Global Entrepreneurship Week: Firing Up The Entrepreneurial Spirit

Every second week of November, Global Entrepreneurship Week celebrates the bright minds who turn ideas into reality, drive economic growth, and improve our lives. This event is also a magnet for ambition and innovation, where potential pioneers meet collaborators, mentors, and investors.

It's not just about individual financial success and economic development. It's about fostering solutions to social and environmental issues through sustainable development. This is proof that entrepreneurship can have a positive impact. Read on to learn more.

Featured in: November - Awareness Months, Days & Observances.

History and Background of Global Entrepreneurship Week

In 2008, the Ewing Marion Kauffman Foundation launched Global Entrepreneurship Week (GEW) in Kansas City, Missouri. Their primary mission is to inspire folks across the globe to unleash their innovative and entrepreneurial spirit every second week of November.

This ambitious initiative also took off in 77 countries, from the United States to the United Kingdom and even Norway. Over time, the influence of GEW expanded dramatically. 

Additionally, by 2019, the event had seen over 10 million people participate through a whopping 40,000 events in over 170 countries. 

One of the main highlights of GEW is the Startup Open, a global competition to spotlight innovative ideas of startups with sky-high growth potential. 

This one-week celebration is hosted and organized by the Global Entrepreneurship Network (GEN). GEN aims to make it easy for anyone, anywhere, to start and scale a business through the resources resulting from global collaboration.

This 2023, the theme is “Entrepreneurs Thrive Here,” and the event will be held from November 13 to 19.

The Cause and Its Challenges

Global Entrepreneurship Week (GEW) sought to inspire, connect, and educate budding entrepreneurs worldwide. But, as any seasoned entrepreneur can attest, the journey can be challenging. 

The first hurdle is funding. Despite the advent of venture capitalism and crowdfunding, securing the necessary investment still keeps many potential entrepreneurs from succeeding. A 2022 report by the Global Entrepreneurship Monitor revealed that despite good opportunities, a fear of failure prevented almost half of the adults in 37 economies from starting a business¹.

For first-timers, they often wrestle with the complexities of business operations, regulations, and market dynamics. 

Finally, there’s also curveballs like the pandemic. It's forced entrepreneurs to adapt quickly or risk losing their businesses. 

Efforts and Initiatives

Internationally, the United Nations Conference on Trade and Development (UNCTAD), specifically their EMPRETEC program, active across 40 countries, aims to support micro, small, and medium-sized enterprises (MSMEs) with sustainable development in mind.

Now, let's take a quick look at government-led initiatives. The European Commission's Entrepreneurship 2020 Action Plan sparks the entrepreneurial spirit in Europe, offering invaluable support to local entrepreneurs and ensuring their sustainability. 

Meanwhile, in the U.S., the Small Business Administration (SBA) offers a range of programs to back entrepreneurship. Furthermore, their Small Business Development Centers and Women's Business Centers are making real strides in promoting small businesses’ growth.

How to Get Involved and Support the Cause

• Attend local workshops, competitions, and lectures designed for budding entrepreneurs. Find an event or create one through the Global Entrepreneurship Network’s website.
• Engage in networking at these entrepreneurship events to forge connections in different business communities.
• Join social media discussions using the hashtag #GEW to share your experiences, triumphs, and trials as a seasoned or starting entrepreneur.
• Read books, watch relevant documentaries, and listen to podcasts related to business success or developing an entrepreneurial mindset.
• Create a plan for your dream business. If you are a green advocate, make it a sustainable small business.
• Entertain a young person’s business idea and shower them with encouragement.
• If you are already an established entrepreneur, mentor aspiring individuals to nurture the future generation of entrepreneurs.

Conclusion: Global Entrepreneurship Week

Entrepreneurs are the source of innovation, igniting passion, stimulating economies, and problem-solving. Global Entrepreneurship Week is a tribute to these audacious few who dare to reimagine the world. 

However, GEW isn't solely about recognition. It's also about kindling the entrepreneurial spark in the next generation, equipping them with the necessary tools, mentorship, and networking opportunities to propel their dreams into reality. 

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