Getting Started as an

Entrepreneur/Opportunity/Entreprene
urship Is
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[edit] Entrepreneurship Is...

A mindset
You might have already heard about something called "the entrepreneurial mindset." You
know it has something to do with entrepreneurs and starting your own business, but what
is it, really? What does it mean to be entrepreneurial? What are entrepreneurs like, and
what do they do?

The entrepreneurial mindset is marked by imagination, initiative, and a readiness to

undertake new projects. It is perseverance and determination, risk-taking and daring,
integrity and honesty. Entrepreneurs change the world in concrete ways through their
inventions, their businesses, their social and economic impacts. The term
"entrepreneurial" can apply to individuals, teams, or entire organizations.

What are entrepreneurs like?

While entrepreneurs have widely varying personalities and don't fall into a cookie-cutter
mold, most successful entrepreneurs share a set of common characteristics. These
include:

• A participatory management style—they're willing to share power

• A high need for achievement
• Supervisory and/or sales experience or skills
• Persistence—they're not easily discouraged
• Willingness to live with uncertainty, particularly financial uncertainty
• Open-minded—willing to listen to constructive criticism
• Flexibility—they have the ability to change when data shows they're going down
the wrong path

Of course, another thing entrepreneurs have in common is the ability to bounce back
from failure. Since it is entrepreneurs who are out there pushing the boundaries and
changing the world, it's inevitable they will make mistakes. An important characteristic
of entrepreneurs is that they are good at failure: the entrepreneur sees failure as a
temporary setback, an investment in education, an opportunity to learn and to do better
next time. Winston Churchill summed this up best when he said, "Success is the ability to
go from failure to failure with no loss of enthusiasm."

What do they do?

Here's a standard definition of what entrepreneurs do:

Entrepreneurs habitually create and innovate to build something of recognized value

around market opportunities.

There's a lot to those fourteen words; let's take apart the definition and investigate each
term.

• Habitually—they cannot stop being entrepreneurial

• Create—they start from scratch and bring into being something that was not there
before
• Innovate—they're able to overcome obstacles that would stop most people, turn
problems and risks into opportunities, deliver, and see ideas through to final
application
• Build something—the output of the innovation process
• Of recognized value—encompasses economic, commercial, social, or aesthetic
value
• Market opportunities—they exploit a recognized market need

It's all about opportunity

Note the one word we keep harping on: opportunity. Entrepreneurs are opportunity-
driven. Opportunity comes from changes in the environment, and one central
characteristic of entrepreneurs is that they excel at seeing patterns of change. Also,
entrepreneurs are not resource-driven; while the manager asks, "Given the resources
under my control, what can I achieve?" the entrepreneur asks "Given what I want to
achieve, what resources do I need to acquire?"

It is the entrepreneur's drive to acquire resources in order to exploit opportunities that

creates the high correlation between entrepreneurship and economic growth.

More than one kind of entrepreneur

Let's be honest: not everyone reading this book will go on to form their own company.
Up to this point we've defined an entrepreneur in just that manner-as someone who starts
his or her own business-but in today's rapidly changing world the concept of
entrepreneurship has been broadened to include a very important, new kind of
entrepreneur: the corporate entrepreneur. Corporate entrepreneurship, also called
intrapreneurship, is entrepreneurship practiced by people within established
organizations.6 It is the process that goes on inside companies that leads to new business
ventures; the development of new products, services or processes; and the renewal of
strategies, leading to increased competitiveness. As such, it can be seen as the sum of a
company's innovation, venturing and renewal efforts.
Read this book with the understanding that you can think and act like an entrepreneur
whether you start your own business or contribute your skills to an existing business.
Being entrepreneurial is the centerpiece.

The reasonable man adapts himself to the world; the unreasonable one persists in trying
to adapt the world to himself. Therefore all progress depends on the unreasonable man.

—George Bernard Shaw

Develop success from failures. Discouragement and failure are two of the surest stepping
stones to success. No other element can do so much for a man if he is willing to study them
and make capital out of them.

—Dale Carnegie

As competition intensifies, the need for creative thinking increases. It is no longer enough
to do the same thing better... no longer enough to be efficient and solve problems. Far
more is needed. Now business has to keep up with changes... And that requires creativity.
That means creativity both at a strategic level and also on the front line, to accompany the
shift that competitive business demands... from administration to true entrepreneurship.

—Edward de Bono

One corporate entrepreneur’s story

Chris Consorte had no intention of taking the job. But after launching his own marketing
agency a year earlier, he in-terviewed with a mortgage banking firm to get a foot in the
door and, he hoped, to snag a new client. Then, as they say, they made him an offer he
couldn’t refuse. “They were willing to pay me my asking price, [which was] more than I
was making at my own company,” says Consorte.

But soon enough, the surprise job gave Consorte even more than he ever expected. The
boss, “an intuitive guy,” saw that his new hire wanted more out of his job and work life
than the average employee and started bouncing ideas off of him for new products and
divisions. “Giving people opportunities was a big thing for him,” says Consorte. “They
were embracing my salesmanship and entrepreneurial ways.” The best part? His boss
made it clear that he wasn’t just giving Consorte the chance to learn a new thing or two
(and take on hours and hours more work); he was going to share the wealth if all went
well.

Eventually, among other responsibilities, Consorte was made head of the firm’s internal
advertising agency, where he was free to take on outside clients so long as they weren’t
competitors of the firm and it didn’t interfere with his full-time job. “I’m the type of
person that if I have unlimited potential in front of me, I’m going to put in extra hours,” he
says. “I’m all in—especially if I can see the results.”

Innovate or else
While corporate entrepreneurship can be good for the employee’s bottom line, it’s become
a must-do for companies that don’t want to get left behind. “I don’t think there are any
companies right now who can afford to rest on their laurels,” says Rita Gunther McGrath,
associate professor at the Columbia Business School and author of The Entrepreneurial
Mindset (Harvard Business School Press). “As the pace of competition gets faster and
faster, yesterday’s winner can very easily become tomorrow’s roadkill.”

Defining_the_Opportunity >>
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