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Journal Chpt 1-2

Journal Chpt 1-2 - into multiple smaller risks is a safer...

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Eric Hammer Professor Reaves Thursday, September 9, 2010 Surprising Entrepreneurship Lessons From Around The World (Forbes) As said in Chapter 1, an entrepreneur is a risk taker in the private enterprise system. Some know it as a person who starts their own business. In rare occasion, an entrepreneur’s risk pays off greatly. In this article, Daniel Isenberg, a professor of management practice at Babson College, talks about some lessons he’s learned about entrepreneurship from experiences all over the world. His first lesson is that entrepreneurship is not about innovation. Using a process he calls “minnovation,” most successful entrepreneurs simply make small changes to current products. The second lesson is that entrepreneurship is not about risk-taking. Daniel says that already taking a risk by making the entrepreneurial choice, entrepreneurs then cautiously control their risks; sometimes they form partnerships to break up the risk, and breaking up big risks
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Unformatted text preview: into multiple smaller risks is a safer bet. The third lesson is that entrepreneurship is not about the pursuit of opportunity. He says opportunities come into play when entrepreneurs recognize their own skills and abilities that are unique compared to most. The fourth lesson says entrepreneurship is not about passion. Isenberg states that commitment, energy, enthusiasm, hard work, and perseverance are much more important than passion. Daniel Isenberg’s fifth and final lesson is that entrepreneurship is not good for your health. It is very common for entrepreneurs, successful and unsuccessful, to experience addiction to challenge, stimulation, excitement, achievement, recognition, reward, and sometimes even teamwork and leadership; people continue to take on bigger and bigger challenges. There may never be a correct realistic view on what the true meaning of entrepreneurship is, but if there were, many more people would be very successful....
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