The Entrepreneur Process
Chapter 3: THE ENTREPRENEUR PROCESS
The virtues of a successful entrepreneur (The Start-Up)
A successful entrepreneur has to have the ability to bring together team members who can complete each other. An entrepreneur faces challenges like a coach or a symphony conductor, who must blend a group of individuals with different backgrounds and expertise together to become a superb team. To do this, an entrepreneur needs to have strong leadership, organization, and communication skills. In the corporation environment, an employee with an entrepreneur attitude is more likely to end up in a management position since they have the abilities to choose team members, lead team projects, make sure that the project goes according to plan, and facilitate discussions/disputes between team members. Personally, I believe these qualities are naturally developed according to personalities. However, these virtues can also be learnt and I think that I can improve these qualities during the course of this program.
The Paradoxes
One of the most confounding aspects of entrepreneurship is the contradiction. * While a regular person probably sees little to no value to an idea or new product, an entrepreneur can see potential enormously big opportunity and rewards. * To make money, one has got to lose money first. Though entrepreneurs are the ones that can produce/manufacture with the cost way below the market value, a start-up business usually loses money before the owner can sustain profit, usually 5-7 years later * To realize long-term values, you have to forgo temptation of short-term profit.
Survival
The survival rate of a start-up firm increases when the size of the firm increases. The rate of success of a 1-24 employee-firm is 54 percent. It jumps to 73 percent when the firm employs 100-249 people. However, the definition of entrepreneurship implies the promise of expansion and the building of long-term value and durable cash flow. It may takes longer for
The virtues of a successful entrepreneur (The Start-Up)
A successful entrepreneur has to have the ability to bring together team members who can complete each other. An entrepreneur faces challenges like a coach or a symphony conductor, who must blend a group of individuals with different backgrounds and expertise together to become a superb team. To do this, an entrepreneur needs to have strong leadership, organization, and communication skills. In the corporation environment, an employee with an entrepreneur attitude is more likely to end up in a management position since they have the abilities to choose team members, lead team projects, make sure that the project goes according to plan, and facilitate discussions/disputes between team members. Personally, I believe these qualities are naturally developed according to personalities. However, these virtues can also be learnt and I think that I can improve these qualities during the course of this program.
The Paradoxes
One of the most confounding aspects of entrepreneurship is the contradiction. * While a regular person probably sees little to no value to an idea or new product, an entrepreneur can see potential enormously big opportunity and rewards. * To make money, one has got to lose money first. Though entrepreneurs are the ones that can produce/manufacture with the cost way below the market value, a start-up business usually loses money before the owner can sustain profit, usually 5-7 years later * To realize long-term values, you have to forgo temptation of short-term profit.
Survival
The survival rate of a start-up firm increases when the size of the firm increases. The rate of success of a 1-24 employee-firm is 54 percent. It jumps to 73 percent when the firm employs 100-249 people. However, the definition of entrepreneurship implies the promise of expansion and the building of long-term value and durable cash flow. It may takes longer for