A next generation entrepreneur in the start-up world is one who knows how to adapt to an increasingly volatile, uncertain, complex and ambiguous world (VUCA). They are also those who know how to best align their personal aspirations with emerging opportunities.
Next Generation Entrepreneur
Our world is increasingly volatile, uncertain, complex and ambiguous (VUCA), as I explained in a previous post.
Companies must therefore operate differently to ensure sustainable development and growth.
Characterized by personalities such as Richard BRANSON & Elon MUSK, this new generation wants to live their dreams and create a better world through their business(es).
One of the key success factors is to know how to best align individual aspirations with those of the other stakeholders of the entrepreneurial project: customers, employees, partners and investors.
A high failure rate
According to some studies, it is estimated that about 70% of start-ups fail. This can be either by not achieving their initial goal or by closing down completely.
The failure rate of start-ups can vary widely depending on a variety of factors. These include the quality of the management team, funding, marketing strategy and external factors such as industry, economic conditions and market competition.
It is also important to note that failure of a start-up does not necessarily mean the end of the business. Many entrepreneurs are able to turn their failures into valuable lessons and bounce back with successful new businesses.
What are the key success factors?
One of the key success factors for next-generation entrepreneurs is their ability to innovate and adopt new technologies. The most successful entrepreneurs understand that emerging technologies, such as artificial intelligence, machine learning, and blockchain, offer unprecedented growth opportunities.
By integrating these technologies into their businesses, entrepreneurs can offer new products and services, improve customer experience, increase operational efficiency and reduce costs.
In addition, next-generation entrepreneurs also understand the importance of collaboration and networking to succeed in the competitive startup environment. They are able to leverage their network for advice, resources and funding opportunities.
Having the right mindset
Finally, the mindset is one of the things that will influence the success of the next generation entrepreneur. Additionally, it is probably largely underestimated. This is what I talked about in a previous article.
I also talked about SFM, the Success Factor Modeling, which presents the necessary criteria for entrepreneurial success.
Check out this video on how to develop a next generation entrepreneurial mindset.
How to stay motivated
According to Robert DILTS, motivation comes from an alignment between vision, mission, ambition and role. The first two words are related to something bigger than oneself. The last two words are more related to the development of the individual, in this case the new generation entrepreneur and his teams.
It is therefore crucial that these aspects are clear to the leader and to all stakeholders, otherwise there will be dissonance and inefficiency, or even failure of the project.
Bringing in external help, both strategic and pragmatic, on a part-time and medium-term basis, will most likely be an emerging help of choice in the near future.
Contact me if you wish to develop an entrepreneurial project corresponding to the above criteria; I will be happy to accompany you.
References
Next Generation Entrepreneurs (SFM Volume I), Robert Dilts, 2015
Generatice Collaboration (SFM Volume II), Robert Dilts, 2016
Conscious Leadership and Resilience (SFM Volume III), Robert Dilts, 2017
The Top 12 Reasons Startups Fail, CB Insights