What Is Entrepreneurship
Entrepreneurship is usually defined as “the process of designing, launching and running a new business”, but some people also considered it a trait, a skill or a field of study.
Want a practical definition? That’s how some entrepreneurs understand it:
“Entrepreneurship is the persistent progression towards an innovative solution to a key problem. It's the constant hunger for making things better.”
“At its core, [entrepreneurship] is a mindset – a way of thinking and acting. It is about imagining new ways to solve problems and create value.”
"To me, entrepreneurship means being able to take action and having the courage to commit and persevere through all of the challenges and failures.”
"Entrepreneurship is the ability to recognize the bigger picture, find where there's an opportunity to make someone's life better, design hypotheses around these opportunities, and continually test your assumptions. It's experimentation: Some experiments will work; many others will fail."
Most of the people with a general interest in starting a business or project don’t even have the chance to experience it in practice - they don’t start. The most common reasons are fear of failure, procrastination and self-doubt, all of them representing what we call “Resistance”.
It’s this negative voice that tells you to stay at your job and not risk failure, that you’re not good enough to write something great and that you can always start exercising tomorrow. Only those who choose to use the fear as compass get the chance to experience the entrepreneurial dilemma.
The Entrepreneurial Dilemma
Nowadays, uncertainty is the only certainty. Technology is shaking the world as we know it in every sense, and that is happening fast.
Companies that used to work with 4 or 5-year plans realized long ago that these are now worthless, no more than wishful-thinking wrapped in imaginary assumptions. Nowadays we can find markets and industries that went though a complete transformation in a 6-month time. Planning timelines are getting shorter and shorter.
As an entrepreneur, how do you focus on a project long enough to make meaningful progress and still be flexible to change course? This is the real world: The way to get to the end goal is dynamic and may change, and you will need to adapt.
Every time we start a new project, there are three main elements that require constant evaluation:
Focus: If you want to succeed and become good at something, you need to put up the work. You need a time space to practice and learn the necessary skills.
Optionality: The products and services that you consume now are different from the ones you did 2 years ago. The market is constantly shifting, so you might need to pivot and adapt.
Read about it here: Planning For Failure: Why Every Entrepreneur Needs Optionality
Self-awareness: We will change our vision, definition of success, priorities and interests as we go through life.
Solving The Dilemma
However, if you spend all your time thinking about how everything is always shifting and don't actually execute the work for a reasonable time, you will never be able to test the market, acquire and practice new skills and learn from the experiences.
That is why we use the period of 3 months on the quarterly process. It is long enough for you to deeply focus on a project, but a short timeframe so you can quickly change course using what you learn on the process.
All Entrepreneurship Articles
This is a complete list of articles I have written on entrepreneurship. Enjoy!