In order to successfully navigate the path to owning your own business, understanding the definition of the entrepreneurship ecosystem is essential. Knowing you are not alone on this path will provide you with the confidence needed to succeed.
The entrepreneurship ecosystem consists of various individuals or organizations outside the prospective business owner or entrepreneur that help him thrive in his business endeavor. These individuals or organizations are called stakeholders and might consist of support organizations, big companies, research organizations, universities, service providers, funding organizations, government, private foundations, investors, the private sector, social leaders or labor representatives. The entrepreneur himself is part of the ecosystem but he is not the driving factor. The ecosystem is a network, working together, consisting of many parts.
The Entrepreneurship Ecosystem – Defined
As all businesses are unique, not all businesses need the support of the entire ecosystem. Each business will rely on the parts of the ecosystem needed for success. Location, education, financial requirements, and government regulations will all play a part in determining what is needed and what is put into action. When the necessary stakeholders come to the table and network with the entrepreneur, a bond between the parties can be formed to help the business succeed.
By definition the entrepreneurship ecosystem is a network of elements that have an interest in there being more entrepreneurs in their region. By working together, their regions will flourish and grow.
