#NEF Training Economic resilience: the nature of economic fragility
Let's start the week with a photo report of an extremely interesting and inspiring event that took place last Friday as part of the New Economy of Ivano-Frankivsk (NEF) project.
The training "Economic Resilience: The Nature of Economic Fragility" was conducted by Andriy Stetsevych, an expert in investment and finance (PhD), entrepreneur. We would like to thank our participants and the speaker for the incredible entrepreneurial atmosphere at the training and publish a few theses from Andriy's speech.
We all live in a "spiral of opportunity", i.e. in an economic environment that, ideally, has room for any business to grow and is constantly expanding to accommodate new ones. The most effective type of interaction in this spiral is that of "interdependence", i.e. when participants trust each other, play by the same rules, and each works in their own specialisation, reinforcing the other.
The country needs another 2.5-3 million entrepreneurs. Look for opportunities to create your own business and strengthen others, thus expanding the circle of the "spiral of opportunity" and positively affecting GDP. Particular attention should be paid to the agricultural business, which is currently suffering from a lack of investment.
Only one in ten ideas turns into a business, one in ten businesses goes through a crisis, and only one in ten of these businesses grows from micro to small, from small to medium and from medium to large. The more micro, small and medium-sized businesses there are, the better for the country.
In order to create a formula for economic sustainability, three indicators are needed: capital - the sum of all your assets minus your liabilities; profitability - the ability of a business to earn money in the long term; and reputation - the resource that can save you from unstable situations.
Don't be afraid of failures. In the United States, some investors take into account the number of business failures a company has experienced when assessing investment risks. This means new experience gained, resilience to change, and experience of mistakes.
We would like to thank all those who attended, and hope that the training was interesting and useful. Stay tuned for more updates, we have a lot of interesting things coming up!
The event will take place as part of the New Economy of Ivano-Frankivsk (NEF) project, which is a project that envisages the transformation of the city into a competitive, innovative economic centre. The project is being implemented by a consortium of partners: The Executive Committee of Ivano-Frankivsk City Council, the innovation centre Promprylad.Renovation, the urban laboratory METALAB, the economic development agency PPV Knowledge Networks, and the Teple Misto platform.
