Few Words to Avoid “Hitting Cold Iron” in Entrepreneurial Ecosystem.

              Few Words to Avoid “Hitting Cold Iron” in Entrepreneurial Ecosystem.              

One of the technical definitions of entrepreneurship defines entrepreneurship as a combination of social sciences such as marketing, finance, economy and management.

For example, for a startup, its market study and pricing of its service or product is part of the law of supply and demand in economy. Recording the total costs for the startup is budgeting in finance, Expansion and sales of the startup is related to marketing while staffing and recruiting for startups is related to management (Human Resource). thus. this body of knowledge is perplexing. Unlike other systematic subjects. Such as, Accounting and economics. The line between what to do and what not to do is blurred.  It requires an encyclopedic mindset with an ability to correlate various concepts. Unfortunately, we did not have a qualified staff to work on the opportunities available in the ecosystem. It could be argued that millions are wasted due to this reason. In order to achieve the maximum impact from various entrepreneurial projects. The contexts of incubators and accelerators shall be considered.

 For instance, markets in Kurdistan Region of Iraq (KRI) are headed towards an oligopoly market. The new business must understand that fact. The businesses shall prepare for market competition with big firms. Such a competition is asymmetric. As larger firms have connections with the elite. They are either owned by the elite or have adapted to the corrupted system. The aforementioned is related to another weak point of the entrepreneurial ecosystem. It is ignoring social entrepreurship. That is a complementary to the commercial entrepreneurship.  

Entrepreneurship has two main goals in the region: providing new employment opportunities and generating successful business enterprises. I want to focus on the first goal. The first goal of entrepreneurship is not part of social entrepreneurship while the expected impacts cannot be achieved without social entrepreneurship. Since they are dependent on one another.

For example, you can generate hundreds of big enterprises while all of the employment opportunities they bring with themselves are not acquired professionally. But rather based on acquaintance and personal connections. Consequently, lead to inefficient and ineffective business so negatively affect the economy growth.

On the other hand, an initiative to raise awareness about equal opportunity for all based on merit and skills are considered a good social entrepreneurship which unfortunately ignored.

There are thoughts and indications that ineffective and inefficient entrepreneurial projects plant infertile seeds. Since incubators and other entrepreneurial journeys cannot generate a sustainable business in the region. Furthermore, the trained and funded businesses that are promoted in the events and activities are exaggerations. As it is often said “They really big names intended to grasp public attention with bad content” as the actual impact is not parallel to its visibility.  

This issue lies at the center entrepreneurial projects in the region. Support businesses cannot survive more than a year or two while some businesses have been supported more than once from more than one organizations and institutions. Though no conspicuous growth is recorded and yet in the pre-revenue stage.