Are You An Entrepreneur?

Entrepreneurs are everywhere. They are found in business, in the community, in voluntary organisations and even in the bureaucracy of government.

Turning ideas into products

The main work of the entrepreneur is to turn an idea into a product or service valued by a customer. One definition of an entrepreneur is that of someone with the ability to undertake an endeavour without the necessary resources.

They are most often identified with starting new businesses but populate every walk of life. They are people in any sphere of society who find a better way to do something or have the ability to create something new and different.

In traditional management the idea of planning and controlling every aspect of the business was given priority. In the age of the entrepreneur the idea of disrupting the present to create the future is given priority.

But in today’s business environment a mix of planning and creativity is needed to ensure success. The idea of micro-managing a business as it grows is unrealistic just as is the idea of growing without the discipline of management.

The secret of today’s business is of course to balance both elements to ensure the creativity of the entrepreneur and the guiding hand of sensible management. The difficulty however is to capture both disciplines without diluting or damaging either.

The starting point is to acknowledge the importance of each and build them into the culture of the business from the outset. The discipline of management supports the innovative nature of the entrepreneur in a way that enables rapid but safe growth.

Think fast, act fast

The ability to think fast and act fast is one of the defining features of the digital economy. The pace of internal and external change is increasing, as the controlling nature of traditional management is no longer fit for purpose.

The best way for a business to perform in the digital economy is to act like an entrepreneur and build that mindset into the DNA of its activities. Without such an approach the speed of change will disrupt and destroy the market and ultimately the business.

The need for entrepreneurship in all areas of business has never been greater as technology outpaces our ability to provide security and stability for staff in the workplace. The only aspect of the human condition with the capacity to out wit new technologies such as artificial intelligence and machine learning is that of entrepreneurship. Without such new and different approaches greater control will lie with technology in all its favourite and fearful forms.

Harnessing the creativity of entrepreneurs is always a challenge even though they should be supported no matter how different their ideas may seem, as they are needed in all areas of life.

So, entrepreneurs are needed now more than ever as they possess the skills valued by a rapidly changing digital economy.