Another boost for social enterprises is the new ways of fundings. One of the tasks in Copehnagen Business School Coursera course is raising the funds for the best social enterprises developed by participant or group of participants. Namely, the crowd funding websites are the huge help. The crowdfunding boomed in 2014 and today raises $2 million a day. There are an amazing stories of raising the funds up to $5 million with the idea that every student in every school should have the opportunity to learn computer science at Code.org.
The rise of social responsibility globally has a social impact although to different spheres like fashion, design, manufacture and food consumption. When it comes to fashion, 2014 brought the campaign of Fashion Revolution: #WhoMadeMyCloth. The campaign brings the attention to the problem of underpaid and underaged working force used by fashion companies. Another campaigns bring attention to the sustainable farming and gentle animal treatment, sometimes promoting the vegetarianism. Society is on its way to responsible well-being and sustainable living.
The world welcomes more responsible generation of millennials. Young population who are ready to make a change and who want to benefit from their own ideas, and not to implement someone else's. All these characteristics brought together create the rise of young entrepreneurs. The large corporations will feel the competitive power of millennials' business already in nearest time.