External and Internal Scenarios in Connecticut´s Entrepreneurship

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In order to fully understand the value chain in our scenario we have to take into the consideration both external and internal forces that drives change and their impact on Connecticut’s entrepreneurship and career opportunities among its residents. The key trends that would shape future opportunities within next 5 – 10 years can be grouped within five areas: - Economic issues, including reshuffling surrounding states economies, growing gap between high and middle class, as well as a focus on providing competitive advantage to young entrepreneurs among other states. - Infrastructure issues, including rapid deterioration of state highways and bridges, lack of substitution in transportation - Change in demographics, such as a shift in Connecticut population, urbanization and cross state migration - New technologies, such as high speed computing, virtual communication, potential to harvest data, people accessible everywhere in minutes not hours or days - Regulatory forces, extended legislation on health and wellness, increase in state and municipal taxation A typical entrepreneur in Connecticut is coming from the middle class with the western like life style. Most likely grow up in Connecticut but it is not common to migrate from other state or eastern countries. Graduated from in state universities and currently pursuing graduate degrees or job required certifications. While these trends are largely outside the control of the process that will produce young entrepreneurs, local government, large corporations and small businesses must consider the impact of these external forces on Connecticut’s population and determine of how to respond to the changes that most likely are generated by their impact. Meanwhile there may be more tren... ... middle of paper ... ...he work to create trust – trust in young entrepreneurship builds confidence and allow for much better risk taking and challenging existing norms and limits 2) Joint Value creation – sharing of best practices creates values for each other 3) Leadership – although most innovation and individualism is created by the single units, the core values must be imbedded early in development stage 4) Alignment of innovation and free thinking – all parties must align their current decision with common long term vision 5) Incentive and reward system – young entrepreneurs should be stimulated by measurable reward system and be easily applied to the existing line of business 6) Empowerment – for changes to occur, the empowering process should be in place 7) Cultural exchange – the exchange of cultural differences should freely flow through the state lines Changes to the Value Chain

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