Contents
Cover
Title Page
Copyright
About the World Entrepreneurship Forum
World Entrepreneurship Forum's Founding Members Definition
Preface
Acknowledgments
Author Note
Section I: The New World
Chapter 1: The Global Entrepreneurial Revolution
The Entrepreneurial Tsunami
The Entrepreneur
The Once and Future of Entrepreneurship
The Global Entrepreneurial Revolution
Social Entrepreneurship
Transforming Government's Role
Private Support of Entrepreneurship
So How Does This Impact You?
Chapter 2: The Entrepreneurial Technological Transformation
Tech Entrepreneurs 1.0
Tech Entrepreneurs 2.0
Tech Entrepreneurs 3.0
The Case of the Question Box
The Bottom Line
Section II: Explorers of the New World
Chapter 3: Entrepreneurs: The New Global Adventurers
The New Global Adventurers
Attributes of an Entrepreneur
The Adventurer as Entrepreneur
Chapter 4: Going Green: Business as an Agent of Change
The Seeds of Change
The Emergence of the Green Economy Paradigm
New Business Models for a New Era
Sustainable Development in Action
Adapta Sertão: Improving Small-Farmer Livelihoods through Green Entrepreneurship
New Metrics to Assess Success
Looking Forward
Chapter 5: Social Entrepreneurship and the End of Charity
My Life as a Filipino Social Entrepreneur
The Age of the Social Entrepreneur
Radical Change: The Mood of the Times
Global Proof
Challenges of Social Entrepreneurship
How Does One Become a Social Entrepreneur?
Chapter 6: Empowering Women and Minority Entrepreneurship
Female Entrepreneurs
Minority Entrepreneurship
What Does It Take to Live the Dream?
The Path of the Entrepreneur
Passion
Invest in Yourself
Risk Taking
Understand Your Financials
Know Your Market
Social Capital
Social Media
Pivoting
Collaborations
Chapter 7: Untapped Potential at the Base of the Pyramid
Problems at the Top of the Pyramid, Too
A New Equilibrium
The Poverty Penalty
Learning Curve
Solutions I
Solutions II: Aspiration Marketing
The Next Level: Cross-Sector Collaboration
A Peek into the Future
Section III: The Toolkit
Chapter 8: Hello Entrepreneurs, Goodbye Borders
How I Got This Way
Peace in Our Time?
The New Digital Economic Age
Angel Investors: The Where, What, Why, How, and Who
What You Really Need to Know about Angel Investors
Top 10 Things to Know about Angel Investors
Ready, Set, Go!
Chapter 9: New Financing for a New Era
The Need for New Financing
The Crowdfunding Model
The Potential Impact of Crowdfunding
The Jumpstart Our Business Startups (JOBS) Act
Crowdfunding Trends All Around the Globe
Understanding the Tool
The Shape of Things to Come
Chapter 10: Social Media: The Game Changer
Welcome to a Brand New World
On Your Mark, Get Set, Go!
The Door to Influence Is Open
Storytelling for Brands: Can You Tell a Story?
One Story, Multiple Media
Co-Creation of Causes and Brands: Leveling the Playing Field
Clients as Collaborators
To Tap into the Audience, Listen
Engage Your Network
Responses Build Relationships
Speed Improves Conversions
Approaches to Social Media
Understanding Distinct Media
Examining the Competition
Measuring your Return on Investment
Be Authentic and Transparent
Chapter 11: Paradigm Shifts in Education
Sweden
Gothenburg Region
Ung Företagsamhet (UF)
How Do You Start from Scratch?
Thoughts and Reflections
Chapter 12: Creating an Entrepreneurial Ecosystem
An Unexpected Call
The Earthquake
Inspired by Immersion
The Pitch
Getting Started
Global Validation
Our Prototype
The Measurable Impact (ROI)
Growth
Success Stories
Conclusion
Section IV: Joining the Entrepreneurship Revolution
Chapter 13: Intrapreneurship
Why Should Your Business Be Thinking about Intrapreneurship?
