8 Entrepreneurial Truths by Business Strategy Review

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Separating truth from fiction can be difficult, but Georgina Peters has given eight essential truths extracted from her entrepreneurial encounters and experiences. …

Separating truth from fiction can be difficult, but Georgina Peters has given eight essential truths extracted from her entrepreneurial encounters and experiences.

This was first published in Business Strategy Review, Volume 25, Issue 2 - 2014. Subscribe today to receive your quarterly copy delivered to your home or work place. http://bit.ly/BSR-subscribe

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  • 1. © Copyright 2014 London Business School Eight entrepreneurial truths
  • 2. BUSINESS STRATEGY REVIEW 2 Separating truth from fiction can be difficult, but Georgina Peters has given eight essential truths extracted from her entrepreneurial encounters and experiences.
  • 3. BUSINESS STRATEGY REVIEW 3 Not everyone who says they are an entrepreneur is one. Being an entrepreneur is not an occasional indulgence or distraction. It is more fundamental – something in your bloodstream. To real entrepreneurs, being an entrepreneur is something they are, rather than something they merely do. 1
  • 4. BUSINESS STRATEGY REVIEW 4 Entrepreneurs are turned on by businesses that work – they’re not slaves to a big idea. We all have ideas for new businesses. What separates entrepreneurs from the millions of people with bright ideas is their willingness to make the idea a reality. Ideas are cheap; turning them into something viable and robust is much more demanding. 2
  • 5. BUSINESS STRATEGY REVIEW 5 Entrepreneurs exhibit pure ambition. Entrepreneurs see success in terms of changing the world or altering the marketplace. They want to make the world a better place and tend not to talk about money as a motivator. Instead it is a necessary commercial lubricant rather than a vital life force. 3
  • 6. BUSINESS STRATEGY REVIEW 6 Entrepreneurs fix things. Entrepreneurs are natural-born problem solvers. Many in the corporate world remain problem creators with the IT department on speed dial. 4
  • 7. BUSINESS STRATEGY REVIEW 7 Entrepreneurs are comfortable with their own inadequacies and limitations. Running your own business, it becomes pretty clear pretty quickly what you can and can’t do, what you should and should not do. You often have to speedily develop new skills (such as fixing computers, accounting, salesmanship, graphic design and much more). 5
  • 8. BUSINESS STRATEGY REVIEW 8 Entrepreneurs are adept at enlisting others to fill the gap. Being able to beg and borrow is an essential entrepreneurial skill, yet one sadly neglected in the big corporate world. Having the cheek, the contacts book and the lateral thinking to connect with people who can and will help is entrepreneurially vital. 6
  • 9. BUSINESS STRATEGY REVIEW 9 Entrepreneurs are opinionated but not egotistical. Entrepreneurs are good company. They have views and are generally happy to share them. They have an enthusiasm for simplification rather than over complication, which lends itself to holding and expressing opinions. Entrepreneurs are not saints, but they tend to be interesting. 7
  • 10. BUSINESS STRATEGY REVIEW 10 Entrepreneurs cannot save the world alone. The skills required to scale a business, to really scale a business, tend not to be those of entrepreneurs. The crucial one of these is managing people. For many entrepreneurs, managing people is the biggest nightmare. They got into business to change the world, not to deal with the motivational travails, emotions and peccadilloes of feckless employees. The very word employee makes them uncomfortable. Who, after all, would want to be an employee when you could be an entrepreneur? 8
  • 11. This was first published in Business Strategy Review Volume 25 Issue 2 2014 Visit our website www.london.edu/bsr