Thommy Stenvik

SPG founder and owner
email; thommy@stenvik.org

Thommy Stenvik is a Swedish entrepreneur who has had adventurous success in the Scandinavian market. Since 2016, he has started numerous electricity companies that today have a turnover of millions of euros, and which supply electricity to thousands of satisfied customers across Norway and Sweden.

Shifter.no, 19/01/2021 - See full article HERE

Thommy Stenvik

The pillars of entrepreneurship: Growth and innovation

 

Thommy Stenvik is clear about what he believes are the pillars of entrepreneurship: Growth and innovation.

"Driving safe is a tactic that only companies with large budgets can afford".

 

Entrepreneurship is about taking well-calculated risks to achieve growth goals.

"The only two things that should drive entrepreneurs forward are growth and innovation. Economic efficiency can be a good approach, but this is not what has driven entrepreneurship in the last 20 years. Innovation is the best way to achieve growth, in addition to being vigilant for new opportunities".

Niche-specific or broad business services

 

If we look more closely at markets with the largest turnover in 2020, such as e-commerce, insurance and finance, it is easy to discover the pattern. The largest brands in each segment generate profits through broad business service, but these are larger and well-established companies with international market shares.

Entrepreneurs in 2021 should rather concentrate on the niche market, and offer specific products and services where customer needs are still not met.

"Entrepreneurs' biggest advantage is that they are more flexible and more flexible than large companies, so that they can react quickly when opportunities arise. Then you can, for example, utilise a customer base that has previously been overlooked. An example of this is offering a product to a geographical area, where the product has not previously been available".

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Entrepreneurship and technology

 

In the past, the biggest weakness of entrepreneurs was that they did not have available resources that could compete with the big companies. In today's entrepreneurial landscape, however, many smaller companies and sole proprietorships succeed, and turn over significant sums every year. The most important factor for this is possible emr technology.

"In 2021, even sole proprietorships can afford advanced software and important tools that save them time, and therefore it is possible to achieve their growth goals more efficiently today than 20 years ago".

Such tools are, for example, CRM systems, e-mail automation, project management tools and automatic invoicing. The software industry is booming like never before and this is something all entrepreneurs can take advantage of, even with limited resources.

Partnerships provide several opportunities

 

In 2021, entrepreneurship's biggest challenge remains the critical start-up phase. An entrepreneur may have a great idea for an app, software or service, but lacks the knowledge of development and coding to make the idea a reality. It may seem impossible to overcome this challenge, and according to Thommy Stenvik, this is the reason why many entrepreneurial companies perish before they have started.

"At the same time as creative entrepreneurs give up, there are technical experts and junior developers all over the country who want to become entrepreneurs - but these lack knowledge about brand building, marketing and sales".

 

Rather than letting go of their ideas, entrepreneurs should enter into fruitful partnerships with other entrepreneurs. This can be done by working actively with their network, meeting entrepreneurs from other industries and forming partnerships. In 2021, this can be done physically as well as digitally.

Read more advice for young entrepreneurs from Thommy Stenvik

Crowdfunding and entrepreneurship

 

According to Thommy Stenvik, limited funds are no obstacle for entrepreneurs in 2021. The key to success is crowdfunding.

 

"Modern entrepreneurship is characterized by crowdfunding. There is a market for every idea, no matter how impossible it seems at the start of the project. Entrepreneurs should share their ideas with the masses, and ask for help to raise money".

Traditional investors are just as relevant in 2021 as before - people with thick wallets looking for viable business ideas to finance.

 

"Letting a perfect idea go just because there are no funds to finance it, should not be a challenge in 2021".

Inspiring entrepreneurial community

"There are countless entrepreneurial communities that new entrepreneurs can participate in, either to look for business ideas and growth strategies, or to find motivation and support".

Entrepreneurship makes it possible for everyone to follow their dreams. The landscape is more attractive than ever in 2021, thanks to new technologies and innovations.

"Study current trends in entrepreneurship, such as opportunities in the niche market, and follow what successful entrepreneurs do. Then you can make informed decisions that drive your business up and forward".