On November 20th we held our first hybrid Widen Your Lens event. This allowed our CLAN members based in country offices to attend as well as those in HQ. Our two speakers were Career Lab alumni, Guc Ozenci and Kuzeyhan Ozdemir – seasoned entrepreneurs who actively support start-ups and mentor early-stage entrepreneurs. They shared their knowledge, experience, and observations with us.
Their presentations provided the springboard for an interesting discussion about the motivations of entrepreneurship. What makes a person want to become an entrepreneur? Broadly speaking there are two categories of entrepreneurship: opportunity- and necessity-driven entrepreneurship.
- Opportunity-driven entrepreneurship involves the development of an innovative new product or service, which is operated as a business and then sold on, hopefully with a large profit.
- Necessity-driven entrepreneurship is driven by necessity as the term suggests. However, it is not always motivated by money. It can be motivated by the need for flexibility, an alternative lifestyle, supplemental income, or circumstances.
Many WB spouses consider entrepreneurship as a solution to being a globally mobile professional. The increase in remote work opportunities, including portable businesses like coaching, has encouraged many accompanying spouses to consider entrepreneurship as a career option. The initial question that we need to ask ourselves is: Are we choosing to embark on this journey out of necessity or opportunity?
Our alumni speakers also emphasized that
- Whatever our motivation, the entrepreneurial journey is not for the faint-hearted, because about 75% of early-stage entrepreneurs fail.
- Entrepreneurship is not a quick fix. If we are going to be successful, we need to invest considerable time and resources.
- The chances of success increase significantly if we have a mentor to support us.
Do you have the grit?
Below is the slide that Kuzeyhan shared about the emotional journey of entrepreneurship; it is BOTH exciting and scary. And do you have business buddies who will support you in this journey? Research shows that 70% of women-led businesses attributed their longevity to mentorship and advisory relationships.
If you are considering entrepreneurship, it may be worth considering at the very least having an accountability partner to help keep you on track. Having a small group of business buddies will provide the support needed for the entrepreneurial journey.
Do you have the resources?
Both financial and non-financial resources need to be considered. Initially, there will be financial outlay/investment and running costs to set the business up. And an important consideration is how you will make any decision to cut your losses. Initially you must do everything as business assistants cost money. It will also take time and energy. Does your family situation leave you with sufficient time to set up a business? Therefore, consider all your resources before you embark on the journey.
The good news is there is a plethora of resources to help start-up entrepreneurs, particularly in the DMV area. Guc is the Managing Director of the Founder Institute accelerator in Washington DC, Maryland, and Virginia. Guc has built a portfolio of over 40 early-stage companies. In 2022 he was named as "Top Global Startup Leader" in the entire Founder Institute network, which has accelerators across 160+ cities. Being part of an accelerator will help your business to succeed.
Kuzeyhan is the Director of Academic Partnerships at NobleReach Foundation. Here he leverages his extensive experience to support startup founders and academic and student entrepreneurs in transforming their ideas and inventions into tangible products and services that positively impact people’s lives and contribute to economic development. He is also a mentor with the Founder Institute.
Would-be entrepreneurs should consider looking for incubators that can help you develop and refine your ideas. If you are looking to be a solopreneur, you may find a business coach helpful.
Useful Resources
https://hbr.org/2022/12/what-you-need-to-know-about-launching-a-startup-right-out-of-college
https://hbr.org/2023/09/how-entrepreneurs-can-overcome-their-fear-of-talking-to-strangers
We also have our own global entrepreneurs group, which is virtual for the most part. Members are spouses from WBG, IMF, and IADB. If you are interested, please email the office familynetwork@worldbank.org