25 Entrepreneurs Explain What They Love About Being An Entrepreneur
Being in love is great. Being in love with your business, when you’re an entrepreneur, is even better. Waking up each morning knowing you are getting to do exactly what you love is more than most people could ever say about any “job” they have had. Although there are days when tossing in your hat seems like a viable option, remembering how much you love your “job” can quickly snap an entrepreneur out of that mentality.
Different business owners also have different reasons why they love their business. It might be the products or the customers they deal with, or it could even be the fact that they are the ones in charge of it all. The reasons are as varied as the businesses themselves. Read more at hear.ceoblognation.com.
The Entrepreneur’s Impact on a Successful and Prosperous Society
The world as we know it would not be what it is if it weren’t for the brilliant and creative minds of entrepreneurs. When we talk about entrepreneurs, we often equate them with business people. While both share certain qualities, there’s much more to an entrepreneur compared to a business owner. They are not exactly one and the same.
What is Entrepreneurship?
The basest definition of the word “entrepreneurship” is this: the activity or the process of creating an enterprise or a business and taking on the financial risks with profit in mind. But, of course, there’s more to it than just that.
It also refers to having the capacity and the willingness to contribute to a nation’s socio-economic development by coming up with creative solutions that promote social changes and drive innovations.
Develop an Entrepreneurial Mindset
At its core, a business is really just a repeatable process of solving problems for other people. The problem just has to be big enough that customers and clients will pay for your product or service. If you’re an entrepreneur, really all that means is that you’re a problem solver.
And it takes some drive and a whole lot of other qualities to push your business idea toward success. Did you know that about half of all small businesses fail in the first five years? Did you know that about 70 percent of those businesses fail because of cash problems?
So in addition to being a creative person who sees opportunities and has the drive to persevere and navigate those rough spots when things get tough, you have to keep the business side of things in mind, too. Keeping things like financials, cash flow, bookkeeping, etc., in focus, in addition to your business goals, is key for success. Read more at msourcelink.com.
Can Entrepreneurship Be Taught in a Classroom?
As the pandemic reshapes entire industries, the need for agile entrepreneurs have never been more urgent. But traditional business education isn’t always optimized for preparing the next generation of leaders for an uncertain, rapidly changing world. Nevertheless, some business schools have pioneered new teaching models designed to teach entrepreneurship more effectively by focusing on “effectuation,” or leveraging existing resources to take action.
New research sheds light on two new models for entrepreneurship education: Rotman’s operating theater classroom, in which startups are interrogated in front of an audience of students, and Darden’s rewiring approach, in which students are encouraged to embrace an action-oriented, collaborative mindset. Read more at HBR.org.
The Entrepreneurial Spirit: Are Entrepreneurs Born or Made?
So what are the characteristics and skills of a good entrepreneur? What’s the “it” factor that makes for a great entrepreneur? To be a basketball star, you would most likely be extremely tall, fast, athletic, and have real hops. But the qualities of a great entrepreneur are more abstract or illusive for someone studying entrepreneurship and business. From my experience, I believe there are five major traits that mean you have the chops when it comes to building a business and living the life of an entrepreneur. Read more at garyvaynerchuk.com.
18 Simple Ways Entrepreneurs Can Prevent Burnout
It’s no surprise that entrepreneurs must possess a strong work ethic in order to keep their businesses up and running. As a result, many face long and demanding hours, increased pressure to perform, tough decisions, loneliness; the list goes on.
Unfortunately, many of the challenges faced by entrepreneurs can lead to ‘burnout,’ which Dr. David Ballard, Psy.D. defines as “an extended period of time where someone experiences exhaustion and a lack of interest in things, resulting in a decline in their job performance.”
Luckily, there are several ways to stay proactive and prevent burnout from affecting you and your entrepreneurial journey. From practicing self-care to maximizing productivity, we’ve got you covered. Read more at startupsavant.com.
Why Entrepreneurship Is the Engine of Economic Development
We often hear that entrepreneurship is important, but it’s hard to overstate just how vital entrepreneurship is for the economy at large. Entrepreneurial activity, or in other words, the creation of new businesses, is what supports local economies, what supports our country’s GDP and what helps the stock market continue to grow.
