Keywords: EGADE Business School, entrepreneurship, INCmty 2017
Ignacio de la Vega, the recently appointed Dean at EGADE Business School, participated in INCmty 2017 -the leading Entrepreneurship Forum in Latin America- with the conference: "Minimizing the Personal Risk of Being an Entrepreneur: Entrepreneurship with Responsibility."
He shared with us that, according to figures from the Global Entrepreneurship Monitor, at the global level, 90% of new business projects fail. In Mexico, specifically, the panorama is not much more promising: after two years, 75% of companies disappear and, after three years, this figure grows to 94%.
Therefore, tools for reducing the personal risk of entrepreneurship are urgently required. “The idea of betting my present, my past and my future Las Vegas style on an entrepreneurial undertaking, needs careful consideration,” said the dean.
The following is a list of some of his reflections.
If you missed the conference, you can watch it here.
“Entrepreneurship goes beyond the personal or collective action of developing a business project (...), entrepreneurship is an attitude, a mindset”
“Being an entrepreneur, in any of its versions, means acting. And when we act, several things happen, one of which is that it’s highly likely that we will fail.”
"Start with what you already have: personal resources, partners, parents, financing for entrepreneurs and progress from there."
“Only invest what you can afford”.
"Embrace failure. It doesn’t matter if we fail, especially if we have minimized risks. Learning is very valuable and will make us more effective and successful next time."
"Responsible entrepreneurship implies having a purpose, and understanding, managing and minimizing risks."
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