Transforming Your Business For Explosive Growth (4)

by Patrick Liew on August 19, 2019

Transforming Your Business For Explosive Growth (4)

Looking back in history, it can be argued that entrepreneurship played a major role shaping investment and technological cycles, and influencing the economy and society.

For example, in the eighteenth century, entrepreneurship was used to describe the business process of changing conventional agricultural practice so as to produce a better harvest. It made a sea change to the agrarian economy.

Occupational and behavioral entrepreneurship also drove the economic high points of the Dutch Golden Age, British Industrial Revolution, and rapid growth of the U.S. economy.

Entrepreneurship played a major part in the Industrial and Information Age and it will continue to be a vital success factor in the future.

In the 20th century, the economist that is most closely associated with the term, “entrepreneurship” was Joseph Schumpeter.

He described entrepreneurs as innovators who drive the creative and destructive process of capitalism.

In his words, the function of an entrepreneur is to reform or revolutionize the pattern of production.

In recent times, the definition of an entrepreneurship has gone beyond just starting a company or pursuing profit-making business ventures.

1.Pioneers Of Changes

Entrepreneurs are catalysts and innovators.

They are agents of change and always ready to capitalise on market needs, gaps, imbalances, dissatisfactions and improvisations.

They predict, pursue or produce changes so as to create opportunities.

2.Operationally-Ready For Opportunities

Entrepreneurs are defined by their courage and confidence in challenging and changing well-accepted customs.

Take initiatives to find out flaws and downsides with existing systems and seek to improve them.

Develop new systems, technologies and techniques to carry out current and new activities in a better, cheaper, and faster way.

In doing so, entrepreneurs take great risks with their capital and their stakeholders’ capital and other resources.

By creating equilibrium or even disrupting equilibrium, they increase or decrease uncertainties and introduce innovations to the market.

That’s why many effective entrepreneurs have to undergo major failures, and struggle through ups and downs in life, including severe crashes in their businesses and markets.

Without going and growing through these challenges, it will be hard pressed to develop many of the most salient entrepreneurial skills such as determination, resilience, and grit.

As a result of their constant pursuit of developing new markets, creating new ways of doing things, or organising new combinations of resources, entrepreneurs move the economy and society forward.

Entrepreneurs can also progress in many other ways, including capitalising on an invention; redesigning products and services; leveraging on new structures, systems, or processes; developing new value chains, or redefining and reorganizing their industries and markets.

3.Creating Values

In the final analysis, entrepreneurs are constantly on the lookout to generate better values and improve their productivity and achievements.

They value-add to the economy, markets and operations so as to produce better outputs, results and impacts.

Unfortunately, many so called entrepreneurs talked about creating values but they don’t understand the true meaning of creating and delivering values.

They cannot differentiate the concepts of outputs or outcomes, results and impacts.

In the new world of disorder, especially in the capital and technology markets, people get excited about increasing branding equity,
fund raising, increasing market capitalization, and packaging their businesses to appeal to the public.

These indicators are but only business outcomes but they are not necessarily sustainable results and impacts.

In the final analysis, entrepreneurs value-add to their customers and communities, and make the world a better place.


I hope this message will find a place in your heart.

By the way, I have also recorded other reflections.

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