by Case Lane

Entrepreneurs exist in every country, region, gender, ethnicity and neighborhood. 

Even in countries facing oppression or government control, there always appears to be a go-getter who is trying to make a deal.  And at the highest levels of international multi-lateral organizations that provide ideas and guidance to governments, countries agree that entrepreneurship is vital to economies. 

So why is it that at the grassroots level, at our level, entrepreneurship is discouraged?  And so many people want to start a business but do not actually get started?  Why is there this conflict between the official policies of multilateral organizations you pay for, and the actions you and others take on your own?

Prefer to ‘listen’ to this blog. Check out the podcast of the same name: Episode 47 of The Ready Entrepreneur Podcast at Apple Podcasts, or wherever you like to listen.

The Value of Entrepreneurship

The idea is clear: “entrepreneurship is a vital component of economic growth and development.  The creation of new business entities not only generates value added, fiscal revenues, employment and innovation, but is an essential ingredient for the development of a vibrant small and medium sized business sector—the core of most competitive economies. It has the potential to contribute to specific sustainable development objectives, such as the employment of women, young people or disadvantaged groups.”

Those words appear in the Introduction to the Entrepreneurship Policy Framework and Implementation Guidance created by UNCTAD, the United Nations Conference on Trade and Development.  A UN organization taxpayers pay for that among other things believes in entrepreneurship, and therefore believes in you.

Part of the mandate of the various UN organizations is to develop policies that countries can implement to achieve set goals.  Effectively, they provide information about how to do the things you want to do.

You may be just starting out as an entrepreneur, and think you really don’t know if you have the skill or are the right type of person for the job. 

The Definition of an Entrepreneur

UNCTAD states an entrepreneur is an individual who identifies opportunities in the marketplace, allocates resources, and creates value. Entrepreneurship—the act of being an entrepreneur—implies the capacity and willingness to undertake conception, organization, and management of a productive new venture, accepting all attendant risks and seeking profit as a reward.

But you should realize that entrepreneurship is a core global initiative, and you are exactly the person for the job. 

The UNCTAD document is used to help countries develop their entrepreneurship policies.  Money and time is being spent helping every country in the world develop entrepreneurs. 

You may think you’re doing something bizarre because you’re the only person in your family who wants to run a business, or the only person among your friends.  But in reality, you are the one who is taking the initiative, and in doing so, you join million of others around the world who are doing the same thing.

The UN policy framework at its core wants to “unleash entrepreneurial capacity and facilitate start-ups.” A goal that is directly aligned with yours.

UNCTAD focuses on 6 components for what they want to do for you:

1. National entrepreneurship strategy

2. Optimize regulatory environment

3. Enhance entrepreneurship education and skills development

4. Facilitate technology exchange and innovation

5. Improve access to finance

6. Promote awareness and networking.

Numbers one and two – national strategy and regulation involve talking about government. But three through six are directly about talking to you, the aspiring entrepreneur.

Enhance entrepreneurship education and skills development

Starting at number three, your skills and education, you can begin to develop your entrepreneurial dream immediately.

The best way to start a business is to start a business.  Many aspiring entrepreneurs do not start because of concern about their knowledge and skill. But you do not know what you can do unless you go forward and try with the skills that you have.

If you have a business idea in your head, you need to do the preliminary research necessary to transform it into an active business.  You do not need to study every facet of the business until you are too worried about having the right skills to actually get it done. You need to give yourself the confidence to move forward by taking on your business building tasks.

In the introduction to the skills section UNCTAD states “Entrepreneurial skills center around attitudes (soft skills), such as persistence, networking and self-confidence; and enabling skills (hard skills), including basic start- up knowledge, business planning, financial literacy and managerial skills.”

As you strengthen your own capabilities and desire by working on your business, doing research, and discovering the resources you need to move forward, you will indirectly be building the entrepreneurial culture in your own community.  You will lead by example. 

Mentoring is a major part of the initiative whether through formal programs, courses or the private sector.  Many aspiring entrepreneurs are concerned about where to find a mentor, and how to get a mentor, but you do not have to find someone who will help you before you begin.

The purpose of a mentor is to help you navigate by providing knowledge you do not have. To that end, you can surround yourself with virtual mentors. You can follow people you admire online, watch YouTube videos of speeches and interviews, and read their books or articles.

