Dr Roger Barker
Director of Policy, Institute of Directors
Modern entrepreneurs must navigate funding, talent acquisition and sustainability while leveraging mentors and incentives to thrive in today’s competitive landscape.
Traditional concerns for entrepreneurs and SMEs, such as access to funding and the ability to recruit and incentivise talent, are just as relevant to today’s startups as they were when Steve Jobs, Apple’s co-founder, sought to conquer consumer electronics from his parents’ garage.
Fortunately, entrepreneurs can now access an ecosystem of angel investors, venture capital houses and government agencies that work tirelessly to find and nurture the next blockbuster tech, pharma or financial business.
Entrepreneur mentorship and growth incentives
There are many things founders must consider when growing a small business. It may be useful for them to lean on a mentor or a business network, such as the Institute of Directors, to advise and coach them through the next growth phase.
To stay ahead, businesses will have to offer the brightest and best staff a range of incentives. This may include stock options, opportunities for professional development and advancement, plus an attractive and flexible work environment.
To stay ahead, businesses will have to offer the
brightest and best staff a range of incentives.
Younger workers value sustainability
Increasingly, workers are also interested in the sustainability of the companies they work for, as well as their broader social impact. This is particularly the case when it comes to younger employees (Gen Z and millennials).
A March 2023 survey by Deloitte showed that 69% of employed adults want their companies to invest in sustainability efforts, including reducing carbon, using renewable energy and reducing waste. This sentiment was higher among younger employees between 18 and 34 years old.
Social impact of business
Another Deloitte report notes that for ‘values-driven’ generations like Gen Z and millennials, the ability to drive change on social issues has the potential to make or break recruitment and retention efforts.
Nearly 4 in 10 (44% of Gen Zs and 37% of millennials) say they have rejected assignments due to ethical concerns while 39% and 34%, respectively, have turned down employers that do not align with their values. Gen Zs and millennials have high expectations for businesses around social impact, which are not always met. Less than half of Gen Z (48%) and millennial (44%) respondents believe business has a positive impact on society.
Today’s entrepreneurs have more help than ever at their disposal, but there are also more obstacles in their way. How they navigate that tricky path will determine whether they become the next big thing.
