Building and Leveraging a Vibrant Business Ecosystem
When you launch a new startup, it’ll thrive based on the ecosystem that it is built on. This is a two way thing: if you launch around a good business ecosystem, your business will do well. On the other hand, things are going to be more difficult if you’re starting up in a bad or empty business ecosystem.
There are some certain factors that largely distinguish and determine the kind of business environment that you are and you will discover the impact of these factors on businesses.
Driver of a Good Ecosystem
1. Density
Business density can mean the total number of new and young business owners and number of employees working in these startups. In order to grow creative ecosystem, there has to be a higher density, which will sprout a higher number of competitive, ambitious projects. If your business is situated in an entrepreneurial community where business owners, enthusiastic workers bumps into each other everywhere they go (on the roads, at the restaurants, coffee shops etc.), it will enhance creativity and innovations.
2. Interconnection
An environment filled with creative and smart individuals is not enough. Connection is very vital in building a vibrant ecosystem. It is this interconnection that drives innovations and make up entrepreneurship in urban ecosystems. Interconnection, also known as networking, with communities that offer learning support allows you to gain new knowledge –which will complement yours– from actors who have applicable experience that they will share with others. It expands and strengthens creative ecosystem. To boost your daily business achievements, you have to be a learner, curator and applier of available knowledge. Networking will make this easy. However, lack of interconnection will not allow it occur.
3. Diversity
Diversity is an important element in an ecosystem because it contributes to the financial profitability, idea generation, vibrancy and creativity of the business industry. It makes a business ecosystem enjoy greater entrepreneurial results than those that specialize in one or two industries. When your business embraces diversity, it helps you work towards long-term success. It encourages open-minded learning, better productive team, expands market outreach, create a strong company culture and development of creative ideas that solve problems. Having all the necessary talents available, irrespective of age, background or race is the best leverage for a business, especially a growing one. If you are just starting out, unexpected challenges will show up almost every time, but utilizing diversity at your workplace will be a good leverage.
4. Mobility
The ability of a business to get and disseminate information from anywhere is referred to as mobility. There is an increased efficiency when a business is mobile. Mobilizing your business system, methods and activities saves your business time and money, enhance customer service, improve data accuracy, provide a better work atmosphere, boot sales, and increase profits. A smart city ecosystem can be recognized by a vibrant mobilization practice. Before you go ahead into business mobilization, ensure that you plan adequately and consider all the important variables in order to get all these benefits.
