The term Entrepreneur is used to refer as anyone who undertakes the organization and management of an enterprise involving independence and risk as well as the opportunity for profit. An entrepreneur, who is the main person behind a firm, tends to identify a market opportunity and exploit it by organizing and utilizing company resources effectively and efficiently to accomplish an outcome.
Here are some names of selected scholars who have insightful ideas about an entrepreneur.
Here are some names of selected scholars who have insightful ideas about an entrepreneur.
- The essential qualities of an entrepreneur according to the scholar named, Robert B. Reich, are leadership, management ability, and team-building.
- An entrepreneur is an innovator, one that introduces new technologies into the workplace or market, increasing efficiency, productivity or generating new products or services according to the scholar named Joseph Schumpeter. He is the man behind the popular phrase, 'creative destruction,' to describe his view of the role of entrepreneurs in changing business norms. Creative destruction dealt with the changes entrepreneurial activity makes every time a new process, product or company enters the market.
- Academics such as Say, Casson and Cantillon, said that the entrepreneur is an organizer of factors or production that acts as a catalyst for economic change (Deakins and Freel, 2009).
Also, there are many types of entrepreneurs (e.g. business entrepreneurs, social entrepreneur, necessity entrepreneurs, etc.) Each has their own principal objectives to undertake in an organization. Business entrepreneurs for an instance are viewed as fundamentally important in the capitalistic society. Some distinguish business entrepreneurs as either "political entrepreneurs" or "market entrepreneurs." while social entrepreneurs' principal objectives include the creation of a net social benefit. Other entrepreneurs are necessity entrepreneurs. Entrepreneurship, particularly among women in developing countries (Minitti, 2010) seems to offer an improvement in the standard of living as well as a path out of poverty.
Futhermore, I would like to share with you guys an article I read last May 28, 2010 entitled, ‘Thrillist’s Founders: They will sleep when they are dead,’ blogged by Mitchell York of About.com Guide to Entrepreneurs. The article tells us how the Thrillist's founders started and succeeded their business ventures plus their helpful advices for new entrepreneurs. Please see below...
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Thrillist's Founders: They'll Sleep When They're Dead
Friday May 28, 2010; by Mitchell York, About.com Guide to Entrepreneurs
I had done a little research about Thrillist before I sat down with its founders, Adam Rich, 30 (left in photo) and Ben Lerer, 28, former U Penn frat brothers. "So you have 1.8 million subscribers, that about right?" I asked. Ben said, "It's 1.9 million, but depending on how fast you type it could be two million."
Thrillist is a media and e-commerce company targeting young urban guys. Based in the heart of SoHo, its 16 editions in U.S. cities and London (probably 17 depending on how fast I type) inform a twentysomething audience with plenty of walking-around money about what's opening (bars, restaurants, clubs). So whether you live in or plan to visit New York, Atlanta, Austin, Boston, Chicago, Dallas, the Hamptons, and a bunch of other places, you'll know what's hot. The company, with 60 employees, also just bought online clothing retailer JackThreads in a move to diversify beyond media. Its ad revenue is expected to exceed $10 million this year.
How do a couple of guys in their early 20s without much business experience (after college and before starting Thrillist, Adam was a software tester and Ben was in operations for a hotel company) get the nerve to start a company and still be profitably at it six years later?
For one thing, you can tell these guys are driven. They put in the hours. I should have counted the yawns during our interview. Adam started and then Ben, who definitely looked in need of a good night's sleep. They frown upon employees who "close their notebooks at 6:10." Not that Thrillist is a sweatshop. Having a look around, the work force seemed pretty zippy and happy to be there. There are some couches to lounge on, a well-stocked bar, a bumper pool table. And unlike some places where everyone is just staring at their screens, there were people just chilling on the sofas and looking pretty relaxed.
Ben and Adam managed early on to get a relatively small ($250,000) VC investment from Bob Pittman, former AOL COO, who heads up the Pilot Group. Pittman also invested in Thrillist's female equivalent Daily Candy, which was later sold to Comcast. Ben and Adam credit Pilot with much of their success because they knew how to run an online youth-focused media company. The founders won't say how much of the company Pilot got as an early investor, but they note that Thrillist hasn't taken any other equity investment since the original infusion and only uses some short-term loans to fund cash flow.
To the extent they acknowledge problems (and it was like doing a root canal to get them to talk about what's not perfect), Ben says scaling the processes of the business is a challenge. "Every team touches every other, and it's a challenge to know how deep I should be involved and in what projects." Ben is responsible for all non-content parts of the business: sales, technology, operations, strategy; while Adam handles the development and execution of content. It's fairly straightforward for Adam to tell if everyone is doing what they are supposed to, because the copy is either there and well done or it isn't. For Ben, there's some gray area: is the rep who handles the liquor category a star, or is it the fact that the readership drinks a lot largely responsible for their success?
