If you’ve ever worked in an incubator, you’ve probably seen people try to explain how to create value for their clients.
But they tend to get it wrong.
In a new book, a team of Irish business entrepreneurs, entrepreneurs and experts looks at how startups have come to thrive and how they are tackling some of the most pressing challenges of our time.
The authors of the book, Startup: Lessons for the 21st Century, say that we are on the cusp of a new era where we are witnessing the first wave of entrepreneurship.
In the process, they look at how the market for start-ups has exploded, the role of incubators and what needs to be done to create a truly sustainable business ecosystem.
What they find is that the market has not changed as radically as they imagined it would, and that the key to the success of a startup is not a focus on product innovation or innovation that is based on innovation in the way the business is built.
Instead, what’s required is to create an environment where people want to be part of the solution, they want to collaborate, and they want a sense of ownership.
“There is a lack of trust between the team and the product that makes it impossible for them to move forward,” they write.
What does this mean for the future of entrepreneurship?
Startup is an industry in crisis and the book lays out a roadmap to fix that.
It is important to remember that the world has changed and we have moved into a new phase of business, and entrepreneurs are still required to act as the gatekeepers.
“In order to succeed in the world of entrepreneurship, we need to have a shared vision and shared understanding of what we want our company to be.
If we don’t have that, we’re just another person,” they say.”
We need to recognise that we’re in a different era now.
We are no longer the pioneers of the future.”
What is the book about?
“Inevitably, when you talk to the founders of startups, they will tell you that the most important thing they’re looking for is a shared understanding and trust.
They will tell me that they’ve never been asked for money and they know that the biggest challenge is not the money, the biggest issue is trusting the people they’ve worked with.
That is the core of the startup story,” says Barry Mulligan, founder of The Mulligan Group, which specialises in creating the next generation of start-up founders.
The Mulligan group has helped over 1,000 founders of tech start-Up companies.
It also provides mentoring to over 1.5 million young founders.
Mulligan says that he is not one to shy away from criticism.
He has written a book on entrepreneurship, he said, because it is the right thing to do and it will help those who want to become founders.
“When you get the right people and the right mindset, you will create the most successful businesses in the future.
And you will also become the best people on the planet.”
Read more: What is ‘a startup’?
The authors conclude that we have to change how we talk about the entrepreneur.
They recommend that we look at entrepreneurship as a career, rather than just a means of getting a job, and instead we should focus on the product and the team that creates it.
“There are some very valuable insights that come from the process of becoming an entrepreneur.
The first thing that you need to understand is that what is really important is that your product is not your idea, it is your product and you have to get out there and prove to people that it is.”
Read the full interview here.