Are you about to start your own business? These concepts might help you.
Many people around the world want to start their own business. In Mexico alone, the 2021 Business Demography Survey, conducted and published by the National Institute of Statistics and Geography (INEGI), revealed that 1.2 million micro, small, and medium enterprises were started that year.
What’s more, these businesses generate 72% of jobs in the country and contribute to around 52% of Gross Domestic Product (GDP), according to data from the Mexican Institute for Competitiveness (IMCO).
If we want our business to follow a positive path, both for ourselves and for the people supporting us, it’s necessary for us to understand some basic concepts before setting it up (and even once it’s up and running).
Entrepreneurship is an activity involving the process of creating a new company or business, as well as expanding an existing one, maintaining a close relationship with a country’s economic dynamics and social development, and fostering an entrepreneurial culture.
According to the Experiences and Good Practices of Corporate Venture Capital in Mexico survey, carried out by Tecnológico de Monterrey’s EGADE Business School and the Mexican Association of Private Equity (AMEXCAP), innovation and adapting to a much more dynamic and demanding environment are among the strategic challenges currently faced by organizations.
This has led to the emergence of the term corporate entrepreneurship, which is understood as a set of strategies and practices used by companies in search of new business opportunities, with the aim of promoting and managing entrepreneurial skills in companies and making their development more sustainable.
Continuing with the key definitions related to this activity, here’s a list of 20 entrepreneurship concepts that will help you with your business: