The Entrepreneurship Ecosystem – Defined

The Entrepreneurship Ecosystem – Part 2

As stated in a previous Building Bridges for Business article, the Entrepreneurship Ecosystem is a network of elements that have an interest in there being more entrepreneurs in their region. But do all the elements work for all entrepreneurs? In this post we will give you some examples of how certain elements of the ecosystem do not work for all entrepreneurs.

Let’s start with financing. A bank is a crucial element in the ecosystem, but not in the beginning. It is a known fact that banks usually do not finance start-up businesses. So how then are they a crucial part of the ecosystem? Once a business has a sound financial background to work with, banks are more likely to talk to them about expansion. As the business expands it strengthens the community and gives new businesses the confidence they need to succeed.

The educational system is also a major player in the ecosystem, but not a necessity. There are more and more courses being taught on entrepreneurship but they did not always exist. An entrepreneur is someone with creativity, foresight and the courage to take a chance. You don’t get these things from an education. However, you can strengthen your accounting skills, learn how to effectively write a business plan and how to market your business through an education.

It is said that co-working spaces and incubators help the ecosystem. This may be true but not necessarily as a major player. Some entrepreneurs feel these types of working spaces stifle their creativity, while others feel they are highly motivated. It really depends on the personality as to which way they go.

The entrepreneurship ecosystem needs all the players in order to succeed in strengthening the regional business climate. But not all parts of the ecosystem are needed for all the entrepreneurs. Each player will use the parts it needs in order to succeed.