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Dear past self,

Considering me in my future 2030, I am writing this letter to make me understand in the year 2020 about what I have to look forward to in the forthcoming years in respect of change in the entrepreneurial ecosystem. The state of the entrepreneurial ecosystem is sustained due to the presence of a well-developed strategic plan. There is a substantial amount of investments done in the native ecosystem building initiatives to improve the entrepreneurship state. Currently, there are more partnerships in the private, public, and charitable sectors capitalizing on the development of entrepreneurship. A wider group of participants or stakeholders is committed to creating a robust entrepreneurial ecosystem. Innovation is the most crucial element in this time that has been responsible for an improved state of the entrepreneurial ecosystem in the Sutherland Shire.

Moreover, it is the one that has kept the workforce of the region as strong and also addressed societal challenges (Bischoff, Volkmann & Audretsch, 2018). There is the inclusion of youth entrepreneurship in the educational curriculum that is promoting and attracting the young people toward the ecosystem. The present state of the entrepreneurial ecosystem is stable and sustained due to the increasing density of networks that has enabled the business service providers to exchange innovative resources and ideas (Bezerra, Borges & Andreassi, 2017).

The present-day opportunities in respect of the development of the advanced entrepreneurial ecosystem are numerous. Firstly, there is a concept of online profiles within society that must act as a lever for change since it certifies that all businesses have a platform to exchange ideas and resources. This is the trendy thing that can help the entrepreneurs to connect within the ecosystem (Sussan & Acs, 2017). IoT solutions, digitization, and big data are certain innovations that enable connectivity at an extraordinary level between the entrepreneurs (Ulas, 2019). Secondly, the present opportunity is in the form of communication and education within a single platform to certify that the entrepreneurs are supported. This is the best way to reduce the confusion generated by the numerous communication channels and the associated avenues. I would recommend you to adopt this lever as it will encourage superior innovation and there will be minimal use of resources and hence less wastage (Song, 2019). Furthermore, today there is the usage of direct phone numbers and messaging features for stakeholders to connect over the platform.

Besides that, this will act as a lever for change as it leads to overcome the existing limitation of numerous communication networks. Additionally, there has been the target of online education and collaboration aspects of digital communication via social and learning sectors (Al-Samarraie & Saeed, 2018). Large organizations indeed play an essential role in entrepreneurial ecosystems. They are determining the competitive setting and competing directly with the startups. The development and support of the competencies of the local industrial companies to acquire start-ups offer an opportunity to assist the regional startup ecosystems in the Sutherland Shire (Cavallo, Ghezzi & Balocco, 2019). Furthermore, nowadays mentoring prospects are playing an important role in the creation of centralized communication platforms along with education certifying future growth and assistance within the ecosystem. This lever of change can allow the people to pursue placement within local businesses whether in terms of educational qualifications or a way of personal growth and development. In mentoring, effective leaders act as role models and offer guidance and direction to young entrepreneurs. It further helps to reduce the failure rates of startups (Zaech & Baldegger, 2017).

I am generally asking you to put certain efforts in improving the entrepreneurial ecosystem in the Sutherland Shire since there are loads of opportunities available in today’s times that can be considered for growth and development. Moreover, there is a requirement of key stakeholders who possess creative and innovative thinking abilities that will be used to foster the outcomes concerning fewer failure rates of startups. Furthermore, there is a necessity of technology-based tools and techniques that offer a means to people to connect and create associations easily and promptly. Additionally, for more innovations and technological aspects, the entrepreneur itself and his vision are responsible for the growth of startups in the business sector.

The resources required will be interconnected elements and equipment, network devices, users, and customers of the technological ecosystem, communication networks, applications, content, and platforms. Managerial skills would be required for implementing the changes in the future (Elia, Margherita & Passiante, 2020). The differences between the approaches between current approaches and the past self-approaches can be seen in the form of coaching, more collaborations, marketing, technology, innovation, leadership, less wastage, sustainable strategies, collective ideas, more accurate communication platforms, and more (Roja, 2015).

This proposal will be of great relevance for you to think about the key aspects of growth for the entrepreneurial ecosystem in Sutherland Shire. Additionally, the identified opportunities are worthy for you as well as for other stakeholders or participants for the entrepreneurship of startups. The entire ecosystem, end-users, and other stakeholders will get benefitted from the positive outcomes. Within the region, there will be a boost in the entrepreneurial activities after implementing and adopting the key prospects identified above. Due to which, Sutherland Shire region in Australia will become its entrepreneurial hub that would inspire creativity and innovation thinking for entrepreneurs. Additionally, there will be improved relationships and trust among the stakeholders and robust connections within the entrepreneurial ecosystem.

It is expected that there will be an open and transparent medium of communication between the business organizations and individuals. Further, education institutions and establishments are more interconnected with the existing as well as recognized entrepreneurs. Hence, they will offer mentorship facilities to students that will prepare Youngers for business activities and new startups. Young individuals are the main target for you to focus on so that there can be more opportunities for growth and development for them. You have to train them in respect of socio-cultural aspects also so that they could understand the threats associated with the startups mainly for a collaborative approach. They must be actively involved in the activities that are responsible for enhancing the appeal of the entrepreneurial ecosystem within Sutherland Shire (Matt & Schaeffer, 2018).

Regards

Your future self

References for Navigating Entrepreneurial Ecosystems and Initiating Change

Al-Samarraie, H., & Saeed, N. (2018). A systematic review of cloud computing tools for collaborative learning: Opportunities and challenges to the blended-learning environment. Computers & Education124, 77-91.

Bezerra, É. D., Borges, C., & Andreassi, T. (2017). Universities, local partnerships, and the promotion of youth entrepreneurship. International Review of Education63(5), 703-724.

Bischoff, K., Volkmann, C. K., & Audretsch, D. B. (2018). Stakeholder collaboration in entrepreneurship education: An analysis of the entrepreneurial ecosystems of European higher educational institutions. The Journal of Technology Transfer43(1), 20-46.

Cavallo, A., Ghezzi, A., & Balocco, R. (2019). Entrepreneurial ecosystem research: present debates and future directions. International Entrepreneurship and Management Journal15(4), 1291-1321.

Elia, G., Margherita, A., & Passiante, G. (2020). Digital entrepreneurship ecosystem: How digital technologies and collective intelligence are reshaping the entrepreneurial process. Technological Forecasting and Social Change150, 119791.

Matt, M., & Schaeffer, V. (2018). Building entrepreneurial ecosystems conducive to student entrepreneurship: New challenges for universities. Journal of Innovation Economics Management, (1), 9-32.

Roja, A. (2015). Technology entrepreneurial ecosystems and entrepreneurship in the West Region of Romania. Studia Universitatis „Vasile Goldis” Arad–Economics Series25(1), 40-59.

Song, A. K. (2019). The Digital Entrepreneurial Ecosystem—a critique and reconfiguration. Small Business Economics53(3), 569-590.

Sussan, F., & Acs, Z. J. (2017). The digital entrepreneurial ecosystem. Small Business Economics49(1), 55-73.

Ulas, D. (2019). Digital Transformation Process and SMEs. Procedia Computer Science158, 662-671.

Zaech, S., & Baldegger, U. (2017). Leadership in start-ups. International Small Business Journal35(2), 157-177.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help

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