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What is entrepreneurship?

Entrepreneurship is an almost innate capacity of our species, which is found with greater or lesser presence within our DNA. From those first hunters who decided to go across the Sea looking for new hunting areas without having more than a boat and few or no navigation notions, to contemporary entrepreneurs who undertake the development of an algorithm to teach a machine to read, compile and decode old texts. In both cases and with different circumstances, the attitude was the same “to be willing to take risks, to work hard to achieve a greater end.”

Characteristics of Entrepreneurship

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Entrepreneurship is an almost innate capacity of our species, which is found with greater or lesser presence within our DNA. From those first hunters who decided to go across the Sea looking for new hunting areas without having more than a boat and few or no navigation notions, to contemporary entrepreneurs who undertake the development of an algorithm to teach a machine to read, compile and decode old texts. In both cases and with different circumstances, the attitude was the same “to be willing to take risks, to work hard to achieve a greater end.”

The ability to undertake new ventures meant that we managed to group ourselves under ideas, beliefs and promises of a superior end, which transcends us. This ability made us more flexible, which finally gave us the advantage over other species.

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Thus, for example, bees can group together to form a large community around a beehive, but they cannot make the decision to kill the queen and choose another in the event that the permanence of the beehive is threatened. Although some animals can be grouped and can work as a team, doing so in a flexible way and with individuals who knew little or nothing is what took humans to the first level over other species.

Social Entrepreneurship

Entrepreneurship as a rule is the need we have to transform the environment. This need is present to a greater or lesser extent and may vary from one individual to another. It can be found in almost all the works present in the history of mankind, from the Chinese Wall to the Panama Canal, where the vision of an individual or group of individuals is executed by another larger number. Sometimes they may not even know each other, but their vision is passed on and supports the venture itself.

Business Entrepreneurship

When entrepreneurship exceeds the immediate surroundings of the individual, then the ability to become more flexible and join together into groups of greater numbers skyrockets. This is the moment when entrepreneurial entrepreneurship arises, a type of entrepreneurship that makes individuals to gather around abstract ideas and collaborate even without knowing each other personally. Thanks to this type of entrepreneurship we have the pyramids of Egypt, the Space Station or the Iphone.

Great Chinese Wall
Chinese Wall  and  the Panama Canal

The Information Age

Our era is the information age, a time when knowledge is available to everyone. However, knowledge must be sorted, processed and made to work according to our growth objectives. The word entrepreneur comes from the French term “entrepreneur” which means “pioneer.” In a 20th century article, economist Joseph Schumpeter refers to the entrepreneur as the “center” of the economic system, where “profit comes from change, and this is produced by the innovative entrepreneur.” Entrepreneurship is the ability to take risks with the objective of establishing improvements and opportunities for wellness, social or economic growth. The risk implied in every venture is failure.

One of the main reasons why many entrepreneurs do not dare to start up the business they have in mind is because they do not feel sufficiently prepared.

One of the main reasons why many entrepreneurs do not dare to start up the business they have in mind is because they do not feel sufficiently prepared. The truth is that you are never prepared enough to undertake a new venture. There are business lessons that we will only learn when we decide to create our company.
How can we prevent this fear that stops us from getting out of our comfort zone? How can we lose that sensation that freezes us from taking a leap into the void?

Three seconds for the first step!

Thomas Alva Edison (February 11, 1847 – October 18, 1931)

Success in business or entrepreneurship does not usually come from one day to the next. It is the result of sustained effort. Thomas Alva Edison, according to his own records, worked at least 300 theories on the problem of “the incandescent lamp” He went through more than 800 prototypes before arriving, in January 1879, to a final version, and that would only work for a few hours. This, far from stopping it, made it go further. Edison wanted a bulb that lasted much longer, his well-known phrase “There were a thousand failed attempts, it was a thousand-step invention” gives us a vision of the way of thinking of this entrepreneur who by the way was expelled from school for having a “low IQ.”

By 1880 Thomas Alva Edison had hit a light bulb that lasted on for more than 1500 hours.

Disciplined Entrepreneurship

There is a group of attitudes that need to be developed for success in any venture. These skills strengthen character (what the ancients called temperance) and build trust.

1-Failure management.

Failure is a necessary step on the ladder to success, and this has been proven by great entrepreneurs of our time from Thomas Edison to Steve Jobs. Failure has been the key to the success of many ventures because it gives us the tools to face our shortcomings. Facing or recognizing our shortcomings is how we can draw the route we must follow to reach our goals.

2-Punctuality

Respecting time, one’s own and that of others is a virtue that we must develop in our character. The consequent person knows that he can generate more money, more prosperity, but the time lost is irreversible so that he assumes time as a valuable resource. Not only punctuality, but respect for the time of others. Delivering our commitments on time is a trigger for our seriousness and professionalism.

The Word of the Samurai

They say that a warrior of the Japanese dynasty around 1062 promised to attend his lord's wedding. For unforeseen reasons he was arrested by members of a rival clan, to be released two days later. When he released him, he discovered that it was impossible for him to arrive in time to fulfill his commitment. He decides to perform Harakiri, because “if he could not arrive, at least get his spirit would.” This Japanese legend shows the patterns of a culture that was responsible for one of the most important cultural miracles of the postwar period. Japan, one of the nations devastated by war, would become a world economic power. All in the same century.

