Based on 2022 testimonies to U. S Congress by ICSB, International Council for Small Business, we have selected two ICSB testimonies by prominent U. S. entrepreneurship professors, Dr. Michael Morris of Notre Dame University’s Keough School of Global Affairs speaking first on poverty entrepreneurship and…
…Dr. Alex DeNoble, Professor in the College of Business at San Diego State University (SDSU) and Executive Director of SDSU’s Lavin Entrepreneurship Center speaks next on the importance of developing an entrepreneurial mindset in the next generation.
Speaking before the House Energy and Commerce Committee, ICSB spoke of the top trends in entrepreneurship for 2022, emphasizing MSMEs and Humane Entrepreneurship as a focus during the COVID recovery period. MSMEs are Micro-Small and Medium-Sized Enterprises that provide 2/3 of all formal jobs in developing countries and 80% in low-income countries. Humane entrepreneurship can be found in companies whose management embodies equity, empowerment, and enablement for their employees. A culture of such values helps generate innovation, appropriate risk-taking, and decisive actions producing quality jobs and company wealth.
Resilience was the most popular theme for 2021, and, while the past 12 months have challenged all in the business world, ICSB still believes that MSMEs and humane entrepreneurship provide the best framework for recovery. MSMEs are the most flexible, and the most in touch with their local communities. This allows them to extend the principles of frugal innovation further and expands the possibility of what the recovery can look like.
Entrepreneurs seek to build small businesses that match their lifestyles and passions. The pandemic has opened a new era of opportunity for entrepreneurs. The consequent slowdown afforded many aspiring entrepreneurs the chance to pause and reflect on their careers. Witnessing a world open to new ideas, opportunities, and change, they have made a brave recent decision and catapulted into entrepreneurship. ICSB recommends exploring this new adventure and being strategically prepared for it.
Courtesy of Ayman El Tarabishy, CEO ICSB