Why Entrepreneurial?

Entrepreneurial development lies on the notion of creativity and innovation. An idea is said to be creative when it is novel. That creative idea becomes innovative when it turns into something useful – a product. Entrepreneurship is underpinned by external factors, or all external factors. Any condition in the external environment whether favorable or unfavorable is a source of entrepreneurial development. Technological, social, cultural, political, and economic factors are sources of entrepreneurship. The fast-paced technology poses opportunities. During economic downturn or boom, the market is always confronted with needs and demands. The political, societal, and cultural changes give rise to new, untapped demands. These require entrepreneurial minds. The changes in these factors create new problems that require new solutions. These solutions are then translated into products. Any product that solves a particular problem of the market will create customer value proposition. What the market values will prosper in a highly competitive market.

As mentioned, there can be no external factors that hinder entrepreneurial development. What makes them a hindrance is when they are not taken as opportunities. Even a crisis can be an opportunity to be entrepreneurial. Apparently, blunders to entrepreneurial development are more of internal than external. What lack many to become entrepreneurs are entrepreneurial passion and spirit. Others fail to become entrepreneurial even when they take the initial steps because they fail to plan. They are oblivious that entrepreneurship is a risk-taking activity. When they fail, they have no plans to take the risks and hold back from re-trying. Entrepreneurial spirit must be sustained.

Conflicting ideas are present about when and where to germinate the seeds of entrepreneurial spirit. The academe is a pillar of education in the field of business. The industry is a good training ground for entrepreneurs-to-be to develop soft and hard skills. To create future entrepreneurs, the academe should instill the entrepreneurial mastery. The academic culture is important to nurture a cohort of future entrepreneurs. Educators can play a great role to motivate students pursue entrepreneurship. They might lay down the choices and teach their students to use their perceptive powers in determining which course to take. A good background of the industry is helpful to see realities and eventually delve into entrepreneurship or directly engage oneself to entrepreneurial activities. This is a matter of choice. Educators must guide the protégés and do not allow themselves to choose for other people.

A student with a proper training can responsibly choose to be entrepreneurial or not. Self-mastery is vital to know one’s passion. Success in entrepreneurship predominantly depends on the entrepreneurs’ inclination and exposure. Technology speeds up forward. Changes in the external environment are constant. But what turns them into opportunities is the entrepreneurial mind.

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Can Mission Statements Help Me Grow My Entrepreneurial Business and Create Value? Absolutely!

You ask your entrepreneurial management team to join you in the conference room to develop the company’s mission statement. Reaction from your entrepreneurial team may be “ho-hum”, “do we really need to waste time – we know what business we are in,” or maybe ” let’s spend our time doing real work – designing, developing, selling.” Understandable response in today’s fast- moving, entrepreneurial companies.

But mission statements drive companies, especially startups seeking to secure a sustainable business that creates high value.

Mission statements provide many benefits- here are three examples:

1. Ensures all staff is in sync, understands where the company is heading, how it will get there.

Emphasize that the company will be the lowest cost provider with well defined cost metrics sends one message; emphasize providing the highest quality, differentiated products sends another. Remember these not-too-subtle differences drive corporate strategy, operational plans, messages to investors, and often define an organization’s future success.

2. Communicates what the company thinks is most important, what are its core values.

Emphasize customers, products, technologies, staff development or social benefits sends different messages to the company’s “community of interest” (i.e., staff, customers, investors, suppliers, etc.). You need to ensure these messages are clear, focused. and support the company’s business model and value creation strategy.

Learn from traditional leading firms- one example I often refer to is the mission statement for innovation leader 3M. 3M’s commitment to innovation is reinforced in the company’s mission statement: “To solve unsolved problems innovatively.” And 3M backs that mission statement with solid operational plans and policies that reinforce this commitment. May sound boring to some, but make no mistake- mission statements can successfully drive companies, both entrepreneurial firms and market leaders.

3. Defines the “reach” of the company’s business- what are the real business targets going beyond today’s technologies, markets and products.

Defining how your company will evolve, to what extent you will protect a current business or create new ones, and similar issues, define your company’s “reach” and strategy roadmap. For dealing with investors, this is particularly important.

My counseling with many entrepreneurial firms shows that spending time to define mission statements and particularly “reach” provides high value.

As an example, in my recent book, Worm on a Chopstick: Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives (“Chopstick”), I compared Google and GM’s mission statements. First, here is GM’s:

“G.M. is a multinational corporation engaged in socially responsible operations, worldwide. It is dedicated to provide products and services of such quality that our customers will receive superior value while our employees and business partners will share in our success and our stock-holders will receive a sustained superior return on their investment.”

Now here is Google’s mission statement:

“To organize the world’s information and make it universally accessible and useful.”