I asked them what their darkest moments were. Being an entrepreneur myself, I can tell you about dark. This seemed to stump them. The answer: their dark moments (none were darkest) were fairly early on when they didn't even know what dark moments were. They worried about stuff that didn't matter, but quickly got over it. So here they are, apparently knocking it down and on their way to, as Ben put it, "creating the next really meaningful men's brand."
They have some advice for other entrepreneurs, which I thought was pretty insightful and honest.
1. Don't hope. Don't wait for other people to help you. Ben and Adam meet plenty of wannabees who talk about what their idea could be, if only....
2. Execute well. Adam notes that the idea of Thrillist, or any company, isn't such a big deal. Maybe it's 10 percent of the reason for success. The other 90 percent is execution. (And a lot of yawns.)
3. Be honest and trust your instincts. If you're headed in the wrong direction with your idea or business, don't crash and fail. It's okay to pivot, or even abort.
4. Love your idea. The concept for a business has to come from the gut. Adam notes that he hears a lot of B-school ideas for businesses that have no real meaning for their creators. Just because there's a gap in a market doesn't mean you're the one to fill it, unless you really feel it.
Sweet dreams, guys!
Thrillist is a media and e-commerce company targeting young urban guys. Based in the heart of SoHo, its 16 editions in U.S. cities and London (probably 17 depending on how fast I type) inform a twentysomething audience with plenty of walking-around money about what's opening (bars, restaurants, clubs). So whether you live in or plan to visit New York, Atlanta, Austin, Boston, Chicago, Dallas, the Hamptons, and a bunch of other places, you'll know what's hot. The company, with 60 employees, also just bought online clothing retailer JackThreads in a move to diversify beyond media. Its ad revenue is expected to exceed $10 million this year.
How do a couple of guys in their early 20s without much business experience (after college and before starting Thrillist, Adam was a software tester and Ben was in operations for a hotel company) get the nerve to start a company and still be profitably at it six years later?
For one thing, you can tell these guys are driven. They put in the hours. I should have counted the yawns during our interview. Adam started and then Ben, who definitely looked in need of a good night's sleep. They frown upon employees who "close their notebooks at 6:10." Not that Thrillist is a sweatshop. Having a look around, the work force seemed pretty zippy and happy to be there. There are some couches to lounge on, a well-stocked bar, a bumper pool table. And unlike some places where everyone is just staring at their screens, there were people just chilling on the sofas and looking pretty relaxed.
Ben and Adam managed early on to get a relatively small ($250,000) VC investment from Bob Pittman, former AOL COO, who heads up the Pilot Group. Pittman also invested in Thrillist's female equivalent Daily Candy, which was later sold to Comcast. Ben and Adam credit Pilot with much of their success because they knew how to run an online youth-focused media company. The founders won't say how much of the company Pilot got as an early investor, but they note that Thrillist hasn't taken any other equity investment since the original infusion and only uses some short-term loans to fund cash flow.
To the extent they acknowledge problems (and it was like doing a root canal to get them to talk about what's not perfect), Ben says scaling the processes of the business is a challenge. "Every team touches every other, and it's a challenge to know how deep I should be involved and in what projects." Ben is responsible for all non-content parts of the business: sales, technology, operations, strategy; while Adam handles the development and execution of content. It's fairly straightforward for Adam to tell if everyone is doing what they are supposed to, because the copy is either there and well done or it isn't. For Ben, there's some gray area: is the rep who handles the liquor category a star, or is it the fact that the readership drinks a lot largely responsible for their success?
I asked them what their darkest moments were. Being an entrepreneur myself, I can tell you about dark. This seemed to stump them. The answer: their dark moments (none were darkest) were fairly early on when they didn't even know what dark moments were. They worried about stuff that didn't matter, but quickly got over it. So here they are, apparently knocking it down and on their way to, as Ben put it, "creating the next really meaningful men's brand."
They have some advice for other entrepreneurs, which I thought was pretty insightful and honest.
1. Don't hope. Don't wait for other people to help you. Ben and Adam meet plenty of wannabees who talk about what their idea could be, if only....
2. Execute well. Adam notes that the idea of Thrillist, or any company, isn't such a big deal. Maybe it's 10 percent of the reason for success. The other 90 percent is execution. (And a lot of yawns.)
3. Be honest and trust your instincts. If you're headed in the wrong direction with your idea or business, don't crash and fail. It's okay to pivot, or even abort.
4. Love your idea. The concept for a business has to come from the gut. Adam notes that he hears a lot of B-school ideas for businesses that have no real meaning for their creators. Just because there's a gap in a market doesn't mean you're the one to fill it, unless you really feel it.
Sweet dreams, guys!
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Do you consider yourself an entrepreneur? What formula an entrepreneur should have for success? Please share your story with a comment.
God bless and thank you again for visiting.
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