The Intraprenurial Culture
What Intraprenurial Companies Do Right
Global Intrapreneurship
Tips for Fostering Intrapreneurs
Top 10 Ways to Create an Intraprenurial Organization
Chapter 14: Taking Your Business Global in the Digital Age
The Everything Guide to Going Global
Do You Need a Mobile Website?
The Social Network
Understanding Your New Market
Logistics and Payments
Getting Customers
Final Thoughts
Chapter 15: The Self-Employed Entrepreneur
The Changing Nature of Work
The Tide of History
Why Join the Revolution?
Get Started
Index
Cover image: World Flags © iStockphoto.com/mstay
Cover design: Wiley
Copyright © 2014 by Steven D. Strauss. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with the respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor the author shall be liable for damages arising herefrom.
For general information about our other products and services, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002.
Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.
Library of Congress Cataloging-in-Publication Data:
Planet entrepreneur : the World Entrepreneurship Forum's guide to business success around the world / [edited by] Steven D. Strauss.
pages cm
Includes index.
ISBN 978-1-118-78952-0 (cloth); ISBN 978-1-118-81075-0 (ebk); ISBN 978-1-118-81099-6 (ebk)
1. Entrepreneurship. 2. Success in business. I. Strauss, Steven D., 1958- II. World Entrepreneurship Forum.
HB615.P52 2014
658.4′21–dc23
2013028889
About the World Entrepreneurship Forum
The World Entrepreneurship Forum is a unique concept. It embraces the totality of the entrepreneurial ecosystem, including business entrepreneurs, social entrepreneurs, policy makers, experts, and academics.
It is a community of entrepreneurship from five continents and a powerful global network of leaders selected for their achievements and commitment to society. Every year, the Forum gathers over 250 participants, coming from 60 countries, willing to join with their peers to think, act, and transform their environment.
It is both a think tank and a do tank:
- Members share the latest trends and issues about global entrepreneurship.
- They develop ideas and recommendations aimed at promoting and spreading entrepreneurship worldwide.
- They facilitate entrepreneurial initiatives on a local or global scale.
The World Entrepreneurship Forum promotes the development of entrepreneurship, creating wealth and social justice. This dual approach, economic and social, is one of the distinguishing features of the Forum.
The Forum's “Entrepreneur for the World” Awards showcases internationally renowned role models who illustrate the Forum's core values of entrepreneurship that creates wealth and social justice, in the following five categories:
1. Entrepreneur
2. Young entrepreneur
3. Social entrepreneur
4. Educational entrepreneur
5. Policy maker
The Junior World Entrepreneurship Forums (two- and three-day forums in universities) are meant to give voice to junior entrepreneurial causes and initiatives worldwide.
The World Entrepreneurship Forum also develops local events and initiatives, to be hosted within local, regional, or national chapters and emphasizing the dynamism, the networks, the best practices, and the entrepreneurial challenges of the country.
Since 2008, the World Entrepreneurship Forum has seen 600 participants, 75 countries, 4 white papers, 50 listed best practices, 18 rewarded role models, 10,000 students attending Junior Forums in 18 countries, 150 press articles in 35 countries in 2012, 1 online collaborative platform, and 5 founding partners from Europe and Asia.
www.world-entrepreneurship-forum.com
contact@world-entrepreneurship-forum.com
World Entrepreneurship Forum's Founding Members Definition
EMLYON Business School
Founded in 1872, affiliated with the Chamber of Commerce and Industry of Lyon, EMLYON Business School is one of the major European business schools. It is devoted to lifelong learning for entrepreneurial and international management. Its pedagogy is focused on educating entrepreneurs for the world. (See www.em-lyon.com.)
KPMG
KPMG is a global network of professional services firms providing audit, tax, and advisory services to a wide variety of public and private sector organizations in 156 countries.
We act as responsible corporate citizens and are committed to our communities and environments. KPMG France therefore decided back in 2008 to co-found the World Entrepreneurship Forum with EMLYON Business School, acknowledging the tremendous role and importance of entrepreneurship in enabling economic growth, wealth, employment, and social justice throughout the world.
