Entrepreneurship is seen as an attitude that is expressed in behavior in which someone takes agile action to stimulate an innovation. This consists of an internally-oriented part where you mainly stimulate yourself or others to get started with their ideas. For example, getting started means collecting and developing information. You prepare possible changes and try to manage them. You are looking for like-minded people for feedback. You can also protect your idea. After that comes the externally-oriented part in which network to bind all kinds of stakeholders to your idea, such as investors, partners and customers.
Often the energy that enterprising people show is valued by their environment, except when it comes from greed, restlessness, envy or the desire for respect, fame or worship. If you notice appreciation be aware! It can lead to attachment to appreciation and ultimately lead to suffering. Therefore, spent the same amount of time to experiencing being normal. By the way, that doesn't mean being lazy, slow or standing still. Harmony means that you venture good, wisely, calmly, sincerely and with pure intentions because you believe that is your calling.
Developing a vague idea into a strong innovation requires a very conscious and systematic approach. The inventor is therefore not the most important person needed when starting a company, but the entrepreneur, the person who knows how to turn it into a feasible distinctive product. This skill is not equal to what a businessman or manager can do well, running a business for money, but requires the ability to innovate. This demands increasingly from the young entrepreneur the role of artist who patiently refines his artwork into a perfect masterpiece. The entrepreneur knows how to make a design that brings an idea to the market, a so-called entrepreneurial design.
The effectuation method consists of five principles which describe the techniques of a succesfull entrepreneur. Many top entrepreneurs recognize themselves in one or more principles. If you master all principles then the success increases. Entrepreneurial learning would, if properly designed, be based on the principles of effectuation.
An entrepreneur wants to be able to win. It seems as if they take a lot of risks, but the opposite is true. Entrepreneurs think about what the propability of loss is. They only go for something if the propability of loss is low as is the amount of loss. By choosing precisely this minimum as favorable result, many new proposals are prevented from being shelved forever, because the yields would be too uncertain. Timing is important here, sometimes it is wise to wait until the right time so that the chance of success is greater.
Unexpected events are not a threat, but an opportunity. There are new developments every day. If you stick too tightly to what you have thought up beforehand, you will soon be behind the facts. Many well-known arts and discoveries are the result of a "mistake". Like the tea bag and the post-it. It is precisely through these unexpected events that you arrive at solutions that you would otherwise never have imagined.
Bird in the handEdit
Entrepreneurs look closely at who they are, what they have at their disposal and therefore know where their opportunities lie. "Start with yourself" and don't wait for outside innovations. Look at what ingredients you have in your possession and make them a new dish.
A good idea works like a magnet. When you bring out your idea as a prototype, it will automatically attract the right stakeholders. The idea of the Crazy Quilt principle of Effectuation is that people want to help you devise / set up your idea (the piece) while they can also work out their own idea. The advantage of this is that you immediately have more ambassadors who tell your idea to others and thus market them. Others may have the resources, knowledge and qualities that you can use to realize your idea. Let partners and collaborations arise based on self-selection. If you have worked out your idea and you make it known in the world by building a website and by talking to others, enthusiastic stakeholders will find you. Wait until they come to you. Give these stakeholders the space to make their own quilt on the blanket to create a win-win situation.
Pilot in the planeEdit
Suppose your idea is an airplane. Then you have come up with a beautiful thing. However, an airplane must be piloted and it is up to the pilot to make the right decisions. A pilot must always ensure that he is in control by remaining alert to what is happening. That is also how it works with entrepreurship. You can have a good idea and even if others can derive their own idea of it, it remains up to you to control things. An entrepreneur does not wait but is proactive, takes the future into his own hands so that he also has that future under control.
The following activities ensure that you are effective as an entrepreneur.
- Dream: If it's all about money, then become a banker or businessman not an entrepreneur. Entrepreneurs have a dream, and building that dream is everything they want. The people who join them are passionate about this dream and help make it a success. They are also willing to work hard for a minimal reward. Money is at most a way to go on. If money is your goal, you know what kind of people get around you, and what they want from you.
- Dare: Dare to put well-intentioned advice aside. Dare to climb a mountain, by trusting that your passion is big enough to take all those small steps. Dare to believe in your creativity to find other ways when you encounter difficulties on your way. Develop confidence by looking back on the road you have already traveled. Failure is also good! Americans understand this much better than Europeans. It's no shame if something doesn't work, it's an opportunity to do it better. It's not a shame to try.
- Do: Don't hestitate or plan long term business. Start right away! Immediately set early deadlines to launch a part of your big idea. Don't wait until everything is finished. No product is perfect, but any product can be refined over time by using it and being open to feedback. Do not necessarily work with the best people in the field, but with those who are full of passion and entrepreneurship. An entrepreneur ensures in any case that he can replace all the people around him or herself. Otherwise you take too great a risk and dependence.
- Distribute: Share your idea. You and the people you know, the situation you are in, the resources you have are all unique. If your idea is easy to copy by others, your idea has little value. Not only you, but the people who work with you determine whether your idea will be a success. Choose these people as you would choose a spouse, namely from a perspective that you will work together throughout your business, and that you, as good parents, will take care of the children your business produces. That's why family businesses are more successful on average.
- Dedicate: Be annoying when you need to. Your passion is more important than the fact that everyone is appreciating how and how much you spend on your passion. In difficult times it does not count how everyone likes you, but how motivated you are to continue. Perseverance is the most important factor for your success. If you are not willing to rise above yourself and others, the chances of success are almost zero. And given the big investments you'll be making to succeed, persevering, even if it means a modified road, is smarter and less strenuous than starting over.
In entrepreneurial education, participants are usually expected to be socially engaged. Just like entrepreneurs, they see opportunities, devise solutions for them, arrange support and resources and take the lead. The social achievement, however, lies in doing this to meet the challenges facing people and the earth. In addition to economic value, the company also creates social value with its own company.
It is often thought that if you want to launch a good idea as an innovation, you need a lot of capital. However, there are experts who by experience (such as Günter Faltin ) claim this is not necessary. That you especially need a very strong concept that you have thought out well. According to him, it takes a "madman" to take on the ultimate challenge, just like extreme athletes, and to continue where others give up alone. Keep thinking and adjusting your idea instead of giving up as "impossible". The same thing that makes a "genius" differ from others, don't give up and keep puzzling. A good idea only arises after many and many hours of thinking. Some even speak of 10,000 hours to develop an idea in such a way that the concept gets so much quality that you can put it on the market.
A good design of your company has the following characteristics
- Risk minimalization
and contains the following elements
- clear market benefits that are simply worked out
- well ahead of copycats
- prevents falling behind
- as little required financing as possible
- marketing is integrated in everything