Excerpt

The four elements which define entrepreneurship are: Innovation, Value, Tenacity, and Risk. To increase our understanding of the concepts, we will use an automobile as a representative model for entrepreneurship and remain consistent with this analogy throughout the text. Think of an automobile’s four tires. As long as all four are intact, the auto moves properly and can be steered. But, when you think of an automobile, do you think of the tires? No, you accept the tires as a fact. You assume that the tires exist because it is an automobile. Instead, perhaps you think of the automobile in terms of size, style, and color. For the venture, or business element of entrepreneurship, we think in terms of the market, the opportunity, and innovation.

These three elements help us understand the entrepreneurship of the firm. Can an automobile operate without a driver? No. An entrepreneurial business can not start, operate, or grow without a driver – an entrepreneurial person.

Now, think of yourself behind the wheel –as the driver. What is required to drive an automobile? In essence, you need to have physical capabilities, knowledge, skill, insurance, and a key to the auto. Similarly, not everyone can be an entrepreneur. Entrepreneurship requires a combination of the right personality (entrepreneurial attitude and behaviors), appropriate knowledge, skill and abilities, experience, and persistence.

Sitting behind the wheel, even with the key in the ignition, is not driving the automobile. You are not driving the automobile unless you are moving. The process of driving requires you to react to road and weather conditions as well as other drivers. This is similar to the ongoing process of entrepreneurship. The combination of the individual(s) and the venture yields the process of entrepreneurship. Entrepreneurship, like driving an automobile, requires constantly adjusting to changes in the marketplace in response to market and competitive factors.

You cannot look at a person walking down the street and determine whether or not they are entrepreneurs. You cannot look at the person sitting next to you and know if they will be an entrepreneur. Their behavior (how they put their thoughts and attitudes to work) determines whether or not they are entrepreneurs. These behaviors include:


* Risking their money and security
* Subjecting themselves to changing economies and political issues
* Accepting and adapting to change as a matter of necessity
* Organizing their work and the work of people around them
* Making and accepting the responsibility for final decisions.
* Demonstrating a wide range of managerial skills
* Handling many activities at the same time
* Working longer, harder (and hopefully, smarter) than others

* Finding customers, then market and sell to those customers
* Constantly trying to find a way to do things better.


You have the right personality, you have the determination, and you have the knowledge skills and abilities to be an entrepreneur. Good! Now, what will you be selling? You have the dream and the drive to be in business for yourself. What business opportunity will allow you to achieve your dreams?

Begin by identifying 5 things that you could do (legal and moral) as a business. Come up with 5 ideas for business ventures that would provide the level of success you desire (remember, not everyone has the same dream of success). Make sure they’re realistic and achievable. Do not go any further if you can’t do this much!

Wanting success will not make it happen. Wanting success and working hard at it might make it happen – if the idea behind the work is good. An excellent business idea still needs work; excellent business ideas do not succeed without being applied. No matter how hard you work though, a bad business idea is doomed to failure. Also, keep in mind that it is easier to imitate than to invent. It is easier to copy an already successful business idea than to invent a new one.

Think about your skills, your abilities, and your experiences. What business would take advantage of these? What are your hobbies and interests? Are you good at working with your hands? Do you have the personality and ability to sell your ideas to other people? Are you good with children? Are you good with older people? You will be spending a lot of time, energy, and money in whatever business you choose. Do you like physical activities, sports, games, learning, teaching, collecting, building, repairing, travel, computers, cooking, sewing, organizing, or gardening? Why not explore business opportunities in an area that you not only are good at, but one that you enjoy? Why not explore a business opportunity that deals with the type of people you are able to work with and help. Where do you think the emerging trends will be? How many people built successful businesses by anticipating the need to clean homes, wash automobiles, or sell slightly used furniture and clothing? What are you willing to spend your money on?

Many times people can think of a product - but not one that a business can be based around. The product doesn’t have to be for ever. My first business offered multi-media presentations, combining sound, transparencies and moving pictures. The entire concept behind that business may have been revolutionary in 1967, but today, anyone with a computer can do the same thing quickly. It doesn’t have to be revolutionary. My most profitable business was warehousing – certainly not a new or revolutionary concept. You do, however, have to start with an idea – an idea for a product or a service that is better than what currently exists, and then apply your ability and be persistent in developing the idea into a viable business.

There are an untold number of similar examples of a tremendous business idea emerging from circumstances. Velcro resulted from a hike in the country and the stubbornness with which cockleburs stuck to George deMestral’s trousers. How many times have you or someone you knew thought of a new and different use for a common item?