Global Entrepreneurship Institute

Posted by: Robert W. Price 

Entrepreneurship and Innovation: Key to the Global Economic Recovery

A White paper by Ernst & Young highlights the role of government in making economies “innovation-friendly”

Ernst & Young LLP released a report that highlights the vital importance of entrepreneurship and innovation in today’s economy. At a time when business leaders are struggling to balance short-term survival with long-term demand for growth, innovation and an entrepreneurial mindset is essential.

The new white paper, Entrepreneurship and Innovation: The keys to global economic recovery, details the clear connection between entrepreneurship, innovation and economic growth. Drawing on academic research, leading business minds and real-world experience, the report shows how developing new products and services, revamping organizational processes or adopting fresh approaches to partnerships can enable companies to take advantage of the current economic climate.

“Entrepreneurship and innovation inherently thrive in downturns; in fact, some of the world’s largest companies were born during a recession,” said James S. Turley, Global Chairman and CEO of Ernst & Young. “In times like these, it’s especially evident that entrepreneurial thinking isn’t optional. It’s more than a buzz word — it’s a business strategy.”
>>Read More  
>>Download The Full Report Here (PDF File) 

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Maintaining Entrepreneurial Spirit During A Recession

Ernst & Young chief Jim Turley talks with Senior Writer Diane Brady from BusinessWeek about the climate for entrepreneurialism and innovation, and how managers can encourage that spirit in their companies.
>>View Video Interview (About 4 Minutes long) 

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ValuePoint: Managing in Economic Downturns

We found a common approach to holding your own in economic downturns:

- First, focus on doing one thing well. If you do one thing better than your competitors, in a downturn your customers will dump everyone else first.
- Keep innovating, especially with R&D investments and new product projects, as innovation makes extraordinary ventures out of ordinary ones.
- Watch your wallet, especially with inventory or accounts receivables, and be more conscious of what you are buying. In slow times make protecting cash flow everyone’s responsibility.
- Seek out and develop advantaged relationships with companies or organizations like the U.S. government, where spending is based on long-term planning and will continue during economic slowdowns.
- Finally, have reasonable expectations. Be slower to expand and have backup strategies.
The bottom line is that you will have to be well prepared to scramble and work multiple alternatives to quickly pursue opportunities as they arise when the economy rebounds.

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ValuePoint: Choosing A Market Entry Strategy

Choosing one of the following market entry strategies depends on the ecosystem that you are going into, the positioning that you seek, and the product portfolio of the existing organisms in the space. Once you select a market entry strategy, it begins to drive everything else.

This includes your business strategy, your business model, how you recruit and build your venture team, the resources you will need, your marketing and sales strategy; it even drives how much money you will need and your leads on potential investors. Good luck!
>>Learn More: Choosing A Market Entry Strategy 

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Dream It! Plan It! Do It!
Robert W. Price
Executive Director
Global Entrepreneurship Institute
>>Contact Robert
>>About Robert
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