“People who create and innovate to build something of perceived values around opportunities they spot”Bill Bolton and John Thompson
Spotting opportunities is the key – ideas are great, but how many convert to successful ventures? Inventors on the other hand, may not be entrepreneurs - but a capable entrepreneurial team may lead to successful commercial exploitation.
Enterprising people also build businesses, but not ones with comparable growth and overall impact. They might be micro businesses operating locally or in niche markets; lifestyle businesses or “mom & pop stores” not seeking growth opportunities. Both entrepreneurs and enterprising people are important contributors to growing the economy and most regions have business support schemes for both.
What sets entrepreneurs apart?
• They create, innovate and build something of value, working on their business rather than for it.
• Growth momentum is maintained with opportunity after opportunity, often building business after business.
• Entrepreneurship is a way of behaving that drives the change agenda. Entrepreneurs are not just found in business (see also Intrapreneurship). It involves positive attitude, ability to work with and persuade others and a capability to look at the bigger picture.
• They engage with contacts, resources and support to enable advantage.
• They proactively manage their own CPD and take responsibility for their development and positioning.
The Entrepreneur Indicator
Bolton & Thompson have developed framework for spotting entrepreneurial potential based on character themes.
Use it to measure your entrepreneurial potential – you can even use their online indicator at www.efacets.co.uk.
FACETS is an acronym for
• Focus – targets and delivers
• Advantage – picks the winning opportunities
• Creativity – comes up with ideas
• Ego – inner – drives you ever forward Ego – outer – meets the challenges head on
• Team – multiplies your potential
• Social – delivers on a cause
Are you an entrepreneur in waiting on the Isle of Man?
Business incubators are key resources for enabling entrepreneurs, so contact yours now. Our incubator, Isle of Man Business and Innovation Centre, can help develop your idea and grow your venture. Contact 01624 820930 or info@iombic.im .
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