Samurai with sword. This photograph is in the public domain in Japan because its copyright has expired according to Article 23 of the 1899 Copyright Act of Japan
Armoured samurai with sword and dagger

3-Criticism Management.

Being criticized means that you exist for others, that they see you, that you are being relevant. Managing criticism is a skill that tests us and teaches us to listen and although there will be criticisms that precisely will not be constructive, they can all become challenges and help us grow. According to Aristotle, “there is only one way to avoid criticism and it is, doing nothing, saying nothing and not being” In the world of entrepreneurship, small movements have the power to generate great changes. One of these must be to change the Why? for What? Every problem you face will generate the tools for future challenges so there is no adverse criticism.

4-The ability to focus.

Not losing focus is one of the most difficult skills to develop. When you focus you will use your resources efficiently and this, in many cases, implies sacrificing short-term benefits. Being properly focused will avoid minor distractions to divert the course of our actions. When everyone agrees with you, it’s easy, but are you ready to believe in yourself, even if nobody else does? Sometimes you will have to follow your instinct, even if everything else is against you.

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5-The financial discipline:

Financial discipline is key to business success. It is common to see that new businesses and partners share profits as they are obtained. Therefore, there are no savings, no investment and no growth. In fact, there are businesses that spend their time running to solve the financial needs of their owners. It doesn’t matter if your business generates a lot or a little money, it is essential that you target part of the income for savings and that from those savings you establish investment plans that allow you to grow. Otherwise, your business is going to simply survive. Before starting a business, make sure you acquire healthy financial habits, develop your financial intelligence and study finances so that everything you learn about how to manage your money will allow you to make better decisions in your business.

6-The ability to speak in public.

In business you will have to interact with customers, suppliers and partners. You will have to participate in events and speak in front of the media on behalf of your company. If you fail to express yourself effectively, you could lose great business opportunities for your company. Educate yourself to speak in public with determination and confidence. You don’t need to become an expert speaker, but it will help you improve your diction, manage your nonverbal communication and learn to express your ideas clearly and concisely.

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7-How to Sell.

Probably the most important skill for every entrepreneur is to know how to sell. It doesn’t matter what your business is about or what your role is within it. In the end you will have to interact with the market if you really want to succeed. Knowing how to sell does not only mean convincing someone to buy you, but also convincing potential allies and partners to believe in your ideas, convincing investors to trust you and convincing your collaborators to believe in your vision. Do what you need to do, even if you don’t want to do it. Entrepreneurship is about doing what you love, even when you don’t want to do it. As much as you love what you do, there will be days when you won’t want to do it. There will be days when you will be lazy and do not want to open your business. There will be days when you will feel tired. You must be your own motivation.

Our Negotiation Skills Course  ➡️

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6-Team work.

Learn to work in a team. It’s amazing how much it costs us to work in a team. We believe it is easier to venture out alone because we do not have to discuss our ideas with anyone. We do not have to share the profits of the business and we do not have to depend on others so that the work is well done. But the reality is that large companies arise from large teams. Working as a team means finding the best and joining them to your business. Trust them and know how to delegate. A successful team is one in which its members possess complementary skills and work passionately interdependently. Learn to surround yourself with people with the same desire to succeed as you and then you will understand the power of teamwork. Learn to prioritize. When you start a new venture it is very easy to get distracted when trying to cover all the opportunities available.

In fact, the main cause of business failure is the lack of focus. At the beginning you will have to prioritize and choose very well on what to focus your energies and resources, or you will end up doing a lot and accomplishing little. It’s not about how many hours you work, but what results you are getting. Focus on the important. Do one thing and do it better than anyone else.

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Always remember that after failure, your chances of success increase significantly with each new attempt. Those who give up are more numerous than those who fail.

The temptation to abandon is never as strong as when you are about to achieve your goal.

You don’t start a business thinking about everything the business can give you, but everything you can give your business. Undertake something you love, something that makes you forget about physical limits and makes you lose track of time. Andy Freight, author of the book Passion to Undertake, says: “Close your eyes and ask yourself what I am undertaking or what I would like to undertake. Is it something you would be willing to fail for?”
When you love what you do, fears dissipate and your mind is willing to take the necessary risks. The things you have in mind will lead you to achieve what is possible. The things you have in your heart will lead you to achieve the impossible.

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Entrepreneurship 360 is a course designed for entrepreneurs by entrepreneurs.

These are some essential ideas of the Entrepreneurship 360 Course. A course designed for entrepreneurs like you. It includes the necessary tools to take your entrepreneurial experience to the next level of excellence. This course is designed to give you professional management skills necessary to insert you in the market, and help you to create a dynamic and competitive image.
In the Renaissance the smartest individual was the one that he possessed more knowledge. Today our world has changed. The Internet has given us access to almost all human-generated knowledge, so it is humanly impossible to possess everything. Today, the most intelligent individual is the one who knows where and how to find the knowledge he needs at all times.

By Ferminius
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