ACE
The Action Community for Entrepreneurship (ACE) is a Singaporean movement for entrepreneurs, by entrepreneurs. ACE helps aspiring entrepreneurs start up by building a vibrant community and connecting them to resources, people, and knowledge. ACE is currently led by Mr. Teo Ser Luck, Singapore Minister of State for Trade and Industry. Please visit us at www.ace.sg.
Nanyang Technological University
A research-intensive public university, Nanyang Technological University (NTU) has 33,500 undergraduate and postgraduate students in the colleges of Engineering, Business, Science, Humanities, Arts, and Social Sciences (and Medicine in 2013). A fast-growing university with an international outlook, NTU is putting its global stamp on Five Peaks of Excellence: Sustainable Earth, Future Healthcare, New Media, New Silk Road, and Innovation Asia. For more information, please visit www.ntu.edu.sg.
ONLYLYON
ONLYLYON is in charge of promoting Lyon's assets and bringing its ambition to fruition: turning its economic development model into a reference among other major European cities and establishing its international influence. It has been created by Lyon's main partners and economic institutions, among them Greater Lyon Council and Lyon's Chamber of Commerce and Industry. (See www.onlylyon.org.)
Zhejiang University
One of China's oldest institutions of higher education, Zhejiang University is a leading national comprehensive and research university with the motto of “Faith of Truth.” Its School of Management is known for the research and business education, especially in entrepreneurship and innovation, and it is the first state-run business school in mainland China that has received international accreditation. (See www.zju.edu.cn.)
Preface
The World Entrepreneurship Forum, the first think tank fully dedicated to entrepreneurship, was created six years ago based on the idea that, more than ever, the world would need entrepreneurs of any kind in the coming decades. Six years have passed, and the current worldwide crisis and increasing unpredictability of events show that the original idea proves to be very relevant. In fact, throughout the world, entrepreneurship is on the way to becoming the dominant business philosophy, since it combines virtues such as creativity, innovation, initiative, and flexibility and, above all, is at the basis of job creation. At the same time, the spirit of entrepreneurship is expanding dramatically to the social area. Modern-day social entrepreneurs are using business models to develop social ventures at the bottom of the pyramid. The Nobel Peace Prize awarded to Muhammad Yunus and Grameen Bank in 2006 illustrated the global scale of the phenomenon.
Our conviction is that the increasing interest of policy makers and public opinion for entrepreneurs both in emerging and developed countries is related to the urgent need to find solutions to the new challenges and mega trends that require a new paradigm. Old models are not able to bring answers to current issues. Yesterday's institutions, business models, and social systems are no longer operating. Hence, the entrepreneurial spirit has to be extended to all areas to invent not only new products, services, and business models but also new institutions of regulations and new social models (above and beyond).
Jeremy Rifkin thinks that the Third Industrial Revolution (2011) will be driven by the convergence of Internet communication and renewable energies. According to him, big revolutionary transformations take place when there is a convergence between new communication means/infrastructure technologies and a new energy era. Current opportunities of transformations created by the convergence of digital technologies, nanotechnologies, biotechnologies, and neurosciences combining with the need of inventing a new “energy regime” are definitely giving rise to an industrial revolution. However, we believe that discontinuities and transformations are broader and more dramatic than merely an industrial revolution. Indeed, four major transformations (demographic, geopolitical, technological, and environmental) have been converging or diverging, and the world has been entering in the era of the most important discontinuities a human being has ever experienced since the first Industrial Revolution.
Population growth, from 7 billion in 2010 to 9 billion in 2050, raises the challenge of getting billions of people out of poverty. Maybe more importantly, for the first time in human history, life expectancy will be close to a century by 2050, raising another challenge, which is inventing new institutions and new social life adapted to a world that will gather four generations instead of three.
