12.10.2015 in Entrepreneurship, Latest by admin 0

Entrepreneurship and the collective good

From Henry Ford to Steve Jobs, entrepreneurship is often associated with daring individuals who redefine and invent businesses through the sheer force of their personalities and intellect. While this can be an accurate portrayal, we should not lose sight of the fact that entrepreneurship has a collective good, which goes beyond benefitting individuals and corporations. As an organization that believes that “entrepreneurship and business values need to go hand in hand to grow a successful, sustainable business”, the wider benefits of entrepreneurship are a core part of our value system at Expolanka.

The manner in which entrepreneurial activity has a widespread benefit is not just a case of conjecture. Institutions such as the Global Entrepreneurship Monitor Project have studied it and have come to the conclusion that:

 “The world economy needs entrepreneurs, and increasingly, entrepreneurs depend on an open and an expanding world economy for new opportunities and growth– through trade, foreign investment, and finance.  GEM research confirms that new entrepreneurial opportunities in all countries will expand if trade, entrepreneurship and economic growth are fostered, especially in the developing world.”

The GEM Project is not alone in emphasizing the importance of entrepreneurship to national economies. Academic studies have documented the benefits of entrepreneurship to economies:

- Entrepreneurs boost economic growth by introducing innovative technologies, products, and services.

- Increased competition from entrepreneurs challenges existing firms to become more competitive.

-  Entrepreneurs provide new job opportunities in the short and long term.

- Entrepreneurial activity raises the productivity of firms and economies.

-   Entrepreneurs accelerate structural change by replacing established, sclerotic firms.

It has been noted in the emerging BRIC (Brazil, Russia, India, China) economies that “impressive growth has been driven by a veritable entrepreneurial revolution. The need in these economies to sustain growth through sustainable access to resources, knowledge, markets, and low-carbon industrialization puts a premium on innovative entrepreneurship.”

At Expolanka, our group company EFL is an outstanding example of how a pioneering entrepreneurial endeavour can lead to national benefits. The apparel industry is a key component of Sri Lanka’s economy and EFL has specialised in being a fashion logistics service provider developing numerous innovative services to assist the industry. EFL’s role has also been recognized for its success by numerous awards.

Expolanka’s commitment to innovative entrepreneurship remains undiminished and it is not confined to our own group of companies. There is no more obvious proof of this than our Platinum Sponsor role in the award winning Venture Engine initiative. Designed to promote and support start-ups to become sustainable financial ventures, Venture Engine has assisted over 20 companies within Sri Lanka’s start-up eco-system in areas including IT/BPO, travel and tourism, E-commerce and design. The Lankan Angel Network which launched as a result of Venture Engine, to further support and build these companies, has today accumulated over 60 members.

As our group CEO, Hanif Yusoof has stated,

 ”Expolanka is always looking to empower budding entrepreneurs who encapsulate the dare-to-do spirit that is part of our DNA. We understand that timely assistance can make all the difference between success and failure and this is why we felt Venture Engine was the ideal project for us to support to make a difference in the lives of people with great ideas and great potential.”

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