So what influences entrepreneurs to form new businesses? A recent Kaufman Foundation study found that new business start-up has remained constant over time, despite economic conditions, population changes, and even technological advances. Though entrepreneurship education and capital availability alone have little impact on annual start-ups, these certainly are the 2 heavy hitters when it comes to creating an entrepreneurial environment conducive to start-ups.
Entrepreneurship education doesn’t necessarily imply teaching people strategies and skills that help to form new businesses. What is more important is helping people ‘unlock’ the entrepreneurial spirit that is so necessary when deciding to form a business. That spirit is confidence, perceived feasibility, excitement and determination to succeed. Without the entrepreneurial spirit, there may never be that desire to act on an idea.
It’s nearly impossible to create a solution out of the same figurative space as the problem. True innovation comes from a different “space” and a new skill. It demands that those who imagine an improved outcome participate in creating it.