April 16 is the World Day of the Entrepreneur and, to celebrate this event, we reproduce the article published in Diario Vasco in which Gustavo Pego, from the General Coordination of Entrepreneurship of the University of Navarra, congratulates all those who "have undertaken an entrepreneurial project willing to suffer for making a better society with their work".

That the entrepreneurial process is a learning and training process is beyond discussion, regardless of whether the desired goal (success) is achieved or not. In fact, it is commonly accepted that learning is greater when mistakes are made and failure occurs.

An important part of this learning comes from the pedagogical work of smart money provided by a good issue of private investors commonly known as business angels and by many fund managers. Both affect and positively influence the entrepreneurs, in a kind of advice and committee that is implicit in the milestones and challenges to which the new entrepreneurs commit themselves so that the capital is invested.

In recent months we have seen that, in addition to those already existing in our territory, new venture capital funds have been added to invest in incipient business projects or to finance companies to face growth processes. In addition, other venture capital companies, many of them located in Madrid or Barcelona and even abroad, are increasingly present in the Basque Country. It is reasonable to affirm that we have, perhaps today more than ever, abundant investment capital eager for projects.

The current growth status has led to an increase in capital liquidity in this subject of instruments that are so important for the generation of new economic activity.

Likewise, our political leaders are doing their homework very well by generating new tax legislation to favor investment in this field; and by supporting and encouraging initiatives that promote entrepreneurial activity in order to finally maintain, in the long term deadline, the quality of life and the magnificent social benefits enjoyed in this country.

If we accept that at this moment there is an abundance of investment capital hungry for projects with potential, could a scenario of permissiveness be reached, of less demanding investments, generating in the medium term deadline worse success ratios in the projects and an impoverishment of the entrepreneurs' learning and also of the investors' equity? 

Or, on the contrary, would the increase of funded projects with a lower expected success rate enrich in global terms the Economics of our environment?

Alex Rovira, in his book 'The Good Crisis', makes a beautiful reference letter to the process of metamorphosis from silkworm to butterfly. I would like to borrow it to apply it to entrepreneurship.

Rovira writes: "The silkworm builds a cocoon and then breaks free from it and is reborn as a butterfly. Scientists were intrigued about what would happen if they helped in this process and opened a series of cocoons. The butterflies began to tingle, but were unable to take flight. They were unable to feed and died. From this test it is clear that overexertion is necessary for the butterflies to later rely on the strength of their wings. But if they don't go through the experience of doing it autonomously they have no sense of security, something we can easily transfer to the human world."

My most sincere congratulations on this World Entrepreneurship Day to all those who, in the past or at this very moment, have undertaken an entrepreneurial project willing to suffer for making a better society with their work.