Q: What do you think makes an entrepreneur an entrepreneur?
by Stan Faryna
For those who know me by my blog here, my answer will surprise you. Because I’m not going to tell you that entrepreneurship is driven, foremost, by love, hope, and faith. Virtues, natural or supernatural, may fuel the mission and the vision, but love can not adequately describe the economic function of the entrepreneur. Nor shall leadership.
Great entrepreneurs are not born. They are made in hell.
An entrepreneur is one who makes decisive judgments about maximizing profit, minimizing loss, and creating the competitive advantage of sustainable organizations. The entrepreneur’s judgments (in contrast to traditional management) are made about things for which the general rules, best practices, ethics, and laws do not provide profitable guidance.
The proposition that America needs entrepreneurs to rebuild the American economy is based on the economic theory that entrepreneurs stabilize markets through their successes and failures. The actions of entrepreneurs search and define how capital shall be more effectively applied toward competitive advantage, profit, growth, etc.
Again, judgment is the distinguishing principle. In life. In economics. In markets. It is a critical component in the study of human action. Judgment, most of all, distinguishes entrepreneurship from other (often) complementary activities – invention, innovation, and celebrity.
The entrepreneur is, foremost, a speculator of supply and demand, preference, and pricing. The entrepreneur makes judgments of value in the face of uncertainty. The entrepreneur’s success depends much upon the entrepreneur’s decisive vision regarding how the organization manages short and long term competitive advantage through the combination of capital and heterogeneous resources. For profit.
Despite any contrary appearances, the successful entrepreneur is not faint of heart, soft of mind, or easily unnerved. Their instincts are killer.
The entrepreneur that kills it is most likely psychosomatic, dangerous, and contagion [sic]. The killers speak in the language of sin. Because sin sells like nothing else. If your product or service appeals directly to three or more of the seven deadly sins, preference is in the bag.
On the other hand, entrepreneurial failure is hell. Because the failure is not an emotional or intellectual exercise. It’s about money. Lots of money. Yours. Friends. Family. Investors. A shrug can never unshoulder and diminish the loss of money, savings, security, and opportunity.
Needless to say, the entrepreneur’s job is not to keep peace, raise the self-esteem of collaborators, or show compassion that puts profit at risk. An entrepreneur does not avoid confrontation or float those who can be replaced for cheaper and better performance. An entrepreneur makes steely-sharp decisions with a passion to win, to crush the competition, and scatter those that question or challenge the madness that makes profit.
The entrepreneur is a savage, an economist, a speculator, a cunning manager of capital, and a human actor struggling against like-minded, desperate, and agile predators.
Death Battle: Kratos VS Spawn
Are you sure you want to be an entrepreneur when you grow up?
What one thing do you think defines the successful entrepreneur?
04 April 2012
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