Friday, June 05, 2009

Entrepreneurism

An entrepreneur is defined as someone who initiates or finances new commercial enterprises. These people assume significant accountability for the inherent risks they take as well as the outcome; positive or negative. Entrepreneurs are ambitious leaders who combine land, labor, and capital to create new goods or services. People see entrepreneurs as being willing to accept a high level of personal, professional, or financial risk to pursue opportunity.

Now, let’s flip this inside out for thought. No matter what we do, personal or professional, we are all in sales. We are either selling something for profit or we are selling ourselves for profit, yet we rarely apply the traits of entrepreneurialism onto our personal lives. Why, because we look at the term as a term of business.

Entrepreneurship is often difficult and tricky, resulting in many new ventures failing. Read that again and in place of entrepreneurship use the word life. By framing our lives in the same way an entrepreneur frames a business transaction we can learn that in order to live our best lives we must create value by offering a product or service in order to create a niche that may not currently exist. While in business we fill the voids within a niche that will create value, we can do the same internally because we all have voids that need some substance to make us whole. When we can identify a market opportunity (replace with personal opportunity) and exploit it by organizing our resources effectively, we then change our existing interactions, both personal and professional. This leads us towards the outcome without primarily focusing on the inherent dangers of change.

In the same way business has sectors, we have spheres. These components of an integrated system are ripe with opportunity that can only be picked when we have the audacity to exploit them without fear or reservation. As the entrepreneur exploits opportunity for financial gain, we also need to exploit opportunity for personal gain. Difficult and tricky? Yes, but only when we let our own doubts and apprehensions override our will to succeed.

In personal growth we need to be not only our greatest ambassador for what we are selling (remember we are all in sales), but we also need to be our greatest buyer. When we learn to personally act as an entrepreneur we don’t just make one great sale and call it quits because we are more complex than a single accomplishment. For success to happen we must hit that first accomplishment (make that first sale), see what the market has to offer (create a personal inventory), and see where we can generate the greatest value moving forward (prospect for new ways to enrich our lives).

Outside of the moral and ethical, there are no rules to success. The greatest entrepreneurs are those that know the only difference between creativity and innovation is action. This action is what will define our success, even through failure, because without the courage to act no void will ever be filled. If we can’t fill our own voids, we will find the same result as the entrepreneur who can’t fill the markets voids; no sales.

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