Wednesday, September 15, 2010

Four Abiding Elements of Entrepreneurs

Entrepreneurs Have Talent

Entrepreneurs have a proclavity for action – they don’t sit on the fence wondering whether to act and thereby missing their opportunities. They have a tolerance for ambiguity – obviously a bonus considering entrepreneurship, by definition, involves operating in ambiguous environments. They also have an unfettered desire to take control of their own destiny.
Entrepreneurs Have Opportunity

Entrepreneurs see the world in a slightly different way than other people and this makes them very good at seeing natural connections between otherwise unrelated things. The word for that is bisociation. Entrepreneurs have a way of thinking in innovative ways about ordinary things that leads to their ability to create new value.
Entrepreneurs Have Capital

Entrepreneurs have access to financial and social capital… don’t under-estimate the importance of networking. Great ideas without mass or support are littered throughout human history. They also have access to other resources necessary to take their ideas through to realisation. If you are an entrepreneur you need to spend a lot of time working on this area – it’s called a Resource Profile and it determines what you can and can’t manufacture, move, shake or sell to Eskimos / Innuit.
Entrepreneurs Have Know-How

Entrepreneurs have an ability to acquire the necessary skills and expertise to push their new ventures forward. It is critical that they have a learning focus because the ambiguous environment lends itself to throwing curve balls. It is critical that an entrepreneur can listen, negotiate and communicate effectively. Entrepreneurs have the ability to learn how to do the things they currently lack in their skillset.

Conformity & Disobedience

Entrepreneurs achieve their goals through either conformity with the norms and status quo or they do so through disobedience.
Entrepreneur Example: Alexander Pearce the Cannibal

Entrepreneurs need not be in business… the definition is broadly ‘a new venture’. So our entrepreneurship team (named Sexy7) produced our first short animated skit explaining why Alexander Pearce, Tasmania’s infamous cannibal convict of the 1800s, was an entrepreneur as defined by those four abiding elements – Talent, Opportunity, Capital and Know-How.

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