WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is commonly thought of as the process of starting a business. While this is true, in part, some nuances should be considered.
In the HBS Online course Entrepreneurship Essentials, entrepreneurship is defined as “the pursuit of opportunity beyond the resources currently controlled.” An opportunity is a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.”
05 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
Successful entrepreneurs have a sense of curiosity that allows them to continuously seek new opportunities. Rather than settling for what they think they know, curious entrepreneurs ask challenging questions and explore different avenues.
In Entrepreneurship Essentials, entrepreneurship is described as a “process of discovery.”
Without the drive to continuously ask questions and challenge the status quo, valuable discoveries can easily be overlooked.
2. Structured Experimentation
Along with curiosity comes the need for structured experimentation. With each new opportunity that arises, an entrepreneur must run tests to determine if it’s worthwhile to pursue.
For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it. To do so, you’ll need to conduct thorough market research and run meaningful tests to validate your idea and determine whether it has potential.
The nature of business is ever-changing. Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario. Entrepreneurs need to evaluate situations and adapt so their business can keep moving forward when unexpected changes occur.
To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.
Being decisive doesn’t always mean having all the answers. If you want to be an entrepreneur, it means having the confidence to make challenging decisions and see them through. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.
5. Team Building
A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities.
In many cases, it’s the entrepreneurial team, rather than an individual, that drives a venture toward success. When starting your own business, it’s critical to surround yourself with teammates who have complementary talents and contribute to a common goal. Raw Marketer