The 6 domains of the Entrepreneurship Ecosystem: Part Six — Policy
Last week we focused on Supports. Today we’ll discuss segment #6: POLICY
Sometimes you have no control over the policies that impact your business, but you should be aware of them, and you can lobby for or against them.
Sometimes knowing how to word your business practice can help you mitigate the policies already in place. Policy also comes from leadership. If it is missing in the community, you may have to take the risk of setting the business up in a way that creates policies around you.
A policy may allow angel investors to invest in startups or businesses. That creates the opportunity for finance to be fostered within the community. That, in turn, promotes the culture of entrepreneurship that leads to support from various organizations, which helps the funds go through, that might require human capital such as mentor, advisors, and others to be engaged in this business, that might create the market for importing or exporting via the policy that was initiated. As illustrated above, the ecosystem is circular!
Of course, you should always consult with legal counsel on local and regional policy that could impact your business. Sometimes culture can override policy.
Faris Alami is Founder and CEO of International Strategic Management, Inc. (ISM). He works internationally, presenting Exploring Entrepreneurship Workshops and other entrepreneurial ecosystem — related ventures.