The trigger event – the 4 triggers to start a start up journey
In order for the inputs of people and ideas to come together and start on the road, some form of trigger event appears to be necessary. This is as true for the larger entrepreneurial movements that have taken place throughout history, as it is for individual entrepreneurs making their own decision.
So what are the typical triggers?
This is probably the most important type of trigger because of the large number of people involved and the whole new economies that it can generate. The history of the United States provides many examples of this and we can see similar situations popping up in every major town in the UK. In the 1960’s Cuban refugees settled in Miami and those Cubans with an entrepreneurial flair started businesses serving these displaced communities. By the 1980’s there were over 10,000 Cuban owned businesses in Miami and at least 200 Cuban millionaires!!!!
This is a trigger that also affects a large number of people and can transform economies. In this case it is the change to an entrepreneurial culture that provides the trigger. It is not just a matter of removing the inhibitions of the previous culture but also by replacing them by positive stimulation. In the UK there are now many pockets that are flag bearers for this change in culture. Consider Tech City in London which is seeking to follow the cultural change created in Silicon Valley in the USA.
Turning to individual entrepreneurs, perhaps the most important trigger is the opportunity trigger. Would-be entrepreneurs see an opportunity that they cannot resist and decide to go for it with the feeling that if I don’t do it soon somebody else will. Opportunity triggers often include place and time factors that combine with the necessary opportunity to give the necessary impetus. In a nut shell being in the right place and at the right time with the right opportunity. The skill of the entrepreneur is to recognise that this is the true situation and then to take action
These have an important role to play for those whose entrepreneurial talent has been buried or suppressed. Redundancy is a major trigger for many, particularly, as redundancy payments can be generous and can provide the start up money for a business.
Most triggers are unplanned interventions as far as the entrepreneur is concerned. This, of course, does not mean that people have to sit around waiting for a trigger event before they do anything. True entrepreneurs make their own trigger or at least do not need much of a push to get going.