What I talk about when I talk about Entrepreneurship
Definition & other impressions
Dream. Plan. Do.
Entrepreneurs are adventurous and imaginative people that are not scared to question the status-quo and to take action according to their vision. They make their ambitions and dreams a reality. It requires to trust their guts but also a great deal of work to reach their objective, but it seems natural and worthwhile as they do it for themselves.
The entrepreneurs are usually hard-working, passionate, visionary and rebellious in a way. They can be seen as creative businessmen/women. They are good at recognising opportunities and designing an innovative business out of it. Once they have an objective in mind, they can move mountains in order to achieve it. They are resourceful and very tenacious. However, they are not completely stubborn as they usually move wide eyes open. They are aware of their environment and constantly learn by doing and also by getting up-to-date. As a result, they take calculated risks due to limited resource and uncertainty — even though they would like to go full speed.
In order to recognise the good timing for taking action, entrepreneurs need to be aware of the context, the risks and the factors impacting the outcome of the situation. They also need experts to provide them with some guidance. To judge synchronism, it would be important to track the activities of the company and compare them with the objectives and the market. When launching an initiative, the implementation phase is crucial. It must be planned but not everything can be controlled, such as the adaptation and the acceptance of the market. Furthermore, as it is a demanding and personal challenge, work-life balance might be an issue to overcome because finding a balance is not so easy, especially for an entrepreneur.
The grass is greener where you water it.
Communication and transparency are the foundations of a healthy company, which is crucial to innovate as well. People should feel free to come up with new ideas or even question what and how things are done. Therefore, being surrounded by people that are open but also have different perspectives is key. This is actually the concept of “cognitive diversity”. Along the development of a firm, the same mindset should be kept. Furthermore, all the stakeholders need to share the same vision and relate to the values of the company.
When it comes to reward system, giving employees a bonus based on performance might end up couter-productive. The principle of carrots and sticks does more harm than good. It makes more sense to enrich the intrinsic motivation of the employees by targeting their need of self-actualisation. Mastery, autonomy and purpose are the three main elements to increase motivation. Therefore, initiating a learning and empowering culture is much more impactful. Recurrent feedback is also a great means to reach such a constructive and appreciative environment.
In general, reviewing the status quo in order to improve a context is a strong intrinsic motivator. Getting new experiences, personally or professionally, is a powerful driver as well — discovering and learning new things, no matter which domain. We learn every day — no matter if we are a junior or an expert. In any case, it is important to be self-aware and welcome external stimuli or others’ reaction. Proactively getting information and knowing the actuality is important as well. Letting go of what we know and what we learned to be “right” or “normal” helps to go in this direction. Being convinced that change is a normal and important human activity is a mindset that opens new doors. Finally, standing for a vision, a purpose or values is a strong driver that sustain an inspirational motivation. If our guts tell us to go for it, we should do what is needed to succeed it, even if there is a wall in front of us. There is usually always a way to overcome a mountain. In any case, the more we love our decisions, the less we need others to love them. It is not because some people assume it is the wrong track that we should agree with them or reconsider everything.