DIMENSIONS OF ENTREPRENEURSHIP
By:ToineRodenburg
The journey to successful entrepreneurship is rarelyalinearprogression.Itinvolvesmanylevels of achievement, countless vectors of opportunity
It’s not a place for two-dimensional thinking. Indeed, the quickest way upward is by discoveringawholenewdimensionofinnovation, orcreatingone
Therearesomecommontraitsamongsuccessful entrepreneurs, and myriad books have been dedicated to isolating and explaining them The unspoken question at the end of every chapter is alwaysthis:Dothesetraitsrepresentcausationor simplycorrelation?
There are some common traits among successful entrepreneurs, and myriad books have been dedicated to isolating and explaining them The unspoken question at the end of every chapter is always this: Do these traits represent causation or simplycorrelation?
Harvard Business School’s Entrepreneurship
Essentialscoursecompileditsownlistofsuccessful entrepreneurship traits, leading off with traits that represent flexibility: curiosity, willingness to experiment and adaptability. They rounded off the list with decisiveness, team building, risk tolerance, comfort with failure, persistence, innovation and long-termfocus.
Anyone who’s ever watched the classic Enemy
Within Star Trek episode remembers its dramatic illustration of what happens to leadership ability in the absence of decisiveness A transporter glitch creates two versions of William Shatner’s iconic captain, broadly described as “good” and “bad” personalities.The“bad”varietycannotbetolerated, but the “good” version proves unable to lead. And the reason for that is because the key trait of decisivenessismissing.
Here’s a brief synopsis of Harvard’s other essential traitsofentrepreneurship:
Curiosity
Curiosity is vital for discovery. “An entrepreneur's ability to remain curious allows them to continuously seek new opportunities,” Harvard notes.“Ratherthansettlingforwhattheythinkthey know,entrepreneursaskchallengingquestionsand exploredifferentavenues.”
StructuredExperimentation
Every great idea must be tested The ability to dispassionately analyze the potential of a product orserviceisacentralaspectoftheentrepreneurial process.
Adaptability
“The nature of business is ever-changing,” Harvard says. “Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful businessleadersmustbeadaptable”
Decisiveness
When a decision needs to be made, the successful entrepreneur makes the call, and accepts accountability. “Being decisive doesn’t always mean being correct. If you want to be an entrepreneur, it means having the confidence to make challenging decisions and see them through totheend”
TeamBuilding
Here,Harvardstateswhateverysubordinateknows: Successful entrepreneurs “build well-rounded teams that complement their abilities. In many cases, it’s the entrepreneurial team, rather than an individual,thatdrivesaventuretowardsuccess.”
RiskTolerance
The best entrepreneurs make big leaps by taking calculated risks. Theodore Roosevelt famously described this personality as someone “who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neitherknowvictorynordefeat”
ComfortableWithFailure
Closely aligned with risk tolerance, this trait provides necessary perspective Successful entrepreneursknow orsoonlearn thatfailureis anopportunitytoregroup,recoverandrebuild.
Persistence
Persistence is related to decisiveness, and is fueled byconfidence confidenceinone’sownideasand abilities.
Innovation
Innovation doesn’t always mean a completely new invention or discovery. “Some of the most successfulstartupshavetakenexistingproductsor servicesanddrasticallyimprovedthemtomeetthe changingneedsofthemarket,”Harvardnotes
Long-TermFocus
Keeping an eye on details, market trends and the directionofthebusinessisanimportantelementof successful entrepreneurship. Harvard concludes: “Most people think of entrepreneurship as the process of starting a business. While the early stages of launching a venture are critical to its success,theprocessdoesn’tendoncethebusiness isoperational.”
