Saturday 11 June 2011

developing an entrepreneurial spirit:

The entrepreneurial spirit is often to difficult to define, let alone examine in detail because of its perception as a highly creative and dynamic entity. While it can be applied to a wide range of disciplines and professions, it is perhaps most closely associated with the world of business.
The word "entrepreneur" is French in origin and if interpreted in its literal context means "between jobs"

Concepts that appear intrinsic to what constitute Entrepreneurial Spirit:

1. Uniquness:In a highly developed global business community where new ideas and business models are increasingly in short supply. and the importance of uniqueness cannot be under estimated and those exhibiting an entrepreneurial spirit are often associated with concepts that encapsulate originality and ingenuity.Take for example,Steve Jobs bringing the APPLE IPOD to the market.

2.Creativity:Creativity is highly connected to uniquness but the two are not identical.Individuals with an entrepreneurial spirit are experienced at harnessing the creative process to help them produce a unique product/service or advantage. So whereas uniqueness describes the end outcome, Creativity describes the process of how one achieves it. Those with entrepreneurial spirit are often creative individuals who are ready, willing and able to actively adopt new techniques to get ahead even at the expense of being ridiculed by others.

3.Risk Taking: In a western society that is so often risk averse, those with entrepreneurial spirit embrace risk taking and it is impossible for such a concept not to be associated with entrepreneurs and the often high risk potential involved in following a new cutting edge approach, it must be observed however that risk is not the same as recklessness and those demonstrating an entrepreneurial spirit are likely to be adept as assessing the risks involved in any undertaking.

4.Business Savy:As highlighted previously, those with entrepreneurial spirit should not be considered as reckless mavericks indeed quite for the opposite, good entrepreneurs are motivated by profits and are skilled at identifying a lucrative niche in the market that can be exploited for profit. Take for example Steve Jobs at Apple computers who has successfully navigated a profitable course in the computing and software industry despite the market beign dominated by Microsoft and IBM for a number of decades.In addition, he was the first to spot the potential of utilizing the computing industry to open a new market leader in its business stream. Such action requires great skills and confidence and demonstrates a clear entrepreneurial spirit.

5. Developing Potential:Identifying,investing in an nurturing potential are also very essential to the ideas attached associated with entrepreneurial spirit because of the need to find differing solutions to a business problem. Established business often fail to discover breakthroughs because they stick to a rigid investment formula that has worked for them in the past rather than finding new ways of moving forward.

6.Adaptability:The entrepreneurial spirit is always adaptable and ready to overcome barriers presented by business problems and is usually quicker at resolving those issues than mainstream business thinkers.

7.Leadership:Leadership behaviour,good communication, getting along well with others, responsive to suggestion,criticism,concern for other persons, develops other person.

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henry