Embracing an entrepreneurial spirit is vital in today’s rapidly-changing world. As technology becomes more advanced and changes the very fabric of many businesses' methods and processes, cultivating entrepreneurship is crucial in various ways. 

Entrepreneurship offers a mindset of expansion which goes far beyond starting a business. It’s about thinking creatively and being open to new opportunities and ideas on a broader scale. These are values which are important to Pedddle and our community of market organisers, stallholders, small business owners, and anyone who champions freedom, creativity, and the next generation. 

As passionate as we are about creativity and entrepreneurship as forms of self expression, they can actually transform our society as a whole. Not only in terms of the way that small businesses can change lives on a personal scale, but as technological innovations rise, this expanded mindset can help wider society.

Here are 5 reasons why embracing an entrepreneurial mindset is vital in today’s rapidly changing world, and is so important for our collective future. 

5 reasons why embracing an entrepreneurial mindset is vital in today’s rapidly changing world

1. Innovation

As we mentioned above, creative thinking, or ‘thinking outside of the box’, allows us to solve all kinds of problems. Entrepreneurs even at a micro/small business level are often at the forefront of developing new ideas, problem solving and conjuring smoother and faster processes, with all kinds of businesses. Giving entrepreneurs the freedom to innovate, be creative, and grow, should be a priority for any society.

2. Social evolution

This innovation leads to changing society in different ways. Innovative thinkers and entrepreneurs bring a fresh perspective, inspiring new ideas which can have a cumulative effect on our culture, at various levels - be it local, regional and even national. There are many success stories of entrepreneurs across the globe who’ve inspired social evolution, in every industry and art form. Some of these success stories have started their businesses out at markets!

3. Resilience 

One element of being an entrepreneur is a willingness to take calculated risks. Entrepreneurs learn to face failure and setbacks as they test different ideas and products, as well as taking more risks in order to learn from their mistakes and progress in a better way in future. This ultimately makes them more resilient, which can inspire other businesses too.

“The resilience we see daily from the businesses we work with at Pedddle is phenomenal. After a dire market due to the Great British weather, stallholders pick themselves up and dust themselves down to start a new week - innovating, creating and moving forward. This unshakeable resilience cannot be taught, but is invaluable in this industry!” - Nicki, founder of Pedddle.

4. Wealth creation and economic growth 

Starting a new business can bring money and resources into a specific local area, creating more wealth in the region. Pedddle encourages people to search for and use local markets near where they live, and shop from local businesses in their area. This creates prosperity on a more local scale, but affects the national economy too. It could even inspire more people in becoming entrepreneurs, and create new jobs as companies expand. Entrepreneurship could also lead to increased productivity, higher wages and new jobs, with a more united, and perhaps more contented, workforce, as a result.

5. Competition 

Let’s not ignore the importance of competition. Many of us think of competition as a negative thing when it comes to business, but those in the know will see that competition from other businesses can be very healthy, as it makes the market more efficient, and encourages individual businesses to be more responsive to customer feedback and customer goals. However, we often repeat the phrase, ‘community over competition’, to remove the negative connotations from the word ‘competition’. Pedddle is about community, helping one another learn new skills and offering solutions in a community effort. Even if you come across other businesses and entrepreneurs selling the same products as you, or even running a similar business model, there’s enough room for all of us in the marketplace. A diverse range of businesses prevents a monopoly and better serves the general public as a result. 

And speaking of the creative community… 

Have you heard of National Creative Market Day? 

Pedddle has created National Creative Market Day (NCMD), an annual awareness day to promote the visibility of the entire creative market community. This ranges from artisan markets to the people that sell at them, the small business owners which have stalls at these markets, to the people that shop from them. We want everyone to get involved! 

NCMD is a day to celebrate all of the things which make markets great, from the diversity of the businesses involved to putting a spotlight on artisan skills. Entrepreneurship is also a big part of this, as markets offer many entrepreneurs an opportunity to test their skills, sell their wares, and diversify their businesses.

You can read more about why cultivating entrepreneurship is so important, and why it’s a large part of NCMD, here.