Here are some initial truths I have learned from my exposure to entrepreneurship.
A confusion is found when you ask someone to explain the word entrepreneurship. It is impossible to define with words because it has so many levels to it but I will give it a shot. Creating and sustaining value for a venture does it some justice.
Entrepreneurship in my eyes is a mindset, a discipline, and a science. It is a constant pursuit to learn, research and innovate while competitors settle for the staus quo. It is a drive to create a better way to do something.
Entrepreneurs are sometimes labeled as "business owners" or "self-employed". Most of the time this is valid and an entrepreneur will accept this classification but they still feel misunderstood by society. It is hard for entrepreneurs to help others understand their vision.
Anyone can buy a business license to create and operate their own business. This is a reason so many business fail (About 80%). Simply owning a business does not make someone an entrepreneur.
I learned basic principles about the make up of entrepreneurs from reading the wisdom of Dr. Jeffrey Timmons, "The Father of Entrepreneurship Education"
Entrepreneurs understand that in order to sustain a venture many factors play a complimenting role.
1.) The Team
2.) The Opportunity
3.) The Resources
These three factors must constantly work together in order for a business, no matter the industry, to position itself for success.
Lacking the resources or capital to start a venture is always one of the first challenges an entrepreneur faces. Where to find money?
Without the initial investment and cash flow to match the vision an entrepreneur has for a business idea the opportunity will simply remain an idea.
When the investment matches the vision for the business idea an entrepreneur can turn it into an opportunity. From this opportunity it is up to the the management team behind the venture to determine how it operates and sustains growth. Many people have great businesses but fall asleep behind the wheel.
Finally if you have a great team and lots of capital you still can't guarantee the opportunity will succeed. Throwing money and people at a competitive market is a common mistake many aspiring business owners make.
It is so important for these factors to always stay cohesive.
I have heard stories from entrepreneurs of all walks of life. All of them had their struggles. Some more than others, but most importantly they learned from them and grew stronger.
The lesson I learned was that in life and in any business, everything must balance to receive ultimate value, no matter what you pursue.
I sure haven't done a good job of this yet but I am trying to improve.
My next post will be about how we can apply these principles of entrepreneurship to the publishing industry and explain the visions I am having for the term "authorpreneuship."
