When you hear the term entrepreneur, an image emerges of someone who organizes and operates a business which involves taking certain risks. One of the most successful examples of entrepreneurs in the modern age is Sir Richard Branson. As a charismatic visionary, he makes running a business seem effortless and fun. Furthermore, he displays a disciplined work ethic that is focus-driven, illustrates his adventurous spirit, and demonstrates his passion and devotion to the business process that is unwavering. Although he takes many risks that can fail, Sir Richard is recognized as one of the highest achievers in the world of entrepreneurs.
To be a successful entrepreneur in today’s marketplace requires more than just luck and diligence. It requires an ability to create something of value in a demanding environment of high uncertainty and risk which necessitates flexibility and the capability of learning from failure. In addition, an entrepreneur brings to the arena a host of components that include resources, labor, and other various skills and materials. The most renowned entrepreneurs, like Sir Richard, Oprah Winfrey and Bill Gates, are driven by an internal force with an inherent need to make a difference in the world while escaping the confinements of bureaucracy (Ries, 2011).
In his book, The Lean Startup, Eric Ries (2011) defines entrepreneurship as the process of creating something new of value by devoting time and effort in the venture. Entrepreneurs pursue their business endeavors with passion and enthusiasm. This drives the engine that attracts success and monetary rewards. He outlines the following four behavioral characteristics that identify the entrepreneurial spirit: 1) creating a vision; 2) organizing and steering economic structures and social networks; 3) combining resources in innovative ways; and 4) accelerating with the acceptance of uncertainty, setbacks, and failure (Ries, 2011).
In our next post we conclude our discussion and take a close look at the successful formula Branson incorporates to reach his goals .
Until then … keep working on your leadership skills!
A completely integrated person is one who has learned to meet everything as it comes along and makes the best of it!
Ernest Holmes, Science of the Mind
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Ries, E. (2011). The lean startup: How today’s entrepreneurs use continuous innovation to create radically successful businesses. New York, NY: Random House, Inc.