Brief 03
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Weekly Learning Objectives
By the end of this week you should be able to:
Research and analyse core characteristics, ethics and theory of entrepreneurship;
Communicate, in your opinion, the key characteristics of an entrepreneur today;
Discuss the pros and cons of how risk, failure and innovation is built into a model for business success, and what the impact of different cultural insights is in regard to opportunity and potential;
Manage your independent learning effectively.
Studio Practice
The key characteristics of an entrepreneur, today:
In observing today’s entrepreneurs, it can be difficult to firmly assert that there is indeed, a formula for success. The primary reason for this lack of clarity is, in-part, the consequence of the changes that have occurred across the corporate sector and the affiliated markets, over the last Twenty years. This transformation has been largely due to the innovations in existing technologies, with the emergence of new technology acting as the catalyst for further changes in the conduct of international markets . We must then also consider, how this development has impacted the interactions between the brand and the consumer, and how the subsequent consequences have resulted in a redefining of the relationship, as a whole. We can observe how the recent trends in the digital arena have helped to reshape the commercial landscape, and how those changes have redefined the role of the brand, within society: In the process posing all manner of challenges to the contemporary entrepreneur.
The role of technology within the narrative of the brand has become far more than that of a tool, indeed, it has now become embedded in the brand philosophy: Contributing to the forming of a company’s culture, and in some cases, defining that culture. For such examples, we can look to those organisations that populate Silicon Valley, or for a more contemporary example, we can consider the emergence of platforms such as; TikTok; Twitch; And Instagram. Each of these companies has built their brand on a philosophy that has at its foundation, an inherent dependence on technology.
In-speaking to the technological developments within the commercial landscape, the fallout from such momentous economic and cultural shifts has seeped into every crevice of our collective society, and in a world of perpetual connectivity, and seven billion voices all calling-out to be heard, one has to reflect on the philosophical questions that are related to such realities. Therefore, today’s brands, and indeed, the contemporary entrepreneur must engage with the more abstract questions pertaining to their endeavours, and attempt to comprehend the transient nature of a global community, built on rapidly changing technologies. As has been the case throughout much of our economic history as a country, and as a global society, such shifts can provide ample opportunities for those willing to take charge of their own destiny, and the Vloggers and Streamers of today have much in common with the merchant classes of the late Eighteenth, and Nineteenth Centuries; Sharing not only a desire to establish their own businesses, but to also disrupt the status-quo and redefine the landscape, in which they reside.
So, what can we say for certain about today’s Entrepreneurs? We could argue that much like their earlier counter-parts, they too, are required to be able to think laterally, and in the process navigate their subject by conceiving of progressive ideas, and original practices. This is certainly the case in today’s over-populated digital-landscapes, such as those used by the contemporary Entrepreneur. With competition high and the attention-span of the audience fleeting, the challenge of having to build an audience has never been more difficult. And many companies lack the necessary understanding required in order to successfully navigate such platforms, effectively.
In my opinion, this new vernacular is in conflict with the traditional business models adopted by the corporate sector, specifically, the larger global conglomerates that dominate their respective segments. In previous years, these brands have been able to succeed due to their abidance to the accepted practices of their industries: Placing an emphasis on hierarchical business structures and clearly defined parameters within the business, itself. Today, however, such attitudes are considered dated. Certainly in reference to the attitudes and practices utilised by the demographic known as Millennials: Where a less defined company hierarchy has been preferred, with an inclination towards ethical practice and sustainable processes, that have helped to redefine many of today’s most lucrative markets. And such examples can be witnessed in the commercial activities of companies such as; Nike; StarBucks; H&M; IBM; Kellogs; SONY; And Microsoft. With several of these companies being honoured as among the most ethical companies of 2020.
In speculating on the future of entrepreneurship, we can also make the case, with some confidence, that such philosophical notions will continue to permeate the psyche of the entrepreneurs of the future: With the heir-apparent, that being Gen-Z, already building-on the work pioneered by the Millennials, and demonstrating a desire to further blur the lines between what an entrepreneur should be, and what an entrepreneur can be. The evidence for which can be observed in many of the industries that target younger audiences, and none more pertinent to the conversation than the music industry, where genres have given-way to a more fluid narrative, that celebrates interdisciplinary exploration, and cultural diversity.
Discuss the pros and cons of how risk, failure and innovation is built into a model for business success, and what the impact of different cultural insights is in regard to opportunity and potential;
I begin with a continuation of my earlier reflections on the subject of interdisciplinary practice, and how this relates to entrepreneurship, as defined by current examples within the commercial landscape. And revisiting my earlier commentary on the changes taking-place in the music industry, I would like once again to discus this notion of blurring the lines. In illustrating this point, I would like to share with you an observation I had recently made in my own life, and that relates to a member of Gen-Z:
During a period of procrastination, I found myself scrolling nonchalantly through my Instagram-feed, when appearing upon my screen was a link to a page called BandLab, posted by my Fifteen year old cousin. Clicking the link, I was then taken to his profile, where I could, and did, listen to an album he had made. So far, all very typical of the adolescent experience. However, the further I delved into his content, the more apparent it was to me, that my adolescent cousin did not only view himself as an aspiring musician, but he had also adopted the role of Illustrator; Film-maker; Photographer; Actor; And ultimately, World-builder. To him, as is the case with many members of Gen-Z, this desire to control all aspects of the creative process has become instinctive. We can observe this development manifesting in the mainstream, with the emergence of Pop-culture icons such as, Billy Eilish; A musician that defies traditional notions of branding, in favour of a more organic, transient visual-narrative. Her brand extending far beyond her aspirations as a pop star, and finding ample space in which to evolve in less obvious markets, such as the art world and world of animation. To be defined by one attribute is alien to Gen-Z, and it comes naturally to them, to control all aspects of their career, free from the confines of the established order, and corporate values of previous years.
In-closing, entrepreneurship is emerging as a standard in contemporary life, with people now choosing to opt for a less traditional work-life. For some, this is achieved by working remotely, and building their careers around their families. For others it is a route to creative freedom or greater rewards, for their efforts. And in many Third world countries, entrepreneurship is the only option, in an environment that affords little in the way of opportunity. And in-speaking to the above criteria, I would put forward the argument that today’s systems are built to accommodate ones’ aspirations, and to encourage greater engagement in the pursuit of personal development: There are many tools available to those who wish to better themselves and build a life that allows for far more independence, than the nine-til-five. However, if accessibility has never been more readily available, and the democratisation of information and learning has gone some way to increasing equality, then globalism and technological innovation has contributed to the scale of existing challenges. Where the “Mom & Pops stores” of small-town America were once able to succeed in building an independent business, using comparatively little in the way of branding or marketing strategy, today’s entrepreneurs are obligated to, at the very least, possess a comprehensive understanding of contemporary business practice. Comparatively, the same small, community-focused businesses of the 1950’s had not had to work tirelessly to obtain, and subsequently retain, their audience: With many of them being the sole supplier within their respective communities, they were able to retain their clientele for the duration of their customers lives. Such loyalty, seems distance into today’s small towns, with family-run businesses having given way to the mass-consumer driven megastores, or having fallen victim to the innovative services of the digital age.
JohnPrinceBranding 