Saturday December 7, 2019
Home Business How the Growi...

How the Growing Number of Entrepreneurs Impacts the Need for Startup Resources

While entrepreneurs see plenty of hope and a solid future in their business, there also lies a future in those willing to assist them.

0
//
Entrepreneurs, Startup, Resources
More and more entrepreneurs coming into the world means that these budding businessmen and women are going to need direction, startup help, and plenty of resources. Pixabay

You don’t have to be a business genius to know that starting a business is a big risk. Even if you have all the tools necessary and do everything right, it could still be a huge failure. It’s like jumping into the deep end as a child.Entrepreneurs

But, don’t tell that to the current generation. 

Every year, we see more and more entrepreneurs from all parts of the world. Estimates say that there are nearly 600 million entrepreneurs today, a staggering number for a potentially risky job.

At that number continues to grow and expand with each passing year.

Entrepreneurs, Startup, Resources
Every year, we see more and more entrepreneurs from all parts of the world. Pixabay

More and more entrepreneurs coming into the world means that these budding businessmen and women are going to need direction, startup help, and plenty of resources.

While entrepreneurs see plenty of hope and a solid future in their business, there also lies a future in those willing to assist them.

Entrepreneurship and Education

It’s impossible to find the “right” path to becoming an entrepreneur. Bill Gates dropped out of college to start Microsoft. Jeff Bezos started out as an investment banker on Wall Street. Steve Jobs started Apple out of his own garage. Your neighbor Steve might have started the business with his college roommate after a night out.

Also Read- Stop Consuming Ultra-Processed Foods For A Healthy Heart

Ask a million entrepreneurs and receive a million different answers. Some may have an MBA while others may have a degree in creative writing.

That might be because studying entrepreneurship wasn’t available during their time.

In 1990, there were 180 programs offered by universities in the US. Today? That number is well over 2000. 

It shouldn’t surprise anyone that the #1 destination for entrepreneurs is the United States, thanks to its routinely strong economy and support for small businesses. In case you’re curious, the other top countries are Switzerland, Canada, the United Kingdom, Australia, Denmark, and Iceland. 

Entrepreneurs, Startup, Resources
Estimates say that there are nearly 600 million entrepreneurs today, a staggering number for a potentially risky job. Pixabay

Thanks to the rise of online learning, remote working, and the internet has also given birth to plenty of online course options that won’t cost you a fortune.

Udemy, Coursera, and even major universities offer courses for free or very little. For example, you can register for a course at the top college for entrepreneurship in the United States for free. 

I Need Somebody, Help!

Even though billions of dollars are being thrown around to rising companies or startups, it’s a lot more than money venture funds and capitalists are helping with.

Also Read- Congo: Volatile Security Situation Stymies Efforts to End Ebola

If you have ever watched Shark Tank, you might be lucky enough to see one of the Shark’s choose to invest in a business idea (although watching the terrible ideas is always funny). 

Billionaire NBA team owner Mark Cuban will often talk about “once my team comes in and helps you…” A contestant isn’t just receiving money, they’re receiving help and guidance.

Investors are smart and as Warren Buffet once said, “Never invest in a business you can’t understand.”

Investors, venture funds, angel investors, and even your family want to make sure you know how to succeed. That’s why they’re also going to be investing in startup tools while paying people to come in to help you market your business, maintain intellectual property, and advise you on why becoming an LLC is the better choice for you. 

Show me the Money

One of the biggest challenges for entrepreneurs is finding cash flow. After working through the nerves, taking the leap, and officially starting, all that’s left is to find some investors.

It’s certainly easier said than done, but it’s much easier now than it was ten years ago.

Venture capital growth has exploded over the last decade, not just to the rise of the popularity of Shark Tank

According to Pitchbook-NVCA Venture Monitor, fundraising went from $33 billion on average between 2013-2017 to a whopping $55 billion in 2018. More and more venture funds are seeing potential in businesses and entrepreneurs, funding their early struggles for a return later.

