5 must reads for Entrepreneurs

We keep our ear to the ground for the interesting stats, insights and discussion points you need to feel in the know.

1. Making a world of difference?

“Entrepreneurs: We usually get a lot of ‘nos.’ Constantly ‘no.’ It’s a very repeated word, but when you believe in what you are doing, you just continue.” said?Gaston Taratuta ?a year ago when he won?EY ?World Entrepreneur Of The Year? 2022. A year on, Stasia Mitchell - EY Global Entrepreneurship Lead, is still struck by his words. “These words articulate something fundamental to being an entrepreneur: purpose. Without it, it’s impossible to keep going against all the odds — or even get off the ground in the first place.” she says. And right now, entrepreneurs matter more than ever. They are an important driver of economic recovery. According to the latest?Global Startup Ecosystem report, the global startup economy creates US$6.4t, - that’s bigger than the GDP of Japan! It’s clear that entrepreneurs matter not just because of the incredibly positive impact they have on the way we work but on the way we live too. They raise the bar and embrace a diversity of thinking and inclusiveness of ideas that lead to new business models, and technological solutions to the most high-stakes problems.?

How the word “no” really does make the world of difference

2. Innovation as a catalyst for growth

As an economy and as a society, we need small enterprises. But we also need entrepreneurs who build businesses at scale. These businesses play an important role in driving economic growth, creating jobs, and innovating to produce life-changing products and services. In the world today, there are more than 582 million entrepreneurs, according to an estimate by Forbes - that’s?around 11% of the total global working population. A staggering number, yet only a tiny fraction of these entrepreneurs ever succeeds at scaling their business to its full potential. So, what does it take to transform a microbusiness into a national or even global enterprise? One way is to capitalize on the potential of emerging technologies, particularly artificial intelligence (AI). Over the coming years, AI will transform every sector from agriculture to utilities, galvanizing the global economy. According to Goldman Sachs , AI could eventually boost annual GDP by 7%. Entrepreneurs can explore opportunities to develop AI-driven products and services, including highly personalized offerings. They can also take advantage of AI to improve the efficiency and productivity of their businesses, driving down costs and taking mundane tasks away from their people so that they can focus on higher-value work. But that’s not all. Andy Baldwin, EY Global Managing Partner - Client Service tells us more...

How to scale your business, using innovation as a catalyst for growth

3. A legacy of entrepreneurial spirit

Culture eats strategy for breakfast. All businesses may start with vision and strategy but to make that sustainable you have to foster the right culture, Global Vice Chair – Markets Jay Nibbe, says. Reflecting on 23 years of the World Entrepreneur of the Year, he looks at the characteristics that set business visionaries apart. Entrepreneurs think out of the box, they are not hamstrung by humble beginnings, they adapt, see the things ahead, they prepare and they know when to seize opportunity. But, he says, one thing unites them all: when an entrepreneur understands that the people they bring on board are not just cogs in the machine but the builders of its foundation, then their potential is limitless. The thread that runs through all the World Entrepreneur of the Year winners is how committed they are to giving back to the communities in which they serve.

A Legacy of the Entrepreneurial Spirit

4. An unlikely pairing

“Me and Cam, we're opposites. Cam's the analytical, detailed person. And I was always doing 20 things at once and moving very quickly.” In 2011, Cameron Fleming and Robert Boscacci announced that they were leaving their roles at EY and starting their search for a joint business venture. Fast forward 10 years and the pair have achieved something extraordinary; creating one of the largest independent dealers of mobility and home medical equipment in British Columbia, with over 100 staff. And like Cameron and Robert, most of the staff had no prior experience in the sector. “Almost 99.9% of our staff are all greenfield” he says, “what that means is, we train them from the ground up. One of our core philosophies has been to have that constant, where we're hiring, training, and building new and fresh,” says Robert. Taking a leap into the unknown is never a straight line. But with strong support, it can be easier to make the journey towards entrepreneurship. In this article, Cameron and Robert both reflect on the support and guidance received from the EY networks throughout their entrepreneurial journey.

When you leave the firm does he firm have to leave you?

5. Why female athletes make winning entrepreneurs

Women entrepreneurship is soaring around the world, yet men still outnumber women 3-1 when it comes to business ownership. Women still?face multiple challenges to financing, owning, and growing a business. For example, a recent study revealed that female entrepreneurs in the US are more likely to face a rejection on their loan applications - and to have a higher average product of capital. Recent EY research explored whether playing sport - or learning from those who play at the highest levels – could help women founders. To answer these questions, we carried out in-depth interviews with 22 women entrepreneurs from around the world, all of whom were former or current sportswomen.?Our discussions identified five winning strategies they developed as athletes, that gave them an edge in launching and scaling their own enterprises. Almost all the entrepreneurs highlighted the importance of being confident in their own abilities – and worrying less about people-pleasing and perfection. Adding to that; confidence isn’t just an internal state of mind, having an outward appearance of confidence can transform the way clients, investors and colleagues see you.

Five strategies winning female entrepreneurs developed as athletes

If you do one thing:

Be present today, take time for yourself.

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