Innovative products can revolutionise and disrupt, but there’s only so much money one person can make, and established entrepreneurs usually spend more and more of their time on philanthropy. ![]() In fact, the maxim “Fail better” is frequently claimed to be the favourite saying of Silicon Valley start-ups.Įntrepreneurial ventures can be in any sector and usually grow out of a thought that begins with, “Wouldn’t it be great if…?” These ideas can seem outlandish when they are first conceived but if the idea is well executed, they can quickly become part of the norm, such as self-driving cars. ![]() For serial entrepreneurs, the good ideas usually outweigh the bad ideas in the long run, because they have often learnt from previous failures. We mostly hear about the good decisions that entrepreneurs make, but some of their decisions can be terrible. Although entrepreneurs can be fully dedicated to their vision, this single-minded view can sometimes mean that they become blinkered to the opinions and advice of others. They tend – to quote the famous Apple tagline – to “Think different”. The evolution of entrepreneurshipĮntrepreneurs tend to be visionaries who have a unique view on the world. He considers it as something more akin to a managerial approach rather than a specific moment in time, such as a business’s creation, or a specific person, like the founder of a business. The definition of entrepreneurship according to Oxford Languages is “the activity of setting up a business or businesses, taking on financial risks in the hope of profit.” However, Howard Stevenson of Harvard Business School, has defined entrepreneurship as the “pursuit of opportunity beyond resources controlled”. ![]() But what are the characteristics that all these people share? Why does entrepreneurship come more easily to some and not others? Is there a way to cultivate entrepreneurial spirit? When we hear the word ‘entrepreneur’ who do we think of? We may think of Oprah Winfrey, Steve Jobs, Marcia Kilgore, Elon Musk, Steven Bartlett, or Arianna Huffington depending on our interests.
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