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Posts Tagged ‘entrepreneur traits’

Following up on my article on how to teach Entrepreneurship, this New York Times op-ed article by David Brooks “Genius: The Modern View” is relevant. An Entrepreneur is like a genius. They both have talent and great potential but talent alone does not make a Genius great, nor does talent or Entrepreneurial traits make for a successful Entrepreneur. Like all great people even talented individuals have to practice, practice, practice and learn and improve on their skills before all that talent can flourish into something special. As Brooks says in his article, “The key factor separating geniuses from the merely accomplished is not a divine spark. It’s not I.Q., a generally bad predictor of success, even in realms like chess. Instead, it’s deliberate practice. Top performers spend more hours (many more hours) rigorously practicing their craft. Mozart played a lot of piano at a young age, Einstein read every book on physics he could get his hands on and Tiger Woods spent many hours every day at the driving range and golf course even after he had won all the majors, still fine tuning his game. Practice never ends and learning is a lifelong profession. So its the same for Entrepreneurs. You may have the talent and the traits of an Entrepreneur, but you still need to learn the skills of Entrepreneurship and management and then execute, execute, execute. And the learning never stops. Even today after 25 years as an Entrepreneur I am still learning new things.

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My friend Dinesh asked me this question today: ” I’m curious, how does someone teach Entrepreneurship? Its those traits I am talking about, the ones which can’t be taught and have to be cultivated. The culture to take a risk, plug at it even if the going’s rough, to be able to think on your feet and out of the box to compete when you’re the smaller fish.”

Many Entrepreneurs generally believe that you cannot teach someone to be an Entrepreneur. That is true to a certain extent, but Entrepreneurial education is not about making an Entrepreneur out of someone who either does not have the interest to be an Entrepreneur or does not have the traits of an Entrepreneur.

To be a successful Entrepreneur, what do you really need? For sure you need to have traits like passion, desire, drive, risk taking culture, thinking out of the box etc. But is this enough? Will having these traits alone make you a successful Entrepreneur? Sadly I think not because I have see so many Entrepreneurs who have most if not all of these traits, yet 80% fail to create a successful entrepreneurial venture.

My own personal experience as an Entrepreneur of 25 years is proof. I had many failures, not because I lacked the necessary traits but because I lacked the skills.  If I had known then what I know now, especially the skills necessary to create a successful venture I would have been a more successful Entrepreneur at a much earlier age and would not have failed so often.

Can you even “teach” someone these traits? I have my doubts. One cannot teach someone to be passionate or driven or to take abnormal risks. It may also be difficult to teach someone the ability to “think on your feet” or “out of the box” but this is possible, as there are courses on creative thinking and innovation that can help with this.

So, traits are a necessary but not sufficient condition to create successful Entrepreneurs.

Today, there are literally hundreds of thousands of Entrepreneurs around the world who have these traits and have taken the plunge into starting an entrepreneurial venture. Yet the vast majority will fail. Why? Its definitely not because of a lack of passion or drive or the risk taking culture. No, they fail because even a startup, an entrepreneurial venture, is ultimately a business and like any business there are management skills that are necessary to make it a success.

But the skills necessary for an entrepreneurial venture are different from a mature company. Its those skills that we teach in Entrepreneurship education. For example, strategy – how do you create a competitive advantage, how do you ‘position’ your business within the competitive space (this is a different form of competitive strategy compared to what you would do in a mature company).

What is a good Value Proposition for Customers (you’ll be surprised at how few Entrepreneurs even understand what a Value Proposition is and how to effectively get that message across to customers). How do you market your business, what marketing strategies do you use & when.

Entrepreneurial education or training cannot make you an Entrepreneur, but if you have Entrepreneurial traits & want to create a successful business you don’t have to learn by trial & error, there are skills that can be taught to make you a better Entrepreneur and help you minimize the risks of your venture.

You still need to have the passion, desire, hunger and risk taking nature of an Entrepreneur, we cannot teach you that. But if you have these traits and want to embark on an Entrepreneurial venture we can help you better manage that journey and this has been proven numerous times even through my own teaching of Entrepreneurial programs and my coaching of Entrepreneurs.

Yes we can teach Entrepreneurship and we can help create better Entrepreneurs.

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