Customer Quote of the Week
Entrepreneurship Is Not for Everyone
Or is it?
Many view entrepreneurs as that radical and constantly broke inventor or that friend that thinks business is an "extreme" sport, taking risk where no one else will.
What if entrepreneurship is at the heart of our longevity in each of us as working members of society? On this Thanksgiving holiday, I am thankful for our forefathers' entrepreneurship but also our future entrepreneurs.
What if you could find more satisfaction with your work if you viewed yourself more as an entrepreneur? What if we could cultivate the same enthusiasm for a new future as our forefathers? I think we can.
I would like to introduce you to Dr. Nathan Furr. I was introduced to his work by his father, Mr. Gary Furr, who I am proud to count as one of my business coaches www.TheGrowthCoach.com/gfurr.
Side note: I strongly recommend having a professional business coach. Think about it - all top athletes and performers have them.
Anyhow ... as I was exploring Gary's recommendation for me to read his son's book Nail It Then Scale It (which I recommend) I stumbled on an obscure video recording of a presentation his son made. His presentation has some statistics and simple logic that will challenge your conventional knowledge, our educational conditioning, and general view of entrepreneurship.
Digest just these two stats! The video recording and reference is here.
1) From 1973 to 2011 over 70% of the Fortune 1000 were no longer in the Fortune 1000....
2) All net new jobs created come from organizations less than 5 years old....
What does this mean? Big business corporate America collectively does not produce ANY new jobs. Job security therein in the Fortune 1000 is clearly a false perception. Also, with this background, consider in the collective sense how much innovation and entrepreneurship then really succeeds or is stifled in big business America? Of course there are exceptions, because this represents a collective average. I think we all know the well paid, but miserable colleagues, captive in their own golden hand-cuffs knowing that they are supporting a declining company hanging on to the hope that the org is "too big to fail".
Dr. Furr goes on to highlight how Business School "MBAs"are really a new phenomenon in world history, and really came about as a result of the creation of the big businesses created during the industrial revolution. Think about the title - Masters of Business Administration - nothing about business innovation. i.e. Is our higher education system producing thinkers, risk takers, or simply administrators or managers? While I greatly value my higher education, my greatest education has been putting theory into practice. Putting your own money and that of close friends at risk is a completely different learning paradigm.
I liked Dr. Furr's definition of entrepreneurship. Paraphrased - entrepreneurship is simply the conscious derivation of value from innovation. In short, all careers, all levels, all positions, big business and small business can benefit from a culture of entrepreneurship with this definition.
I think we all have experienced that great feeling when we come up with a better way to do something. Every time you have that feeling, tell yourself you ARE an entrepreneur. I think we also can think of times where a great new idea is squashed by an ego in the room. Therefore for entrepreneurship to flourish, taking from one of Infusionsoft's core values (a company I deeply admire), it is important that "we check our egos at the door".
A little more on Dr. Furr. Dr. Furr received his Ph.D. in Strategy, Entrepreneurship, and Organizations from Stanford University 2009 and is currently a Professor of Entrepreneurship at BYU (Brigham Young University) not to mention writing at times for Forbes, the Harvard Business Review, and other journals.
Giancarlo Newsome is the founder of G-Force Accelerated Marketing.