You do not have to personally know all your mentors. But you do have to know what you would ask if you ever met them. 

Create your own mentors and incorporate them into your life.  As you go forward with building your business, you will meet people who are in your industry, or interested in your ideas. Those opportunities will eventually lead you to your personal mentor.

Technology exchange and innovation

Technology is absolutely critical to building a scalable global-business in the 21st century. For this factor UNCTAD states “technology provides entrepreneurs with new tools to improve the efficiency and productivity of their business, or with new platforms on which to build their ventures. In turn, entrepreneurs fuel technological innovation by developing new or improving existing products, services or processes and ensuring commercialization.”

Aspiring entrepreneurs have two parallel goals.  You want to improve your own business by using technology resources, and you want to improve technology by providing new ideas to the global marketplace.

You may be thinking of your business idea in isolation of these larger goals, but your idea might be fuel for others.  You never know what kind of impact you can have.  That’s why you just have to get started.

Access to Finance

When you are ready to scale your business, or in some cases to just get started, you may face the issue of financing.  Improving entrepreneurs’ access to financing is a key factor in the entrepreneurship policy framework for the UN.

Governments are encouraged to motivate lenders and investors to invest in the great business ideas of rising entrepreneurs.  And entrepreneurs are encouraged to prepare to meet investors’ expectations.

Many initiatives to support entrepreneurs are aimed at fostering connections with the private sector. As an aspiring entrepreneur who is looking for financing, that is where you direct your attention.

NOTE to readers: For additional ideas about finding financing for your business, check out the video How to Find Money to Start a Business on the Case Lane You Tube channel. The video is specifically focuses on how you find your own financial resources from your own funds, but also covers some of the different avenues that are open to entrepreneurs.

Promote awareness and networking

A hesitant aspiring entrepreneur needs to find an entrepreneurial culture that will support the business dream. Many aspiring entrepreneurs do not get started because there is no general atmosphere aimed at new business people.

How many of you are simply afraid of what others will say, or of doing something that is not common in the neighborhood? 

The UN wants countries to create an entrepreneurial culture.

UNCTAD says negative socio-cultural perceptions about entrepreneurship can act as significant barriers to enterprise creation and can undermine the impact of policy intervention in support of entrepreneurship.  Under the UN, all governments are ‘officially’ aware of this conflict between what they say and what they do.  And aspiring entrepreneurs should be aware of this disconnect also.

When receiving negative feedback around wanting to start a business, or being out on your own, you have to recognize that it’s a global issue that the world is trying to counteract.  You are not alone in trying to get people to understand your desire to be an entrepreneur.  But this all-too common issue has some universal solutions.

Aspiring entrepreneurs should create networks – of models, champions and references of success.  You can go where other entrepreneurs are gathered and speak to them about their experiences.  There are many similar stories of discouragement in the entrepreneurship world.  Knowing you are not alone is a step towards counteracting the unfavorable comments.

You must also improve communication. The UNCTAD framework states “A country’s (or in your case friends and families) general attitude towards entrepreneurship is a product of societal values, tolerance of risk, fear of failure, rewards of success, encouragement of creativity and experimentation and recognition of persistence.

All of these factors are important.

So-called “soft” barriers to entrepreneurship, including negative cultural perceptions, are as equally important as the “hard” barriers, and because they tend to be deeply ingrained in a society, they take time to address.

But the positive image of entrepreneurs comes from you – the aspiring entrepreneur – and the people you highlight as examples.  You can point out that entrepreneurs play an important role in addressing problems that are important to society, such as unemployment, social inequality and poverty, and by showing how entrepreneurship, including social entrepreneurship, serves as a key component of national development.

Focusing on this factor is about allowing you to be free from criticism so you can do what you most want to do.  Get your business up and running.

Using the UN’s own words as a guide, the aspiring entrepreneur can feel encouraged that the world is working on making entrepreneurial dream come true.  You are supported, and there are initiatives designed for you and people like you to become business people in the global economy. 

Knowing that these initiatives exist should help you recognize you are on the right track.

The United Nations position on entrepreneurship is important to aspiring entrepreneurs because it reflects the collective intentions of global governments. You are a participant in a worldwide movement to enhance economic development through individual businesses. But you need to get started. 

This blog is also a podcast. Check out Episode 47 of The Ready Entrepreneur Podcast at Apple Podcasts, or wherever you like to listen.