Entrepreneurial Ecosystems

Social architects around the globe have worked to establish frameworks that can be applied to support long-term, generous, and community-driven collaboration. They have done this alongside government, educational institutions, entrepreneurial support organizations, and economic development groups. Along with societal constructs to guide economic development rooted in entrepreneurship, innovative community builders have stabilized our ability to communicate by adopting a common language that makes universal collaboration possible.

To communicate how a community collaborates to support entrepreneurship, the term “entrepreneurial ecosystem” was coined to describe the people, organizations, resources, conditions, and, most important, the complex interactions between everything in a business environment. The scale of an entrepreneurial ecosystem can be local, statewide, regional, national, or worldwide, but the primary focus must remain: the success of entrepreneurs.

Like an ecological system found in nature, each part of an entrepreneurial ecosystem plays into the continuum of economic development. As a conglomeration of interdependent parts, changing one aspect can affect other features. With so many moving parts, complexity science helps us understand and communicate how entrepreneurial ecosystems work.

In their 2020 best-selling book The Startup Community Way: Evolving an Entrepreneurial Ecosystem, Brad Feld and Ian Hathaway use complex adaptive systems to explore how a systematic, holistic, inclusive, positive-sum, and long-term mindset unlocks entrepreneurial ecosystems to thrive as one. There are many other thought leaders (e.g. Johannes Pennings, Daniel Isenberg, Victor Hwang, Greg Horowitt, Lolita Taub, Dell Gines, Steve Case, Naval Ravikant, Wendy Guillies, Philip Gaskin, Andy Stoll, Cecilia Wessinger, Arlan Hamilton, Yancey Strickler, Marc Nager, Scott Resnick, Laís de Oliveira, Seth Godin, etc.) and exceptional organizations (e.g. Kauffman Foundation, Techstars, Revolution, Center for American Entrepreneurship, Forward Cities, Right To Start, Global Entrepreneurship Network, etc.) that continue to guide this collaborative approach to economic development. In short, when you win, we win. The sooner a community comes together to support what works while leaving outdated ideas behind, the sooner it can flourish.

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Have you seen Brad Feld’s remarkable contribution inside You Don’t Need This Book? Brad inspires us all to think big and it was an honor having him riff on such an important topic within my new book!

As you’ll read more about in YDNTB, a genuine commitment to inclusivity is where the magic happens within an entrepreneurial ecosystem. Complex systems rely and thrive on diversity. Identity diversity (e.g., gender, race, and sexual orientation) paired with cognitive diversity (e.g., experience, background, and perspective) invites everyone to participate. Along with radical inclusivity, equitable policies provide an environment where entrepreneurial traction is easier to find. As expanding connectivity diversifies, the ecosystem matures and long-term growth becomes more sustainable. When members of the community are successful, they are free to give back and this cycle continues to fuel positive change.

With enough people who care, healthy ecosystems can exist anywhere. No matter the environment, thriving ecosystems trust that a rising tide will raise all ships, allowing entrepreneurs and the people who support them to prosper. Such an inclusive and collaborative approach sets a tone for the broader business environment, strengthening economic development and our society overall.

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Wanna geek out on this together? Perhaps your ecosystem is thirsty for a fresh perspective? Let’s pour some virtual coffee and explore innovative ways to collaborate!

Career Nirvana

Career nirvana is achieved when your community, work, and personal life are in harmony. This state of mind comes from happiness, health, and wealth emanating from the freedom to do whatever you’re best at with people you care about.

There is little holding you back from achieving such splendor. Start by doing remarkable work you enjoy. This creativity earns attention and delivers intellectual, human, financial, network, cultural, physical, and institutional capital. As we learn from The Startup Community Way, the Seven Capitals keep you building by using what you have, to attract what you want.

Let passion fuel persistence, then fuse your career portfolio into the entrepreneurial ecosystem. As you connect into community, be generous by accelerating others and use the trust that creates to do it more often. When this becomes routine, your generosity will leave a legacy. For innovators looking to change the world, such a legacy grants enduring satisfaction and furthers the sense of euphoria.

As a fulfilling career is composed, it’s easier to find work-life balance. Remember, we work to live. We don’t live to work. Nobody looks back wishing they had spent more time in the office. Use the freedom you create to embrace those you love while doing more things that make you happy.

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“The peace and satisfaction of building what you truly care about is one of life’s greatest gifts.”  –You Don’t Need This Book

This may sound idealistic, but it’s not all rainbows and unicorns. This approach to work requires creativity, immeasurable time, immense ambition, and advanced efficiency. As discussed in the Side Hustles chapter of YDNTB, an acute awareness of your personal bandwidth is essential to optimizing when and how resources are utilized. It can also be tempting to spend too much time on things that are fun but may not have real potential. Be humble enough to recognize what you have and what it will take to evolve your idea(s) into reality. Managing multiple “hobbies that pay” takes serious effort, but the reward is extraordinary work you love talking about and an inner peace that provides transformative happiness.

If you achieve career nirvana, be thankful, but recognize that things will always change. What you have today may not be the same tomorrow. Keep building to enjoy the moment, then make it last with generosity that recycles a sense of abundance for others along the way.

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Cheers to everyone who made last week’s book launch a huge success! Signed softcovers were shipped nationwide and more orders continue to pour in. As you dig into YDNTB, I’d love to see photos, hear what resonates and explore fresh ways to accelerate your work.