Notes- The Future of Entrepreneurship

The Future of Entrepreneurship

As evidenced by the many different definitions, the term entrepreneurship means different things to different people and can be viewed from different conceptual perspectives. However, in spite of the differences, there are some common aspects: risk taking, creativity, independence, and rewards. These commonalities will continue to be the driving force behind the notion of entrepreneurship in the future. One thing is clear: The future for entrepreneurship appears to be very bright. We are living in the age of the entrepreneur, with entrepreneurship endorsed by educational institutions, governmental units, society, and corporations. Entrepreneurial education has never been so important in terms of courses and academic research. The number of universities and colleges offering at least one course in entrepreneurship increases each year. The number of faculty teaching entrepreneurship as well as the number of endowed chairs increases regularly. There are some unique entrepreneurial programs as well, such as master’s programs in entrepreneurial science and technology entrepreneurship, and MBA with a concentration in bioscience.

Entrepreneurship education throughout the world is also growing. Many universities in Europe have well-established programs in entrepreneurship. Most universities and associations do research on entrepreneurship, followed by training courses and then education courses—courses for which degree credit is given. Very few universities are yet involved in the actual enterprise creation process where the university, faculty, and/or students share in the sales and profits of the new venture.

This increase in course offerings has been accompanied by an increase in academic research, endowed chairs in the area, entrepreneurship concentrations and majors, and centers of entrepreneurial activity. This trend will continue, supported by an increase in PhD activity, which will in turn provide the needed faculty and research effort to support the future increases in course offerings, endowed positions, centers, and other research efforts.

Various governments are taking an increased interest in promoting the growth of entrepreneurship. Individuals are encouraged to form new businesses and are provided such government support as tax incentives, buildings, roads, and a communication system to facilitate this creation process. Encouragement by the federal and local governments should continue in the future as more lawmakers understand that new enterprises create jobs and increase economic output in the area. Some state governments in the United States are developing their own innovative industrial strategies for fostering entrepreneurial activity and the timely development of the technology of the area. The impact of this strategy is seen in the venture-capital industry, which is always sensitive to government regulations and policies. Many states now have their own state-sponsored venture funds, where a percentage of the fund has to be invested in ventures in the state.

Society’s support of entrepreneurship will also continue. This support is critical in providing both motivation and public support. Never before have entrepreneurs been so revered by the general populace. Entrepreneurial endeavors in the United States are considered honorable and even, in many cases, prestigious pursuits. A major factor in the development of this societal approval is the media. The media have played, and will continue to play, a powerful and constructive role by reporting on the general entrepreneurial spirit in the United States and highlighting specific success cases of this spirit in operation.