Crowdsourcing New Tools to Start Lean and Succeed in Entrepreneurship: Entrepreneurship in the Crowd Economy

Priti Ambani (The Next Billion, New Zealand)

Source Title: Crowdsourcing: Concepts, Methodologies, Tools, and Applications

DOI: 10.4018/978-1-5225-8362-2.ch021

Abstract

The very essence of the new entrepreneur is shattering tradition. On the heels of the new social internet, we are seeing the rise of the solo-entrepreneur or intrapreneur who embraces globalisation, failure and successes and collaboration. Powerful networks brought together by crowdsourcing are supplying the tools to start lean, innovate and solve complex problems. This chapter by Priti Ambani explores the changing ecosystem and the effect of networked crowds on starting lean and succeeding with entrepreneurship.

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Introduction

The Changing Paradigm of Work

Jobs are over and the future is income generation, says innovation strategist Heather McGowan (2014). The old lifecycle path of childhood dependence, followed by a learning phase directed to gaining employment, leading to “productive” years of jobs and career building and the ultimate capping of the cycle with retirement and fall back on social security -- is fading. Instead today’s life path follows more of a wave pattern that oscillates between phases of actively learning new skills, being productive in society through a range of short term assignments and realistically even unemployed for periods of time. What is being witnessed today is a rise of a new life path that is peppered with life-long learning opportunities, short and medium term monetizing engagements that builds social capital. So new-age productive workers are building a diverse portfolio of skills, experiences, network tools, excess capacity and physical assets that aid in passive and active income generation, and last a lifetime.

The Changing Definition of Entrepreneurship

A good place to start is the very essence of who is an entrepreneur. A person who sets up a business or businesses, taking on financial risks in the hope of profit. In this ever changing, hyper connected world, kids out of college aren’t the only people trying their hand at entrepreneurship. Technological changes are happening at such a high rate that even established global enterprises are reinventing their game, strategy, product offering and business model, essentially facing the risk just like a newbie entrepreneur. According to the Global Entrepreneurship Monitor (2013), nearly 50% of the world’s entrepreneurs are between the ages of 25 and 44, with 25 to 34 year-olds showing the highest rates of entrepreneurial activity.

Rise of the Self and Hence the Solo-Entrepreneur

The Merriam-Webster dictionary defines an entrepreneur as “one who organizes, manages and assumes the risks of a business or enterprise.” Though the definition frames the entrepreneur in terms of a business or entity, the changing paradigm of work as described above has added another nuance. An entrepreneur in today’s age manages and assumes the risk of oneself. This is seen in the rise of the solo-entrepreneur who may not have an annual salary or a set job in the traditional sense but is monetizing their time through assets and talents that are rising through the new paradigms of work.

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