Within the same time span, the gravity center of the world economy will shift from developed Western countries to emerging big demographic blocs. That will give place to a new global geopolitical order. China, India, Brazil, Russia, the United States, and Europe as global superpowers and Mexico, Indonesia, Turkey, and South Africa as regional powers will interact and compete in order to define new rules of the economic and political game. As Hubert Védrine, French Foreign Minister in 1997–2002, said in his recent book in 2012, “for the first time in history there is such a competition between so many powers.” Indeed, the multipolar global world is not about homogenization by the expansion of Western ‘universal’ values. But it is rather a high level of interconnections and interactions between different institutional systems and economic ethos that are in competition. Every day, we learn that modernization is not unique but multiple. Different kinds of modernity rooted in different economic and social ethos are in competition.
The current trend of decoupling between high-growth countries and developed economies may lead us toward 2050 with a new economic order in which two thirds of world GNP will be set up by the current eight major emerging countries. It means that several billion people will reach the living standards of the less than one billion people from the Westernized world. That is to say that a huge middle class will coexist likely with a large number of poor people excluded by the development of the global economy.
Rising expectations of the new middle class of the emerging world are indeed very legitimate. As the big demographic blocs of the emerging world catch up, that is good news from the perspective of the equity. But could it be believed that this good news is sustainable under the current mode of production which is largely dependent upon non-renewable resources?
Systematic degradation of the global climate and depletion of natural resources under the regime of carbon-based energy and modes of production depending on intensive use of nonrenewable resources create contradiction with positive megatrends. Combined with the population growth and the high growth of the emerging countries, this degradation puts high pressure even on very basic and vital resources such as water and air.
Hence, the question is the following: How can we use the potential of positive convergence and at the same time solve the problem raised by the divergence in the transformations? To put it in different words: How can we invent sustainable growth with the global citizenship spirit? It is more than the Industrial Revolution; it is about inventing New Humanism.
Entrepreneurs are central agents for turning all of these challenges and discontinuities into solutions and disruptive changes by inventing new business models, social patterns, and new institutions.
The aim of the World Entrepreneurship Forum is to contribute to shape this new humanism by putting together business entrepreneurs, social entrepreneurs, policy makers, and other leaders involved into a global entrepreneurship ecosystem sharing the same value and belief: Entrepreneurs are creators of the wealth and borderless social justice.
In a multipolar world where three main economic ethos—liberal economic ethos, coordinated market economic ethos, and informal economic ethos—are competing, it is very important, also, to bring any entrepreneurs coming from these main economic ethos to create inspiration through entrepreneurial stories, to set up recommendations to shape the New Humanism, and to take initiative to move toward the world of 2050.
This book presents the insights of 14 entrepreneurs who are part of the World Entrepreneurship Forum, coming from three different economic ethos. They are trying to change the world and are aware that the world needs millions and millions of entrepreneurs to invent the new paradigm, to scale up to large scale with acceleration. Because we need acceleration to reduce the time of the transition from the old paradigm to the new paradigm for one reason: The longer the transitions are, the higher the sacrifices will be for the current generations!
—Tugrul Atamer
Acknowledgments
We, the many and varied authors of this book, are very appreciative for all of the assistance we received throughout the process of its creation. In particular, we would like to thank the World Entrepreneurship Forum and Wiley for their efforts in making this book a reality. We would also like to especially thank our families and friends for their wonderful support and encouragement throughout this process. Finally, a heartfelt thank you to Stephanie Kergall for everything she did along the way, to Mara Strauss for her excellent effort editing and proofreading, and to Spencer Strauss for his outstanding work as the lead editor for each chaper. Thank you all.
Author Note
What you have in your hand is the result of an extraordinary collaboration and group effort. For the past few years, as members of the World Entrepreneurship Forum, we have been sharing ideas at our yearly think tank sessions. But it has been here, in this book, where we have been able to really explore them more deeply, share them more fully, and see how they fit together.
Each chapter of this book is written by a different world-class expert in his or her field. I, as the lead author, was given the privilege (and challenge!) of tying our ideas together into a cohesive whole, and as such, you will see my introduction at the beginning of every chapter. I hope that my contributions add in some meaningful, if small, way to the insight and expertise shared by my co-authors. If we did our job right, then the whole of this book will be greater than the sum of its parts.
—Steven D. Strauss