A week of economics and entrepreneuship

Week three of DC ran smoothly after a busy weekend in New York city. My highlights included a conference at the Wilson Center on Sexual Violence in the Congo, some great SAWIP discussions and watching the sunset from on a roof with George Washington University students.

Our SAWIP theme this week, entrepreneurship, is mostly outside of my immediate field of interest and knowledge but, coincidentally I attended a conference on BRICS at the Woodrow Wilson International Centre for Scholars which tied in nicely with the topic and the SAWIP conversations during the week.

BRIC is a concept originally proposed by O’Neil of Goldman Sachs in 2001 to describe the powerhouse developing economies. At the end of 2010, with much controversy, South Africa joined to complete the acronym BRICS. This group of developing countries is had to define but it is generally accepted that BRICS is a learning community focused mainly on economic development but also grouped because of their geo-politics.

To summarize the discussion by the scholars in the panel at the Wilson Center:

What is the point of BRICS? Talking about political agendas and prepare an alternative to Western response.

What is the role of China? It is impossible to consider only economic development when defining BRICS. It is necessary to consider a variety of geo-political and social factors. Becoming a global power is also about more than economics, it requires a scale of global involvement that includes an interest in human rights. China can be a model for the opening of economic markets but it has a way to go with democratic systems as well as intellectually and psychologically.

What unites the BRICS countries? “Corruption and mild anti-American rhetoric.”

We were privileged to have a SAWIP panel discussion with 4 entrepreneurs on Monday night. The conversation, even for a non-entrepreneur, was inspiring. Perhaps the easiest way to remember the conversation is to summarize the panel’s “Tips for Entrepreneurs”.

1. Money is not enough of a motivator.
2. Have a great idea and become an expert.
3. Know how to write, speak and use rhetoric and persuasive language.
4. Have a foundation, some skill which focuses you.
5. Build an interdisciplinary team that you can trust and that you enjoy spending time with.
6. Do it young, before the risks are too great and you have a mortgage.
7. Recognize when its not working, don’t flog a dead horse.
8. Never assume anything. If you want to be successful make sure you tuck in all the corners.
9. Do a careful risk analysis. Identify the things that could kill the company, develop PR responses and avoid the risk.
10. When investing, ask this question- how can I succeed regardless of who wins the success lottery?

The quote of the night has to be “Training an entrepreneur is like training an F15 pilot. It costs you about $30 million because every one has to crash a plane. And, it’s also a selection process because not everyone comes out alive.”

As a SAWIP team we were also privileged to meet Sandra Taylor for a discussion on Corporate Social Investment and Social Entrepreneurship. It was inspiring to hear how a person with passion for social development could make a difference in the corporate world and not be deterred by race and gender-based discrimination.