John needs a little help explaining his ideas. What is exposure? Why are entrepreneurs and business owners different? What does this image symbolise? These are all questions I endeavour to answer for you. Lets try and find meaning in John Struggledorks madness!
There are significant characteristics, which differentiate entrepreneurs and business owners. Indeed, this lesson focuses on those characteristics unique to entrepreneurs, whilst also exploring entrepreneurial risks and exposure.
Firstly, what is an entrepreneur? According to John, an entrepreneur is someone who by nature possesses initiative, conceptualizes ideas and transforms these ideas into reality. They are predominantly risk-takers – willing to consistently fail in order to (eventually) achieve success. Entrepreneurs create everything from nothing, by using the means available to them, in order to capitalise on a certain market or industry.
Such characteristics, John defines as the ‘entrepreneurial spirit;’ visually represented in the image below. Indeed, the ‘entrepreneurial spirit,’ is the green section of the image, restricted only by the parameters of rules and time. It is not just defined by entrepreneur’s innate characteristics, but also their creative environment. ‘Entrepreneurial spirit,’ rules and time create an even more complex phenomenon – ‘experience of experience.’
Entrepreneurs are also unreasonable, and at times are driven only by the light at the end of the tunnel; the ‘end goal.’ However, this often involves some element of risk, an action only an entrepreneurial thinker would consider. It is then rational to conclude, all entrepreneurs are risk takers. But what types of risk are there?
There are many forms of risk including; money, time, energy, environment and resources. As indicated by John, money is the most obvious risk – but not always the one you should be most concerned about. Lets focus on a few that aren’t so obvious…
Environment: an entrepreneur’s environment is what can make or break a business. To be successful, an entrepreneur will need a very strong support network, and/or a suitable working (and creative) space. However, as with all business, risk not only appears if you’re without a suitable working space/strong support network, but also in losing both if the entrepreneurial venture fails.
Energy: as John noted, time without energy is worthless. Indeed, success in business does not occur overnight, or with minimal effort. The risk is this; the minute you give less than 100% of your energy to business, you risk your business venture failing. However, what’s even more important to note is – just because you put all your energy into an endeavour, does not necessarily mean it will be successful.
Exposure is both a risk and a necessity in business. Exposure can be either good or bad, depending on the type i.e. different forms of media exposure; advertising, press, social online media etc. Exposure is important because it helps business growth. It can also hinder business growth – and it is this factor which makes it so unique. Exposure teaches us valuable lessons, and provides us with knowledge through experience. In accepting this, any obstacle can be overcome, or preferably pre-empted.
Entrepreneurs leverage their contingencies. They use who they are, what they know, and who they know as means to success. Ask yourself…who are you? What do you know? And, who do you know?
Ida the Editor
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