Creative Destruction: What It Means To Be An Entrepreneur in 2017

29 September 2017

Traditionally, entrepreneurship is the recognition of an underperforming sector within an industry. It spawns on an idea or concept that reinvents the status quo in a process termed ‘creative destruction’.

In short: entrepreneurs seek opportunities where there are gaps and weaknesses in the market and offer alternatives that disrupt the current marketplace.

It takes a certain type of person to strike out on their own and, if you aren’t gifted with the character and personality required to get a concept off the ground, you may be in for a long journey.

So, what does it take to become a successful entrepreneur?

Confidence

It takes confidence to explore new challenges and to push new boundaries. Often a self-perpetuating quality, confidence inspires action and results which in turn breed more confidence.

So why must entrepreneurs exude confidence?

Confident people know how to say no. They challenge themselves at every junction and are sure of their knowledge. Confident people exude assertiveness.

If you want to become a confident person that can get their ideas off the ground, this article from Entrepreneur tells you how to gain more confidence in a business environment.

Determination

Ray Kroc, founder of McDonald’s famously advised: “If you’re not a risk taker, you should get the hell out of business.”

And he’s right. Although intimidating, risk-taking is what separates the ‘coulds’ from the ‘cans’, the ‘shoulds’ from the ‘will’. Inherently, risk-taking is the differentiator between those who dream and those who act.

Anyone looking to become an entrepreneur needs to be prepared to take risks. These risks come in many forms with varying ambiguity. Some are calculated and others are leaps. Fundamentally, entrepreneurs need to have an appetite for risk-taking, a calculated and measured approach to success and an equal acceptance of failure.

The scale of risk-taking will not only depend on the amount of personal stake invested in the decision but also the individual’s perception of sacrifice and belief in their chances of success. These traits include:

  1. Passion
  2. Adaptability
  3. Tenacious
  4. Disruption
  5. Innovation


The term ‘entrepreneur’ has been floating around since the 1850s and refers to an individual who has the capabilities and the will to convert an idea or a concept into an enterprise.

Today, the pace of change in the business landscape is faster than ever. Make sure you don’t get left behind.

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