So why is it that entrepreneurship is such a powerful engine of economic development? It’s actually more complex than you might think.
The evidence suggests that small businesses created by entrepreneurs are disproportionately responsible for job growth. Small companies create more than 1.5 million jobs annually in the United States, which translates to 64 percent of total new job growth.
Why are new jobs so important? Economic growth is partially dependent on job growth. More available jobs lead to more people working, and more people working leads to higher GDP. On top of that, more people have recurring income and can better provide for their families. Read more at entrepreneur.com.
A Message from Acceler8Success Founder, Paul Segreto
Entrepreneurship: Ideas and the Courage (Nerve) to See Them Through
“I always thought you needed to be innovative, original, to be an entrepreneur. Now I have a different perception. Entrepreneurs are the ones that make things happen. (That) takes focus, diligence, discipline, flexibility and perseverance. They can take an innovative idea and make it impactful. … successful entrepreneurs are also ones who take challenges in stride, adapt and adjust plans to accommodate whatever problems do come up.”
– Steve Blank launched the Lean Startup movement. His work has changed how startups are built, how entrepreneurship is taught and how existing companies and the U.S. government innovate.
Entrepreneurs Who Create Startup Businesses Have to be Crazy
People who start companies are, without a doubt, just a little bit crazy. And people who start more than one company? Deranged lunatics — all of them! Why? Because it’s insanely hard! You’re signing up for a ridiculous amount of work. Your startup journey will be the wildest ride of your life.
Poker or Chess?
Do you plan your business strategy like you’re playing chess or poker? But, before you answer, consider the following…
“Industry executives and analysts often mistakenly talk about strategy as if it were some kind of chess match. But in chess, you have just two opponents, each with identical resources, and with luck playing a minimal role. The real world is much more like a poker game, with multiple players trying to make the best of whatever hand fortune has dealt them. In industry, Bill Gates owns the table until someone proves otherwise.”
– Deep thoughts by David Moschella
Is Courage a Necessary Trait for Success?
We never really hear enough about courage. The courage to take a risk, to stretch limits, to push forward, to go beyond, to keep moving… to make things happen regardless of the challenges in front of us.
Think about the early-day pioneers crossing the Midwest when they first caught a glimpse of the Rocky Mountains and stared at them getting bigger and bigger as they approached over a few days. What unbelievable courage they must’ve had to continue not only towards the mountains, but up into them and through them, often having to go north or south for awhile to keep making progress forward, and despite the elements of weather and resulting hardships. They believed in their dreams and as a result of their relentless courage, their goals were achieved.
The Cowardly Lion’s Thoughts on Courage
In his most famous song, the Lion muses on what it would be like if he had any courage (not realizing he already has plenty):
Cowardly Lion: [singing]I’m afraid there’s no denying, I’m just a dandy-lion. A fate I don’t deserve. I’m sure I could show my prowess, be a lion, not a mowess (mouse). If I only had the nerve!
For Successful Entrepreneurs, Courage And Leadership Go Hand In Hand
When we think of great leadership, we often envision someone who emanates confidence and strength. There are many entrepreneurs who think this means that, to lead their companies, they must present an image of permanent self-assuredness and fearlessness.
But true leaders are ones who forge ahead even when they’re not confident and who let their teams know that they don’t always have the answers.
Some of the greatest leaders in history have publicly made commitments that they didn’t know, at the time, how they would pull off. In 1960, newly elected President John F. Kennedy declared that the United States would put a man on the moon by the end of the decade. They didn’t yet have the capabilities in place to do this, but nevertheless, he committed to making this happen. This could have been a disaster for Kennedy, but in the end, it was a success, and they pulled it off within the time frame with a year to spare.
Great leaders take risks with their reputations for the sake of moving ahead with a big, sometimes seemingly impossible, goal. Their vision and innovation spur them forward when they don’t yet have the capability to make these ambitions a reality.
Doing this takes courage. And being willing to go through periods of courage is essential to both entrepreneurship and leadership. Read more at resources.strategiccoach.com.