The total amount invested in rising companies is also a shocker, totaling $131 billion in 2018. This is only the second time in history that number has topped a billion, with the other time being in 2000. 

It’s a Competition

Even though more and more places are funding startup businesses, that also means there is plenty of competition to go around. 

Banks, despite being the most popular place to head to a loan, are quite picky about when and to whom they give loans out. Big banks have a 27% approval rate while small banks don’t even make it to 50%.

Online lenders are becoming more and more popular, but still, don’t have an incredibly high approval rate. 

With so many entrepreneurs popping up, more and more are going to banks, venture funds, online lenders, and more.

Despite these potential road bumps, there is still great growth potential for entrepreneurs that will carry over into the next decade and beyond. 

 

Next Story

Innovation and Startup Culture Thriving in Ghana

Ghana is seeing a spurt in Innovation & Technology

0
A worker using his innovation inside Nelson Boateng's Nelplast Factory
Inside Nelson Boateng's Nelplast Factory in the outskirts of Accra, Ghana, a worker creates bricks from recycled plastic and sand. VOA

ACCRA – Ghana is regarded as a West African hub of invention, with growing numbers of young people looking at local solutions to local problems.  In December, Ghana is hosting two conferences on innovation and technology.

Alhassan Baba Muniru, co-founder of the Recycle Up company, wants to clean up the natural environment in Ghana.

But he also wants to educate, empower and support young people to pursue conservation – and to make money while doing it.

At the December Innovation Africa summit in Accra, he plans to advocate for more support for young inventors, especially those looking to do green business.

“Even while we are in school we are already entrepreneurial so, for me, I can be able to do a formal job but the freedom of being able to bring my own ideas into action and really take charge of doing something practical and something which also makes society better – it’s much more fulfilling,” said Muniru.

Alhassan Baba Muniro talking about Innovation
Alhassan Baba Muniro wants to clean up and create jobs for young people. VOA

Part of Recycle Up’s work includes collecting plastic from schools to sell to people like Nelson Boateng, whose company mixes it with sand to create bricks.

Muniru and Boateng walk through the factory in the outskirts of Accra, where plastic from across the city is shredded, melted, mixed and then molded into bricks to be used for roads, pavements and buildings.

Boateng, who also manufactures plastic bags, said the bricks are his way of helping to clean up the environment and to provide jobs.

But while Ghana is seeing a spurt in innovation, he said the country needs a lot more infrastructure to support environmentally-friendly business.

“For innovations in Ghana, it’s very, very difficult if you don’t really have the heart.  You will lose hope because honestly speaking when I was doing my polybag that is polluting the environment, I was having a lot of money.  I have money, there wasn’t any problem. When I started this, when you go to the bank they don’t know this, they want something that the money will be flowing, not something you people don’t know –  and not something you say you are trying to save the environment, nobody will mind you on that,” he said.

Supporting local technology startups is expected to be discussed at another December conference in Accra – the second annual Ghana Tech Summit.

ALSO READ: India: Innovation Holds the Key to Job Crisis.

Ghanaian inventor Andrew Quao is working to ease the burden on hospitals with technology that allows pharmacies to diagnosis and monitor chronic and tropical diseases.

Andrew Quao, Co-founder of 'Red Birds' helps in innovation and startup.
Andrew Quao, Co-founder of healthcare tech startup ‘Red Birds’ works with pharmacies across Ghana. VOA

He said African healthcare sectors like Ghana’s are ripe for innovative solutions.

“I think it is growing in the right direction, I think the climate is good, you have got a good mix of local talent and experience and expats coming in and seeing Ghana as a good point to start, so that also works.  We have the ‘brain gain.’ The diasporans – people like myself who schooled in the U.S. – coming back and trying to bring innovations in country,” said Quao.

While both public and private sectors are backing innovation, entrepreneurs hope to see a swell of support from the Innovation Africa and Ghana Tech summits. (VOA)