The well-known opening line of A Tale of Two Cities by Charles Dickens may well apply to the current world state of affairs: “It was the best of times; it was the worst of times. There is no doubt that, depending on where you live in the world, many are effectively experiencing the worst times of their lives to date, because of the spillover effects of multiple crises. The remaining economic impacts of the global COVID-19 pandemic and the significant consequences of conflict in Ukraine have produced unprecedented global supply chain disruptions, increases in energy and food prices, and overall commotion in markets worldwide.
However, the quote is interestingly paradoxical since out of crisis, very often, come opportunities. For some at least, that means the worst of times can truly become the best of times. We at GEM would suggest that, in many ways, it is the best of times for entrepreneurs. The world is undergoing an energy crisis and, in many countries, an energy transition that struggles to take hold. We are living through a time of increasing climate change and decreasing biodiversity, requiring substantial mitigation and adaptation. After a period of marked progress in alleviating extreme poverty, it is unfortunately again taking hold in some regions across the world. Markets are rapidly shifting. Our supply chains are clearly not resilient enough or designed to be shock-proof. Our retail and distribution systems are disrupting. Our global economic monetary system is transforming by the day. The pandemic catapulted the world towards a so-called "New Normal", which has not yet fully landed in the collective conscience such that it can be properly described. However, can all these phenomenal events, and multiple others not mentioned here, constitute opportunities for entrepreneurs? The answer, of course, is "Yes!" Entrepreneurship is undoubtedly and has always been — an important part of the solution to repair damaged economies and societies.
Results presented in our GEM 2022/2023 Global Report show that not only are policymakers in some countries striving harder to make it easier for entrepreneurs to put down their commercial "roots"and create successful businesses, but entrepreneurs themselves are clearly dusting themselves off from the hardship effects of the global pandemic and continuing to do what they do best: grasp opportunities. If the interface between policymaking and entrepreneurship is working effectively, then entrepreneurship can contribute richly to economic recovery, thus making economies more resilient and, dare we hope, shock-proof. At the very least, entrepreneurs can help economies return to the best of timesâ.
As always, the GEM Global Report is based on hard data collected from literally thousands of entrepreneurs and national experts around the world. This 2022/2023 Global Report adds a 24th year of data collection and results to the GEM portfolio. Our aspiration at GEM is clear: to provide transparency to policymakers so that they can make better decisions to truly promote entrepreneurship, and also observe and act on the impact of their decision-making over time. A fundamental question is: Can policymakers transform the results of our research into robust and productive decision-making, allowing increasing numbers of entrepreneurs to create wealth and contribute to societal well-being worldwide? Based on our scientific observations at GEM from over the years, the answer to this question is also a resounding "Yes!"
Here’s to a return to the "best of times" in the "New Normal", however that lands, leaving no one behind.