It sure looks like Google is reaching for the stars here. And the results? Google, founded in 1998 by two Stanford University students, started as a basic search engine, ramped up sales to about $17 billion in 2007, and achieved a market cap of about $220 billion. Compare that to General Motors, started in 1908, led sales for seventy-seven consecutive years from 1931 to 2007, and valued at less than $20 billion in late 2007, less than 10 percent of Google. Even after a $50 billion government bailout in 2009, today, GM’s market cap is only about $51 billion, less than one-third of Google’s $173 billion.

You can argue I selected a dramatic example here. You may also argue that Google was in the right place at the right time, at the cusp of the Internet revolution, while GM is stuck in a tough, mature business, automobile manufacturing, with nowhere to go but fight for global market.

I consider this traditional thinking that really doesn’t work well with markets and technologies morphing, emerging global players, and intense competition from non-traditional players. Looking deeper, like many major traditional companies, we learn GM had opportunities to improve competitive positioning but did not pursue them for various reasons.

To succeed today, what’s needed is ‘entrepreneurial thinking’, a term I suggested in “Chopstick”, driving mission statements and all facets of a company’s business, whether you manage a startup entrepreneurial company or a large traditional company like GM.

So when you and your team leave the conference room after creating your company’s new mission statement, you may be excited that you are now on track to create the next “Google”. Maybe, but you will at least now have a strategic roadmap that will drive your company’s operations at all levels, send a coherent message to all, help you grow your company and create value.

Paul B. Silverman is the author of a new entrepreneurial management strategy book Worm on a Chopstick: Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives. A seasoned entrepreneur, global management executive, public and private company CEO, educator, management consultant, speaker, and former founding Director of the Entrepreneurial Step Up Program at George Mason University targeting CEOs of early stage high growth companies, the author recently launched a global entrepreneurial seminar series and is well known in the global information industry and venture community.

The author has conducted hundreds of presentations worldwide and published many articles addressing management strategy, policy and new business development issues. The author serves as CEO of Sante Corporation, an early stage personal health care management company developing a new vision to improve today’s health care system, Managing Partner-Gemini Business Group, LLC, and was appointed to serve as adjunct professor in the Center for Entrepreneurial Excellence Program (“CFEE”) in the George Washington University School of Business.

Entrepreneurial Ideas – The Most Powerful Precise Way to Double Your Salary in 12 Months Or Less

The small business advice that wives give their husbands:

Did you know that today and everyday over 200,000 people are online right now as we speak looking for entrepreneurial resources or a way to start a new business from home?

Everybody is seeking entrepreneurial ideas from Holly the housewife to Frank the CEO no one’s exempt.

And with the cancer that’s sickening our economy leaving 2.6 million people without jobs and anticipating 50 million more world wide, even Joe the plumber could end up in the soup line if he don’t join the entrepreneur club.

When was the last time our country has seen a time like this …the great depression?
Many people are hanging on by a thread to their cars, houses, and what’s left of their skimpy 401 k’s.

Business owners don’t know what to do so they just close their doors forcing thousands more out of jobs almost weekly.

If million dollar businesses are closing what makes me think a small business start up is possible in a time of crisis… Is this the question you’re asking yourself?

Entrepreneurial Ideas: That Special Something that Inspires Every Successful Professional to start a new Business venture

Step away from the problem for a minute. Everyone is thinking the Recession is the problem. Let’s examine some entrepreneurial ideas that require some innovation and creative thinking skills. Could the Recession be the solution to our economic problems?

Could this potentially be the perfect time for a low-cost start up business?

How long could the average family afford costly houses some doubling after 60 days of ownership, $5.00 gas prices, the average car price $35,000, and inflation rising into the hemisphere?

The Recession saves the day for those that understand (and many do)… the trends and cycles of economics which will set new records with ground-breaking entrepreneurial ideas.

Learn 3 ways to out produce big business in a low-cost start up business

These same 3 discoveries are what assist entrepreneurial success and small businesses to thrive:

1. Big business has lost control: we all know people that work for large corporations or have witnessed first hand the slackers on their jobs… their main objective is to come up with entrepreneurial ideas to try to creatively manipulate “father time-clock”.

Their sole purpose is to see how innovative they can become to not work eight hours a day… Then you have those human walkie talkie’s… yep…. they don’t do squat all-day but talk …I’m pretty sure those lost hours weren’t calculated into the business start-up cost. Can you believe the average employee actually works less than 4 hours a day?

2. Big business many times isn’t fair: Why does it seem that the most qualified persons with the best entrepreneurial ideas are NOT leading the team.

Many time the most egotistical, narcissistic co-worker ends-up with the magical position as the manager which kills entrepreneurial spirit, originality and inspiration. Wouldn’t it seem like any successful entrepreneur could see that “John” is messing up big time so why is he still the manager?

