On Entrepreneurship

Entrepreneurship is essential to business today. Successful entrepreneurs exhibit key elements, disruptive ideas, and creativity. This can be tapped into with focus.

Successful entrepreneurs solve a compelling problem; they come up with a way of doing something that does not presently exist. They might solve a problem that has never been solved before. Or they might come up with a better solution than existed before. But “better” can’t mean “just a little bit better.” It has to mean “enough better to compel customers to buy the product.”

The most successful entrepreneurs have a protected idea. They have an idea that cannot easily be copied by their competition. This might mean the idea is covered by patents. Sometimes it means that portions of the process are trade secrets and cannot easily be reinvented or reverse engineered. One way, or another, the company should have a sustainable “unfair competitive advantage.”

Successful entrepreneurs have a product or service that customers will feel compelled to purchase. They also have effective strategies for building a management team, developing the product or service, marketing the product or service, positioning the product or service with respect to competition, sustaining their competitive advantage, and financing all of their capital needs.

The bigger and more disruptive the idea, the better the entrepreneur’s chances of attracting the necessary investment capital. Investors like ideas that have the potential for supporting large companies with substantial prospects for either an initial public offering or an acquisition by a large corporation. That’s how investors make their “return on investment.”

The future will bring us many new trends.



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