According to the 2019 Global Entrepreneur Monitor (GEM) report, more than 100 million startups are launched every year all over the world, which is about 3 startups per second.
These entrepreneurs come from all walks of life and transcend age, gender, and geography. The stereotype of the entrepreneur is no longer two guys in a garage in Silicon Valley.
The reasons for this sudden spike can be attributed to:
Student debt in the United States just crossed the $1.5 trillion mark and continues on an upward trend. We are still training the next generation to be workers at an ever-increasing tuition cost. But good work has gotten harder to come by…
More students are seeking... no, demanding... entrepreneurial education and experiences while in college (and even high school) — some with aspirations to build the next Facebook, while others simply want to better equip themselves for the future.
With the security of lifelong employment and pensions gone, more people are looking to get in the driver’s seat and take control of their destiny. Side business startups are on the rise.
The pace of disruptive innovation has been accelerating over the last decade. Even previous disruptors are starting to get disrupted by newcomers. This has magnified the increasingly important role of intrapreneurs inside existing organizations.
The other major factor at play here is falling product development costs. Thanks to the Internet and technologies enabled by it, it is cheaper and easier today to build and launch a new business.
But there is a dark cloud in all of this.
While we are creating more startups than ever before, the overall startup success rate has decreased — not increased.
Why does this happen?
We are living in a new world where the traditional playbook of building and launching businesses no longer works. Succeeding in the new world requires new mindsets, new skills, and new playbooks.
This represents an incredible opportunity for educators.
Educators have always been in the best position to prepare and shape the next generation.
We believe the next generation will be a generation of entrepreneurs—not workers. Generation E.
But the opportunity is much bigger than just creating more new entrepreneurs…