12 May Industrial Revolution to Entrepreneurial Revolution—A New Era Begins
In the past couple of centuries, it was the ‘Industrial Revolution’ that sparked growth and development around the world. Almost overnight, industries and mega cities sprung up to stand as beacons of development. However, starting a company was not an easy task, and required a lot of capital investment. This rule is now being rewritten.
For the past few years, we have been seeing something similar to the Industrial Revolution—The Entrepreneurial Revolution. We are now living in the ‘Age of Entrepreneurs’ who have fast-forwarded technology and development manifold. How? Just a decade ago, we were using cell phones that could only make phones calls. But today, you could be reading this very article on your smartphone that is as functional as a computer. This is the power of Entrepreneurship.
Power of the Youth
The world is now full of entrepreneurs who are bringing in new ideas and concepts, and developing their own startups. Entrepreneurs are young, dynamic and brimming with new ideas. According to a recent study, the average age of a successful entrepreneur is just 40. Their young age is one of the major contributing factors in their success. Some of the biggest companies today, like Google, Facebook and Amazon, were startups by young Entrepreneurs. However, these are just the success stories made famous by the media.
From websites that let you buy anything from anywhere around the world, to applications that let you sell your old things to anyone around the world—such are the inventions that are making a difference in people’s lives. These startups are by thousands of entrepreneurs around the world, who are doing well and creating development and employment in their countries.
No Money? No Problem!
Gone are the days when you needed a rich daddy to fund your idea. Thanks to technological advancement, you can now make your own website or application with a just a small investment. Websites and applications help entrepreneurs promote their new business which brings in customers and even investors. Gone are the days when entrepreneurs had to reach out Venture Capitalists, who behaved more like Vulture Capitalists, for investment. Entrepreneurs are now funding themselves, and making truckloads of money. According to a latest study, more than 90% of entrepreneurs come from average income families.
Get Set Startup!
Governments across the world are now encouraging entrepreneurs and startups. Policies and laws are being formulated to make starting businesses easier. In fact, some countries are even giving tax breaks to new startups. This encouraging factor is successfully helping entrepreneurs, who now do not have to wait and go through a lot of red tape to start their business.
Fell Down? Get Up Again
Previously, for new businessmen, failure was not an option. If their business failed, they had to go completely bankrupt, sell their assets, and move to some obscure location, and live out the rest of their lives in shame. Sounds dramatic? But it was once true. For the modern entrepreneur, however, failure is all part of the game. With millions of ideas being implemented and hundreds of startups mushrooming, there are bound to be a few failures. But modern entrepreneurs have created a low risk-high gain model. Thanks to low capital investment, a failed idea is not expensive. The entrepreneur can simply reassess, try a new business model or idea altogether, and start off again.
Entrepreneurs and startups are changing the face of world economy. In the coming years, we are going to see smarter businesses that consume fewer natural resources, and provide more output of money, development and employment. We are moving into a smarter age—The Entrepreneurial Age.