“Why not chose another manager”? Some big Businesses just don’t get it…encouraging entrepreneurial ideas will be critical in the new economy because competition will force businesses to cut loose the dead weight even if it’s their best buddy.

3. Big Business comes with big-risk: and the biggest risk is balancing between doing what’s best for the company or what’s best for the stockholders. What most people don’t realize is that companies don’t always do what’s in the best interest of their employees (shocking I know) but rather what’s in the interest of the stock holders.

And some of the greedy money sucking, stock holders and CEO’s have one goal and one goal only… WIIFM (what’s in it for me) to make as much money as humanly or inhumanly possible, many times at the expense of thousands of others.

With the aid of CNN news and the internet we don’t have to elaborate on that issue much … E.g. $35,000.00 Toilets, private or corporate jets, cooking the books, (accounting errors) Etc…

An old song is playing in my head… “God bless a child that has his Own.” And for those that are metaphorically challenged that’s simply means” God bless the child that has her own home based small business’
Well I’ve done my part. The statistics splattered all over the nightly news and in the Local Newspaper don’t scare Me. “Are you goanna let ’em intimidate you”?

Will you put on your entrepreneurial thinking helmet and get in the game.

100,000 people (mostly traditional business owners and other professionals) are thrilled about exercising their new found entrepreneurial ideas since most big businesses are sinking faster than the titanic…

Imagine not worrying or caring about the economy or about where your next meal is coming from, who’s going to watch the kids while you work 2 jobs or will you even be employed next week, month or year

Entrepreneurial Traits – 20 to Think About

Introduction – Entrepreneurial Traits

“If you are not centre stage of your own opportunity, then you are probably just a bit player in someone elses’ PB

The word ‘entrepreneur’ is derived from the Old French word ‘entreprendre’ which was first used by the economic ‘theorist’ Richard Cantillon in 1755 in an essay where he used this term to describe a person who assumed the risk of buying goods in the belief that they could sell them at a higher price at a later time. So, the term in French was used to describe ‘one who undertakes’ this particular risk.

Strictly speaking, the natural English equivalent of this description would be an ‘Undertaker’. However, since that particular role in English society preceded the role of the person described above, the English language thought it prudent to borrow the French term to describe this new and rather different undertaking.

Anthropology, social science, economic and management academics continue to argue about the definition of the term because the role of entrepreneur is so multi-faceted and it incorporates so many disciplines with researchers from psychologists, sociologists, historians, finance experts, organizational scholars and the like adding their influences to the debate.

Whilst researchers debate the definition of the term, the rest of us, if asked, could easily identify an entrepreneur and would probably include at least one of the following: Bill Gates, Anita Roddick, Larry Page, Sergey Brin, Donald Trump, Richard Branson, Oprah Winfrey or even the Australian Dick Smith. Journalists have also been quick to place that tag on many of the colourful corporate high flyers who have made incredible wealth in the world of business, many at the expense of others and sometimes, if not outside their country’s governing laws, then quite possibly outside their moral ones. I believe that entrepreneurs and these business people are two different species who operate in the same sphere, but do so with a completely different mindset.

“Not all businessmen go down the drain because I have met quite a few coming up the other way” PB

Entrepreneurial Traits and Mindset

Either way, I think that the tag entrepreneur is of a lesser relevance in the 21st century to the one of being entrepreneurial, because the latter describes a mindset that is actually a prerequisite to performing the role of entrepreneur. Being entrepreneurial does not mean that you always choose the entrepreneurial outlook but rather, that you make decisions in your life with an entrepreneurial bias. Because, like the Chinese philosophy of duality (ying-yang), I believe that life is not so much an either/or proposition but rather a blended, complimentary combination of the two opposing influences.

So, whilst I acknowledge that adopting the attitude at either end of these issues listed below may at times be appropriate – an entrepreneurial bias in decision making will choose, whenever possible, the former rather than the latter in this ‘ying-yang’ list of options:

Longing to Pioneer Vs Administer
A drive to be Creative Vs Conform
Seeing failure as a Setback Vs a Defeat
Valuing Experiences Vs physical Assets
To seek a life of Significance Vs Compliance
Delivering Excellence Vs just the Requirements
Being at peace with an Open Vs a Distinct future
Exercising an Opportunistic Vs Minimalist mindset
Exercising Initiative Vs being Reactive in your actions
Look for the Big picture Vs a Detailed understanding
Seeking to Learn from Vs actively Avoiding the possibility of failure
To choose a position of Leadership Vs Non-involvement
Being Wholehearted Vs Reserved in your commitment
Disciplined by an Internal Drive Vs External Control
Being Accountable Vs Non-committal for outcomes
Doing it the Right way Vs Doing it the Easiest way
To choose a Long term Vs a Short Term outlook
Always Investing Vs Conserving your energy
Seeing success as a Lifestyle Vs Milestone
Looking to Solve Vs Identify problems
To seek out Challenges Vs Sanctuary
A need for Achievement Vs Status

Summary – Entrepreneurial Traits

Maybe the term entrepreneur should rightly just belong to highly innovative and wealthy global identities like those listed above, but all of us should be acknowledged for being entrepreneurial when ever our outlook, choices and positioning matches the first in the options list above. The way I see it, the more entrepreneurial you can be the greater your chances will be of firstly identifying your opportunity and secondly actually having the skills to exploit it when fate delivers it to your door. Who knows, maybe by choosing to be more entrepreneurial from today we may one day also add our name to the great entrepreneurs listed above.

