Entrepreneurial Ecosystems and the role of the entrepreneur

In this 5 minute blog, you will learn which factors are essential for an entrepreneurship ecosystem. An entrepreneurial ecosystem that helps a country’s economic development. Furthermore, the 6 areas where E-Scan can help speed up this process to economic growth.

Table of contents

• The economic and social added value: more prosperity and well-being
• The added value of entrepreneurial policy
• The added value of an Entrepreneurial Ecosystem
• Entrepreneur Scan can influence six determinants of an Entrepreneurial Ecosystem

Despite a high failure rate, new business, startup – and serial entrepreneurs are of added value for an economy. Therefore, the added value would be even higher if these companies would evolve into high growth firms. In addition, the local entrepreneur plays a crucial role in achieving this type of success. For example, proper preparation and connecting the business and personal goals of the businessperson to his competencies increase the chance of success.

E-Scan offers an online platform and program for entrepreneurial skills development. With their E-Platform, the services of experts and an entrepreneurial support organization come together seamlessly. Moreover, it provides policymakers with the chance to fulfill the needs of a broad and diverse target group. On a large national scale and local entrepreneurial ecosystems, for example, by offering customized services.

In addition, a regional and successful entrepreneurial ecosystem such as ‘Ik Start Smart’ (OECD, 2014) has already shown the added value of deploying the entrepreneurial mindset tool E-Scan. It affects the owner-manager’s chance of survival after five years greatly. In contrast to the national average of 49%, the chance of survival rises to 89% after five years. On top of that, the growth of the entrepreneurial mindset in one year was 44,4%.

The economic and social added value: more prosperity and well-being

The purpose of economic policy is generally economic growth, which reflects:

• more firms;
• job creation;
• a strong international competitive position;
• more innovation and all this concerning a lively and liveable environment for the community.

Moreover, the aim of strengthening the capacity for innovation and competitiveness comes from the need for prosperity. The more prosperous a country, the more productive and innovative companies must become to remain competitive in order to grow wages and wealth.

The European Union always emphasizes the importance of innovation and creativity through entrepreneurship. For example, the European Union identifies the connection between creativity, the innovation process, and entrepreneurial activity as essential instruments for preserving prosperity and for finding ways to a sustainable society; welfare.

The added value of entrepreneurial policy

More countries are evolving towards a more entrepreneurial society. Entrepreneurial education, entrepreneurial employees (intrapreneurs) and aspiring entrepreneurs who pursue entrepreneurial ventures at their own account and risk. Creating space for entrepreneurs. Moreover, rewarding creativity, risk-seeking behavior, in short entrepreneurship, has increased in importance. We need these entrepreneurs to remain competitive in a very dynamic environment.

However, for sustainable growth, the quality and infrastructure of the new venture are also important. For instance, the quality and chance of survival of the new company increase through:

• individual guidance during and after the start,
• competence development,
• capital at the right time and
• contact with other firms increase.

Scientists wrote an article ‘Entrepreneurial Ecosystems.’ The system offers a “regulatory framework” to create the context for a startup and ambitious entrepreneurship.

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