Enabling entrepreneurship in the creator economy | Summary and Q&A

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October 21, 2021
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Bessemer Venture Partners
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Enabling entrepreneurship in the creator economy

TL;DR

Starting a business is becoming more challenging due to high barriers to entry and survival, but the younger generation's entrepreneurial ambitions and emerging technologies offer hope.

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Questions & Answers

Q: Why are the number of new businesses declining?

The high barriers to entry, complex regulations, and limited access to funding make it difficult for entrepreneurs to start and sustain small businesses.

Q: How are big companies affecting the small business landscape?

Big companies, including big box retailers and tech giants, are capturing most consumer spend, leaving less market share and opportunities for small businesses.

Q: What impact has the pandemic had on the entrepreneurial landscape?

The pandemic has obliterated many small businesses, further consolidating market share for big companies. However, it has also highlighted the need for individuals to rethink their skills and industries and explore new opportunities.

Q: How are technology platforms democratizing entrepreneurship?

Technology platforms are reducing the friction of starting and scaling a small business. They provide tools and resources that make it easier for individuals to get started, manage their operations, and reach customers.

Summary & Key Takeaways

  • The number of new businesses formed each year has decreased by approximately 50% over the past 30 years, while the number of people working at big firms has increased. Barriers to starting a business, complex regulations, and lack of funding are contributing factors.

  • Fortune 500 companies are capturing a larger share of the market, leaving less room for small businesses. The pandemic has further intensified this trend.

  • However, the younger generation is embracing entrepreneurship, and technology has unlocked new opportunities in various sectors.

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