How To Define Entrepreneurial Spirit

The entrepreneurial spirit is often difficult to define let alone examine in detail because of its perception as a highly creative and dynamic entity and it is with this caveat that this article is written.

Whilst the entrepreneurial spirit can be applied to a wide range of disciplines and professionals it is perhaps most closely associated with the world of business and incorrectly used to describe many successful business people, when in fact very few individuals can truly demonstrate an entrepreneurial spirit.

Historical Context of the meaning of entrepreneur

The word itself is French in origin and if interpreted in its literal context means “between jobs”. It is interesting that a word that has come to project the very pinnacle of success should have such mundane roots as a means of describing being unemployed.

This article examines a number of concepts that appear intrinsic to what constitutes entrepreneurial spirit

1. Uniqueness

In a highly developed global business community where new ideas and business models are increasingly in short supply the importance of uniqueness cannot be under estimated and those exhibiting an entrepreneurial spirit are often associated with concepts that encapsulate originality and ingenuity. Take for example, Steve Jobs bringing the Apple IPOD to the market,

2. Creativity

Creativity is heavily connected to uniqueness but the two are not identical. Individuals with an entrepreneurial spirit are experienced at harnessing the creative process to help them produce a unique product /service or advantage. So where as uniqueness describes the end outcome, creativity describes the process of how one achieves it. For this reason those with an entrepreneurial spirit are often creative individuals who are ready, willing and able to actively adopt new techniques to get ahead even at the expense of being ridiculed by others.

3. Risk Taking

In a western society that is so often risk averse, those with entrepreneurial spirit embrace risk taking and it is impossible for such a concept not to be associated with entrepreneurs and the often high risk potential involved in following a new cutting edge approach. It must be observed however that risk is not the same as recklessness and those demonstrating an entrepreneurial spirit are likely to be adept at assessing the risks involved in any undertaking.

4. Business Savy

As highlighted previously those with entrepreneurial spirit should not be considered as reckless mavericks indeed quite the opposite, good entrepreneurs are motivated by profit and are skilled at identifying a lucrative niche in the market that can be exploited for profit. Take for example, Steve Jobs at Apple Computers who has successfully navigated a profitable course in the computing and software industry despite the market being dominated by Microsoft and IBM for a number of decades. In addition he was the first to spot the potential of utilising the computing industry to open a new market to the music fraternity , with the introduction of the IPOD, the market leader in its business stream. Such actions requires great skill and confidence and demonstrate a clear entrepreneurial spirit.

5. Developing Potential

Identifying, Investing in and nurturing potential are also essential to the ideals attached associated with entrepreneurial spirit because of the need to find differing solutions to a business problem.

Established businesses often fail to discover breakthroughs because they stick to a rigid investment formula that has worked for them in the past rather than finding new ways of moving forward.

6. Adaptability

The entrepreneurial spirit is always adaptable and ready to overcome barriers presented by business problems and is usually quicker at resolving those issues than mainstream business thinkers.

7. Ultimately Destructive

Entrepreneurial spirit is ultimately destructive to its own business in the medium term unless those engaged in utilizing the concept recognize when it is time to handover to mainstream management focussed individuals who can maintain and develop the organisation. This is because true entrepreneurial spirit is obsessed with constant creativity and change which is unsettling to employees without good management and a clear direction. Many of those demonstrating entrepreneurial spirit rarely stay long term in any enterprise they undertake, take Richard Branson for example who after launching numerous businesses under the “Virgin” brand has subsequently sold on many of these to third parties at a huge profit to himself.


In conclusion whilst there are certainly key characteristics which encapsulate the entrepreneurial spirit it would be foolish to pretend that any one individual has all those traits and even more foolish to believe that such a concept can be comprehensively defined. It is also short sighted to believe that those with entrepreneurial spirit are only evident in the business community, indeed many different disciplines and vocations have historical and existing individuals contained within them that could be essentially described as entrepreneurs.

Well Known individuals exhibiting the entrepreneurial spirit : Richard Branson, Clive Sinclair, Freddy Laker, Steve Jobs, Bill Gates and Anita Roddick.

Words often used to describe individuals with entrepreneurial spirit : Mavericks, Tycoons, pathological liars, risk takers, self made business people, successful, charismatic.