How contrarian Entrepreneurs create & capture Extraordinary Value !!!
from USA Today 8/08/13 enhanced by Peter/CXO Wiz4biz
What is it all about? If you’ve ever wondered what it takes to become a successful entrepreneur, you’ll want to read “Worthless, Impossible, and Stupid”, by Daniel Isenberg. The fascinating book is colorful collection of stories based on business case studies that he compiled during the 11 years he taught classes on Entrepreneurship at Harvard University. Though the companies profiled are all very different, the entrepreneurs who made them successful have a number of things in common.
Author’s Background. Daniel Isenberg is an entrepreneur, investor, speaker, consultant & former Harvard University professor who now teaches Management at Babson Global. He founded the Babson Entrepreneurship Ecosystem Project and recently served as an Advisor to the White House on the “Startup America” initiative.
Author’s Comments: During a recent phone interview from his office in Boston, he said, “Entrepreneurs are often dissatisfied. Not necessarily angry & dissatisfied, but always thinking there is more to do, more to accomplish”. “Most successful Entrepreneurs started working when they were young, doing things like odd jobs & paper routes. “They like being independent, making money & the challenge of doing things that many other people don’t do,” he added. Most importantly, he says, they have a ‘contrarian’ mindset. ”
“Having that Contrarian Mindset is vital, he says, because it is very hard – almost impossible – to create & capture extraordinary value – without going against the market. When other people think it’s garbage, they turn it into something that’s valuable – by doing things that other people think are worthless, impossible & stupid. They turn them into valuable, possible & smart objects.”
Interesting Factors about Entrepreneurship. 1a) You have to be young & innovative to be successful. “While that can be useful, it’s not necessary.” 1b) Many of his case studies show that “sometimes it’s very helpful to have a little bit of age. It helps to have expertise. It helps to be immersed in a given marketplace, or product, or technology, or whatever.” However, he says, sometimes being on the outside looking in, is what gives an entrepreneur the edge. There are many who had no prior experience in the business that they eventually turn into a roaring success. He also maintains that “innovation” is not essential to success – despite it being a buzzword often associated with entrepreneurship. “Extraordinary value is often created from gaps in existing markets, from the copying of businesses from one market to another, or in industries that … few consider innovative,” he asserts.
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