3 Qualities of the 21st Century Entrepreneur


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3 Qualities of the 21st Century Entrepreneur

  1. 1. The term “self-starter” is used a lot these days. Employers say they want self-starters to join their businesses people talk about being self-starters in describing their work habits and career goals multitudes of purported self-starters abound in résumé slush piles
  2. 2. But what does it really take to become a real master of your own destiny and leader of others?
  3. 3. To make it in the hyper-connected marketplace of the 21st century, the recipe for success is much more complex than what it used to be. Great Idea Lots of courage ? ? ? The new crop of leaders needs to have the following traits and qualities:
  4. 4. Here are the qualities:
  5. 5. “If people aren’t telling you your idea is crazy, then it probably isn’t a very big idea.” (Francis Ford Coppola) Mark Zuckerberg Sergey Brin Damon John Mark Cuban All have in common one thing: the creative ability to see holes in the market where others see a brick wall.
  6. 6. Remember that • Innovation opportunities are hidden in the details of everyday life. • The biggest innovations of the modern world, including the technology that made the internet possible, came from completely unrelated applications.
  7. 7. Never write off an interesting idea! If it’s new and interesting, there’s probably a use for it. Revisit abandoned projects for ideas that can be repurposed!
  8. 8. That being said, there is a huge difference between fantasy and innovative thinking! Entrepreneurs need the rare ability to balance their dreams and creativity with the limitations of the market and human capability.
  9. 9. This requires obsessive attention to details! • no aspect of your business plan can be left to chance; • don’t rest on your laurels assuming that expansion will just naturally happen, even if you find short-term success in marketing your product on a local level. • Always remember that the devil is in the details, and even the grandest dream can be dashed by the tiniest pitfalls!
  10. 10. Successful moguls Failed entrepreneurs One thing separating them is the habit of keeping up with personal learning goals and improving skills.
  11. 11. The challenges you face at the beginning stages of your business will inevitably expand into newer and more complicated challenges as you draw nearer to success. Dealing with this means doing research.
  12. 12. Read books by leaders who’ve gone through similar processes and learn from their experiences. When entering new markets or expanding product lines, do market research, learn about the competition and try to stay abreast of current trends. Always remember that innovative thinking depends on up-to-date information. The rule, in a nutshell, is Always Be Learning.
  13. 13. The Dunning-Kreuger effect posits that the less you know about a subject the more of an expert you tend to consider yourself. Don’t fall victim to it! If you feel like you know all there is to know about something, it’s a good sign that you’re woefully ignorant.
  14. 14. If you stride overconfident into a situation you don’t understand, and try to apply strategies that are ill-suited to the task at hand, you’re bound to get a harsh lesson in humility. Instead, watch and learn. Make your move only after you’ve gotten a grip on the complexity of the situation.
  15. 15. Remember that all entrepreneurs face challenges. Success is about how you deal with them.
  16. 16. For a more in-depth treatment of this and many other topics relating to modern business administration, consider picking up our book, MBA 2.0: Handbook for Modern Business Practice. In MBA 2.0, I’ve cut out the filler clogging most traditional business literature. In its place I offer a lean, results-oriented primer geared to turn you into the kind of innovator who will thrive in the emerging economy. Using real life strategies drawn from the experiences of today’s successful entrepreneurs, MBA 2.0 is designed to help you tack with the winds of change and harness the power of the hyper-connected global marketplace. Whatever your business goals, MBA 2.0 will help you get there. Amazon
  17. 17. Images courtesy of photostock, digitalart, Stuart Miles, David Castillo Dominici , Idea Go, dream designs cooldesign / FreeDigitalPhotos.net Copyright © Compressed Business Education 2013. All Rights Reserved. This video is the copyrighted work of Compressed Business Education. Copying, re-uploading or electronically modifying this video without CBE's express consent is prohibited. For more great and interesting content, visit us at www.cbebusiness.com