All people have the capacity to become entrepreneurs, dependent on external and internal factors.
Usually a triggering event prompts an individual to become an entrepreneur.
Entrepreneurship is identified as a “way of thinking and doing” ….. this approach can be learned and the skills capitalised on.
An entrepreneur – a person who launches a new project or opportunity – often has a range of diverse skills sets, passions and attributes. These are not only the result of innate attributes from birth, but of life experiences and challenges.
Entrepreneurs also have a level of resilience and certainty in their venture. They possess vision and can see the vision evolve into action. Often the “window of opportunity” needs to collide with the vision in order for it to be realised.
Author of Work to Live Joe Robinson (http://www.entrepreneur.com/article/230350) considers the harnessing of particular attributes to be key to entrepreneurial success.
– Tolerance of ambiguity;
– Self belief;
– Flexibility; and the capacity to be
– Rule breaking.
These are attributes many people gain, develop and hone through life experiences, rather than simply “present at birth.”
The entrepreneurial life cycle evolves from conception to closure.
Benefits and drawbacks for entrepreneurs across each of these cycles are:
Stage 1 – concept and test: entrepreneurs run the risk of noting critical risks which should be identified within this stage as a result of their passion for the project. Conversely, the planning process may also stifle the necessary creativity to build contingency and resilience into the plan. Self-belief and the tolerance of ambiguity may outweigh adverse planning outcomes.
Stage 2: Development/ abandonment stage: The tenacity of the entrepreneur at this stage is critical – riding out uncertainty and working to build the brand. However, this tenacity may also lead an entrepreneur further into an unsuccessful venture – causing greater financial and reputational damage.
Stage 3: Growth/ decline phase: The entrepreneur needs to ensure the growth is sustainable and manageable. Passion for the project as it realises expectations will be at a high – however it will also be critical to marry the passion with a strong focus on ensuring the project remains within scope.
Stage 4: Maturity: The business stabilises. The entrepreneur will see this as an opportunity to find another value proposition to the project but needs to take care to preserve the valued brand and its loyal market.
Stage 5: Regrowth/ Decline: All expectations are realised and if the project/ initiative has no capacity to continually evolve the entrepreneur may find a level of boredom sets in as the ambiguity, challenge and risk is no longer present. A new challenge within the existing project or a new opportunity should be sought at this time.