Introduction
How to assist our own community in developing ways to encourage entrepreneurship and how to accomplish them? Different people have different dreams and advantages. For communities in different cultures, different developing ways to encourage entrepreneurship are necessary. There are many ways to encourage entrepreneurship in Taiwan. We can start with common ones such as how we deal with mistakes, how to raise capital, or through government leadership and private sectors. Most importantly, to create an entrepreneurial culture for long-term benefits.
As technology changes with the world around us, many jobs may become obsolete in the next 20 to 30 years. Along with these tech and societal developments, starting a company and becoming an entrepreneur has become a lot more accessible and a lot more accepted. A strong town needs strong local businesses. Local businesses provide jobs and opportunities for wealth creation. Lots of towns would like to attract more entrepreneurs and grow their small business communities.
Implement Summary
Financial, Policies, and The Government
Start with the government's role, there are so many policy instruments that can be used to encourage entrepreneurship since policy instruments are the tools for overcoming problems and achieving objectives. Oftentimes, when we think of starting a new business, the financial risk and the costs are the first nightmares that stop our progress in the first place. For example, buying or renting lands or renovating a building for a new business can be extremely costly in Taiwan. It is helpful if banks, community development corporations, and other community development financial institutions are all in a position to offer demanded loans. If the policymakers lower the barriers to entry for small business owners, more opportunities will be created since walkability is crucial to small business success. However, while reducing the obstacles, we still have to filter those liars and frauds and award integrity ones.
Infrastructures
Just like enough nutrition consumption keeps you alive and maintains normal physiological functions, strong infrastructures support all kinds of businesses to operate smoothly. For example, Help facilitate walkable business districts. In walkable neighborhoods with shops and restaurants, passersby are far more likely to frequent multiple businesses than if they were just driving to a specific store in an auto-oriented area. Electricity, energy, internet connection, clean water, and human resources are all essential parts to build a successful business. Put more effort into building a strong infrastructures system is a must. During the pandemic of COVID-19, I think the biological industry such as vaccines, is also a kind of infrastructure since it is a matter of life or death.
Simplify The Regulations
Just like the math questions we tried to solve in high school, all we wanted is a simple answer. For starting new businesses, too complicated processes will hit innovation hard and break the worms while they trying to grow. Therefore, be sure to make the startup's process simple. Instead of annoying entrepreneurs, governments should let them focus on their creations, rather than keep them too busy with those chores. So, cut out any superfluous steps if possible.
Toolkits and Resources
Recently, in WWDC 2021, Apple announced greater toolkits for app developers. Why did they do this? Of course, Apple knows it is effective if developers get excellent tools on their hands. Quite the same, entrepreneurs can do better if they also have great tools and enough resources on hand. Therefore, providing businesses with resources to take their business to the next level is a proven way to strengthen the local economy.
Education System
Entrepreneurship education promotes innovative talents, which are an important driving force for future development. However, most of the current research and discussion in Taiwan focuses on the construction of teaching staff in the entrepreneurial education ecosystem. A whole new education system can drive innovation and development that can further improve the research on entrepreneurship education. From knowledge learning to skills improvement, entrepreneurship education includes general ability development and improvement of professional ability. Entrepreneurial competence, which is important for success, mainly refers to the ability to identify opportunities and develop the necessary resources and capital, in addition to technical, financial, and legal knowledge.
Social Connections
Almost everyone has aspirations to be successful in life and to make it big one day, but the approach may differ from person to person. Nevertheless, ultimately people resort to becoming an entrepreneur. I suggest that the activation or use of social networks is primarily done in the establishment phase. Provide a platform to help them build their social networks, relationships, and human resources.
Reference
Quednau, R. (2019, July 23). How to Encourage Entrepreneurship in Your Town. Strong Towns. https://www.strongtowns.org/journal/2016/4/19/how-to-encourage-entrepreneurship-in-your-town.
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