Entrepreneurship is a fundamental aspect of the fabric of society. We can see it at large companies, SMEs, and startups, as well as NGOs, governmental administrations, and places like schools and hospitals. Entrepreneurship shapes and transforms the world, bringing new opportunities.
What is entrepreneurship?
Entrepreneurship is a process through which a new activity arises. These activities often arise in developing environments and are oriented towards future profitability through early positioning. It is said that they open up the market or that they’re aimed at early adopters.
Why is entrepreneurship important?
More than important, entrepreneurship is essential because business immobility rarely leads to a success story. According to the ‘Red Queen hypothesis,’ only societies capable of generating new ideas, developing new businesses, or change can prosper. And entrepreneurship is a basic part of this process; without it, nothing happens.
Entrepreneurship is the best path for economic growth, and therefore for business stability, especially for firms that aim to diversify their activity. The biggest barrier? The scalability of projects. Jumping from a sole proprietorship to one that involves two or more people is the most complex part of innovation.
New businesses through entrepreneurship
Every business model that exists today was a business venture at one point. And many of today’s startups will be viable models in a few years. Hence, it’s advisable to promote intrapreneurship within organizations, either through internal projects or when presenting the company via open competitions.
At Ferrovial we have Build Up!, a working group that seeks out technology-based startups; research groups at universities, institutes or laboratories; and entrepreneurs willing to innovate in terms of infrastructure. Each edition of Build Up! has a specific challenge to address.