Runaway digitalisation

Rising development creates a need for young entrepreneurs. It has never been as important as it is now to raise young enthusiastic entrepreneurs. The markets where they act are rapidly changing the development, above all in the technic area. Development in digital platforms and computer solutions is happening at a furious pace. This development affects the extent, management and evolving of businesses all over the world and sets high demands on new established businesses, run by young entrepreneurs. Today, the digital economy contributes with up to eight per cent of the G20-countries´ total BNP. These facts come from publications presented by the European Commission in 2016. This is all a part of a change happening globally through the up come of new services, products and business models.  

Development creates challenges and possibilities

For the young entrepreneur these changes in the market mean both great opportunities and big risks. Getting it right in this jungle and adapting to the new market is far from simple. At the same time as this change is happening, there is high rate of unemployed adolescents and a decline in production. This is something that needs to be utilized. It must be a high priority for governments all over the world to create prerequisites for young entrepreneurs with a will to start and run a business.  When there are guidelines made on how to maintain or broaden the economy, they need to keep the subject high on their list of importance. What can be done to support young entrepreneurs in a runaway digital development?

Governments creates prerequisites

Politics can be a factor to change this rising digitalization into a powerful possibility. Initially decision-makers need to look at how and if young entrepreneurs are changing in this development. How are they using the digital technologies to increase and streamline their businesses? The most important issue is what they can do to facilitate and improve the possibilities for those young entrepreneurs. Reports from the perspective of the G20-countries show some of the areas that need improvement.  

Governments creates prerequisites
Governments creates prerequisites

Access to finance and entrepreneurial

The development needs to be promoted by existing financial support systems for young developers. There needs to be an investment in education for entrepreneurs at all levels at the same time as the industry is involved in developing the education in the sector as it progresses. There also needs to be help for young business holders to protect their unique products and services and give them the opportunity to evolve by collaborating with larger organisations and to encourage investors.  

Global cooperation

An increased global cooperation between education as universities specialized in technology and the IT-sector could create great opportunities. There are already ongoing projects where prosperity has been reached but a better political will would be crucial in this kind of project. You can see clearly that the global economy is fragile, and many social and economic trends lead to challenges in this runaway digitizing. In summary you can say that if young entrepreneurs are given a large amount of support by decision-makers around the world, they can use the possibilities of the rising digitalisation to create success and inspiration and on that note even more work opportunities!

Mentorship – A Way to Success

When you have started and developed a company, the next step can be to get yourself a mentor. Mentorship can be the difference between success and failure. A mentor can give valuable advice that can help evolve your company. Even well-established entrepreneurs can gain from mentor´s advice. It can relieve stress and insecurity in case of new and unexpected situations.   

Use the experience of the mentor

By having someone from the outside to talk to about your thoughts and ideas, you can get invaluable help. If you have found the right person, they have most certainly been in your position when they started their business. There are lots of hard and challenging situations to handle when starting a business. With help from a mentor you can avoid the most common mistakes in the beginning. Tradition says that a mentor is an elderly person with a lot of experience in the line of business you are in. Today you can see that age is not always the main factor in a mentor. Lots of young people have succeeded in their business and have lots to offer in advice. However, life experience is also a valuable asset that is hard to get from a younger person. Mentorship is not just used in the start-up of a business; it can be useful in all times since there are always new obstacles and challenges when you run a company. Maybe you want to change the angle of your business after a while, then the mentor can be a guide to get it right. Of course, no rule without exceptions, there are branches where the best mentor is a young person with lots of experience despite their young age. Modern branches like technology and IT have experts that are very young.

Advantages of mentorship

We have already seen lots of advantages in having a mentor. We also need to shed some light on the fact that mentorship can be an asset outside the business. As a business owner you need to evolve as a person as well. By encouraging and helping you will get the confidence you need to climb higher in life, bot personally and businesswise. Another benefit of mentorship are the contacts they have as established entrepreneurs. Through the mentorship you can come in contact with other people that can prove to be very helpful and valuable in your career. You can be inspired by and find possible partners within and outside your business.  

Advantages of mentorship
Advantages of mentorship

Advantages of mentorship

We have already seen lots of advantages in having a mentor. We also need to shed some light on the fact that mentorship can be an asset outside the business. As a business owner you need to evolve as a person as well. By encouraging and helping you will get the confidence you need to climb higher in life, bot personally and businesswise. Another benefit of mentorship are the contacts they have as established entrepreneurs. Through the mentorship you can come in contact with other people that can prove to be very helpful and valuable in your career. You can be inspired by and find possible partners within and outside your business.  

Find your mentor

Finding your mentor doesn´t need to be hard. Many companies have mentorship programmes and local business associations are often willing to help. A business association can be of great importance when you start a business. There are companies specialized in mentorship that will work as a mediator between persons that want to be a mentor and businesses that need a mentor. Always remember that mentorship means both giving and taking. A mentor can learn a lot from the new business as well. Few things are as inspiring as a hungry businessman with lots of enthusiasm. Mentorship can be the key to your dream of a successful business!