Being an entrepreneur can be fun and rewarding as it can be difficult and challenging. However, engaging with like minded people and helping hands to share opportunities, challenges as well as obstacles can be an essential gift, when setting up your company.
So why this blog series?
This blog series aims to show you what YOU can get out of a well-established ecosystem and indicates why it is strongly recommended to participate and shape an ecosystem. And by YOU I am not only referring to company founders and entrepreneurs, but also to students, engaging corporate representatives, potential partner firms, and public institutions. Hence, this blog series demonstrates why an entrepreneurial ecosystem is important from a variety of perspectives.
And what do I have from participating?
Generally an ecosystem creates five pillars helping and shaping each participant group in a different ways:
A common culture creates room for endorsements, recommendations as well as exchange. Moreover, it will help you to work together and to establish a “get-something-done” – mentality. However, as we will see during the coming posts for each particpant group this means something clearly different. Company founders may get in touch with a new co-founder whereas students get their first job opportunities. Still, in the end this can be beneficial for everyone!
Entrepreneurship is often about scaling and scaling fast. This concerns the professional as well as personal level. An ecosystem provides the opportunity to scale fast. This can refer to your business life as you will obtain new business opportunities more easily as well as to your personal growth as you get to experience new influences, ideas and opportunities
It is always easier to achieve something (especially when you are dependent on another party) if a established relationship is in place or you are getting introduced by somebody to another party. It is simply a level of trust which enables you to close different kinds of deals faster and under better conditions.
Exchanging with other people enables us to receive new ideas and learn from the mistakes of others. Hence, being interwoved within a close and sharing ecosystem provides us with the opportunity to receive hints from others in order to not fall into the same pitfalls as they did.
Lastly, an ecosystem can be a useful marketing instrument to spread your product in a trusted environment, which provides you with honest and trustworthy feedback. Additionally particpants are more likely to endorse your product, quality or skills if you are closely engaged with them.
Cool – so what is up next?
You received a general high-level overview of why it is worth it to participate and what can come out of it. Hence, the next posts will update you with startegies and potential outcomes for each participant group and how to give and receive the most out of your participation within an entrepreneurial ecosystem.
On a further note: Please feel always free to provide feedback and your opinion about this subject. Although I learned and experienced a lot on a practical as well as academic level within I am always eager to hear your opinion and experiences!