Boundless: Management: "Chapter 16, Section 2: The Drive of an Entrepreneur"

At the end of this reading, you will be able to discuss the factors that drive entrepreneurs to succeed.

  • Entrepreneurs must be willing to accept risk and failure. The key is that when you fail, you must fail quickly and inexpensively. Test, analyze, figure out why you failed, evolve, and iterate. That is the meaning of drive.
  • Focus and energy are two key attributes of drive. Unwavering diligence is required in light of the challenges that the entrepreneur is likely to face, and the ability and desire to work long hours in pursuit of that goal is necessary.
  • Entrepreneurs often operate on limited budgets. This requires a great deal of frugality and self-discipline, both useful facets of a strong drive.
  • It is also important that drive is directed toward some outcome, and that this outcome has the clarity required to derive perseverance. Vision, passion, and focus enable this.


Key Terms

  • perseveranceContinuing in a course of action without regard to discouragement, opposition, or previous failure.
  • entrepreneur A person who organizes and operates a business venture and assumes much of the associated risk.
  • creativity The quality or ability to create or invent something.


Drive and Entrepreneurship

The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man. — George Bernard Shaw

Develop success from failures. Discouragement and failure are two of the surest stepping stones to success. No other element can do so much for a man if he is willing to study them and make capital out of them. — Dale Carnegie


Key Characteristics of Entrepreneurs

Entrepreneurs must be willing to accept risk and failure. The key is that when you fail, you must fail quickly and inexpensively. Test, analyze, figure out why you failed, evolve, and iterate. That is the meaning of drive.

Entrepreneurs often possess immense focus and energy. Entrepreneurship requires extensive mental strength and determination because, as opposed to traditional occupations, there is no right or wrong path to achievement. Competition is intense and innovation is required to face the challenges that result from starting your own business.


Entrepreneurial Attributes That Enable Drive

Entrepreneurial drive is something of an umbrella term for the wide variety of characteristics that compel an individual to pursue a unique and untested path relentlessly, regardless of the failures and obstacles. The characteristics below all overlap with drive in some way, shape, or form, to ultimately create a template for the entrepreneurial mentality:

Vision: The entrepreneur must be able to create and communicate an easily understandable vision of what the new venture does in order to successfully launch a new business. This is accomplished while inspiring others to join you in your new enterprise.

Creativity: The entrepreneur must be able to inject imagination and uniqueness into a new business venture. It takes skill and ingenuity to create a new venture equipped with strategies to outsmart the competition.

Focus: The entrepreneur must be able to maintain the vision of the company with unwavering diligence. It's very easy to get sidetracked, especially if you find it necessary to adapt the original vision. Ironically, there are many successful entrepreneurs who get bored easily.

Passion: Entrepreneurs must have a desire to succeed in a business venture under their own initiative.

Perseverance: The entrepreneur must be able to keep going even when faced with seemingly insurmountable obstacles.

Opportunistic nature: The entrepreneur must take advantage of an upcoming trend or unite unrelated processes to create a unique business venture. It helps, of course, to see the possibilities before they even exist.

Problem-solving ability:The entrepreneur must thrive on coming up with solutions to complex challenges.

Self-discipline: The entrepreneur must be organized and regimented in pursuit of a successful business venture. This includes frugality, which is knowing how to stretch every cent so that expenditures are as low as possible.

Last modified: Monday, January 22, 2018, 6:51 PM