Entrepreneurship: is a full time job with 100% motivation

Starting up a new business is hard to do and even more difficult to be a successful new business. Why is it that many people starting of? What makes the difference between a Winner and a Laggard?

Oké, one logic explanation to start is that I got fired and nobody wants to hire me and the only thing I can (not wanted to) do is put a sign in my front yard with my name and twitter account on it hoping for the best. I know I’m good (or at least I was good) but the problem is that nobody knows it, or even worse nobody needs my goodness anymore. Instead of being an entrepreneur I become a day-worker for hire. So just starting on your own doesn’t mean you are an entrepreneur?

What are the key characteristics of an entrepreneur? Much is well documented in the startup owner’s manual from Steve Blank and Bob Dorf.

Knowing to start with untested hypotheses. It starts with a vision of a missing job-to-be-done (something what customers need to get fulfilled but can’t find yet). Although he has clear ideas of product or service to get the job-done, the entrepreneur will start immediately checking his vision with real customers.  The entrepreneur will spend more time with customers than inside his office.

Understanding the need for speed, learning and iteration. From the start you understand that the business plan will not survives the first contact with the customer. The first day, you will learn that the brutal facts in the market is different as will be the next day and you need to adjust your product, service and process to the willing customers.

Monitoring the cash-burn-rate, time (number of months cash in the bank). Understanding the key financial metric that only matter to do the job. In the time you have left, you need to find the right business model to survive. Understand (structured process for testing) what is absolutely necessary to spend time and money on to get your money machine up and running (business model hypotheses).

The motivation and courage to get into action. This is the most important internal driver for any entrepreneur to become a winner versus a laggard. Watch the nice clip of Tom Corson-Knowles explaining what I mean by that.

Entrepreneurship in Corporate Organizations

Entrepreneurship means acting in a special modus: experimental, connected to the outside, being authentic and looking for mastery. How does this fit into the typical corporate culture of global organization?

The drive for Innovations in often described in strong marketing language in order to invite employees to come with new business opportunities. But what will happen if you really want to go for this new opportunities? Experimental is oke as long as it fits into our company compliances rules. Connected to the outside world is good but as long as we can protect our knowledge and ideas. Being authentic is fantastic as long as it fits in with our personal development plan template. Mastery is important but needs to be profitable on short notice. As we experience so often, there is a huge gap between the (marketing) company values and the daily practice of balancing between freedom to take risks (entrepreneurship) and the security of our environment (hold on to your job and material benefits).

In the great story of Eric Ries's Lean Start-up we can learn how to practice entrepreneurial skills in a hostile corporate environment.

Increase the entrepreneurial capabilities in your organization

The idea that just a business owner is an Entrepreneur is long passé. In the fast changing business environment every owner, executive and employee needs to develop entrepreneurial capabilities. Nobody can avoid taking risks, adapting to changes and make severe pivots when necessary. Entrepreneurship is a Mastery what can be trained and developed. Internal as well as external stakeholders will look at them for vision and decisions to go forward. Entrepreneurship always aims at the same: increasing skills to adapt to changes in order to create new opportunities.

Entrepreneurship in a different business environment:

Start Up Entrepreneurship

Identifies what and how to growth fast and become profitable. Understand and implement Lean Start Up principles. Building the right team, understand and control the financial cycles.

Entrepreneurship in SMEs

Understand the change drivers in the current business model and develop new business opportunities. Mobilize the key (in- and external) stakeholders in the transformation towards the target business opportunities.

Entrepreneurship in Corporate Companies

Identifies the right hot spots for entrepreneurship. Design and implement a successful environment for (In- and Outside) entrepreneurs. Understand the different way to lead and manage entrepreneurs.

Entrepreneurship in Non for Profit Organizations

Understand as a executive member how to create new ways to capture value for the environment reflection the objectives of the organization. Become an ambassador of entrepreneurship to external stakeholders.