- World Entrepreneurship Day is celebrated annually on 16 April.
- Since its inception in 2011, Wayra has invested in approximately 1,200 start-ups.
In the context of Global Entrepreneurship Day, which is celebrated every 16 April, we are going to analyse what entrepreneurship consists of.
What is entrepreneurship?
If we stick to the definition of the RAE, entrepreneurship is understood as ‘undertaking and starting a project, a business, an endeavour, especially if it involves difficulty or danger’.
Although concise, this definition clearly shows the main characteristics of what it consists of.
What is entrepreneurship and how has it evolved?
Inherently related to entrepreneurship is entrepreneurship, a concept that, although it does not have an explicit definition, could be summarised as the action of turning a new idea into a successful innovation through the use of skills, creativity and exposure to risk.
This concept has its origins in the term entrepreneur, which was coined by the Franco-Irish economist Richard Cantillon in the 18th century to define a person who takes risks in uncertain economic environments.
In the 19th century, Jean-Baptiste Say expanded the definition, considering the entrepreneur to be an ‘agent of change’ who creates value, a concept that also evolved throughout the 20th century.
At this point in history, Joseph Alois Schumpeter theorised about the term, explaining that entrepreneurs acting intuitively put new economic possibilities into practice.
For his part, Peter Drucker also defined entrepreneurship in the last century as ‘the process of obtaining benefits from new, unique and valuable combinations of resources in an uncertain and ambiguous environment’.
In the 21st century, the concept of entrepreneurship is strongly linked to the world of technology, as evidenced by the profiles of some of the best-known and most influential entrepreneurs who have changed recent history.
What qualities are needed to be an entrepreneur?
While it is true that the qualities for entrepreneurship do not constitute a closed list, some of those most frequently cited by scholars on the subject are as follows.
Vision and creativity are fundamental to the ability to spot opportunities where others see problems and thus generate innovative ideas.
These qualities must also be accompanied by passion and motivation, which are essential for having the energy to overcome any obstacles that may arise.
Indirectly related to this is also the capacity for resilience or perseverance, a determination that must serve to learn from failures, try new things or know how to deal with uncertainty.
Derived from this, we find another characteristic: adaptability. This trait is understood as the ability to adjust to changes that may occur in the markets or the receptiveness to constructive criticism.
Another skill that experts agree on is leadership, understood as the ability to make decisions, take risks, lead teams, and perform under pressure.
Wayra: 15 years as a meeting point between startups and Telefónica’s business
At the latest edition of the Mobile World Congress, held in Barcelona from 2 to 5 March, Wayra celebrated its 15th anniversary by reinforcing its role as Telefónica’s corporate venture capital arm, with the aim of identifying, investing in and bringing the most innovative solutions from the entrepreneurial ecosystem to the operator’s business.
Specifically, Wayra participates in 4YFN, a leading international event for start-ups, investors and corporations held in parallel with MWC.
Wayra’s investment strategy focuses on key markets for the Group and on technologies and startups with real capacity to integrate into operations and generate new business opportunities for Telefónica.
Similarly, Wayra will continue to promote its open innovation services for corporations and institutions, designing and executing programmes that connect organisations with the most relevant startups.
Wayra in figures
Since its inception in 2011, Wayra has invested in approximately 1,200 startups, of which more than 520 remain active in its portfolio and 218 continue to collaborate with Telefónica, jointly generating a turnover of more than €700 million.
This activity has also contributed to strengthening local entrepreneurial ecosystems, supported by a cumulative investment of over €260 million.
