The prevailing perception in the investment world is that our money should be channeled into investment routes that will yield a monthly or annual return. Entrepreneurship, the same coveted ability to think of an idea that will achieve the return, is perceived as an innate trait, associated with traits like daring, leadership, charisma and creative thinking.
These qualities, many people believe, are impossible to learn, and should be born with them. The rest of the people have to make do with other investment channels. But not everyone in the investment world believes that.
There are arguments online that say this myth needs to be shattered, and that anyone can learn and implement and discover the entrepreneur within. Take online class methods to start with – we all know that this is where it all begins.
“Entrepreneurship is an acquired skill,” says a professor at Harvard University. The business idea behind this concept is that an entrepreneur is able to assess the need of the market and future demand, and is also able to offer the market a product that solves this future need, and make the demand a real reality.
Although qualities such as leadership, charisma and daring are not harmful, more than that – according to this concept, entrepreneurship rests on a triangle that each of its three sides expresses qualities that anyone can acquire and learn.
The first rib is the experience and practical knowledge in the desired field. It is important to base creative thinking on solid ground and a real test of ideas that have worked in the field in question, and those that have not worked.
Knowing the situations and actions associated with the new idea will allow one to find the way to its realization, and more than that – the experience in the field gives the entrepreneur a sense of self-confidence, which is important to implement their business ideas.
Information, Connections and Imagination
The second side is information, connections and imagination. The important trait for an entrepreneur is not to be afraid to imagine an unrealistic solution. In other words – to think outside the box. The information connects the entrepreneur to reality, the imagination allows them to push its boundaries – and together they allow the creation of something new that suits the situation.
Many entrepreneurs have developed ideas that at first seemed completely unfounded, and changed the world.The invention of the first aircraft was born out of identifying a basic human need and solved it using a new idea that on the face of it seemed impossible.
The third rib is more complex, as it is related to mental tools and approach in life. The approach to life basically determines whether the entrepreneur believes in what he produces, it obliges him to choose between optimism and pessimism. The approach to life is the fuel within the engine of the imagination. But also access to life is something that can be learned, internalized and practiced, like the rest of the sides of the triangle.
Evidence of the correctness of this model is found in the life of each and every one of us: we must all act as entrepreneurs in all sorts of situations in our lives, but we do not recognize it as “entrepreneurship.”
Even parents who invent employment for their children are actually working as entrepreneurs, recognizing a need, combining imagination and experience and formulating a new idea that will fill the demand. The challenge is to apply these principles, which are common to all of us, including investment.
The conclusion is that successful entrepreneurship is an acquired trait. But, either way, you can work on this.
Three methods for completing the lack of knowledge in entrepreneurship
First method: self-study
The easiest way to learn these days is of course from the internet and / or conversations with friends. There is no doubt that the internet network contains a huge amount of information on most areas of entrepreneurship.
This is of course a great method provided we have plenty of time to read all the great material that is there and provided we can know what is right and what is wrong, or worse; What is relevant to our startup and what is not.
So does the ‘self-study’ method work? Since most entrepreneurs choose this method, and since 85-95% of startups also close – then probably the way of ‘self-study’ does not really prove itself.
Second method: an entrepreneurship course
This is an interesting alternative as such courses abound. But on second thought – is it really possible in 12 3-hour sessions to complete everything that is missing for the purpose of setting up a venture?
Entrepreneurship consists of finance, technology, marketing, team management, capital raising and more and more, a little more than can be covered in a 50 or one hundred hour course. And that’s not to mention that marketing a medical product is obviously different from marketing a website.
Third method: setting up a startup under the guidance of a mentor
The term ‘mentor’ is used almost everywhere, even in reality TV shows. Does it work? Well, it depends. Good and professional mentors know how to grow good entrepreneurs and good startups. The best proof is Y Combinator which was founded by Paul Graham as a mentor and growth company like Dropbox.
The challenge is of course to find such a mentor who will accompany the venture over time and not just for a random meeting. It is very important that the mentor comes from the field in which you are setting up the project – otherwise his help will be very limited.
Also, keep in mind that the mentor will not invest the time in teaching you ‘basic’ things like marketing for example. Mentor – Yes or No? Certainly! Provided we find one that suits us and manage to harness it to a startup. But even then it does not cover everything we will need.
Four essential components for an entrepreneur
- Theoretical and practical tools – to acquire knowledge orderly learning, class or otherwise, from the living area individually entrepreneurial world. It is important to learn from people who are familiar with the theory and statistics of entrepreneurs from all over the world.
- Business Mentoring – Personal guidance, by a professional facilitator / mentor who personally accompanies the project and completes the required knowledge in the various fields, in a way that complements the tools you have acquired and accompanies you in their application to your project.
- Work environment – It is difficult to set up a startup in a cafe. The living room is not a good place either. Find an environment that has a lot of other entrepreneurs like you. An environment that also provides access to databases, investors and people from the industry is preferable. A good environment is something that helps a lot in moving to entrepreneurship and raising the chances of growing the venture.
- Practical work – Not just theory and talk – work, and a lot. Work on your venture, implement all the tools you have just acquired: locating and examining the idea, recruiting investors, marketing, and all the relevant issues required to set up a new venture. Market yourself and get to know what others are doing, and how you can adapt that to your own vision.
Success can come, at any age with any idea. It takes patience, focus and of course the desire to learn more and put this into practice. It doesn’t have to be difficult, to give yourself the options of a happier future; it all starts with you.