A Book Review:
Michael Hyatt’s premise of Entrepreneurs Will Save The World” is that the rate of entrepreneurship has been declining in recent years at the detriment to innovation and the economy. He shares the traits that every entrepreneur must have and a step-by-step way of becoming an entrepreneur. I’ve long been a reader of Hyatt’s books and blogs, and this book typifies his no-nonsense approach to dealing with a problem. His advice is direct and seemingly helpful.
Entrepreneurs identify problems, solve them, and thereby drive companies to flourish and economies to grow.
By that definition, you can be an entrepreneur in any kind of organization or industry regardless of your position. Being an entrepreneur is less about your title and more about your mindset. It’s how you approach life. Are you constantly seeking gaps that could be closed? Are you willing to say something that matters in solving the problem for others? If so, you’re an entrepreneur, and you’re one of the key drivers to our economy’s health and vitality.
Entrepreneurs launching a new business often struggle to understand, let alone abide by complex federal, state, county, and local codes.
Entrepreneurs are uncannily open to opportunities. They see problems others don’t. They get stuck on conundrums others ignore. They fixate on challenges others dismiss. They know that the answers to these sorts of problems could be products.
Entrepreneurs do not wait around for somebody else to solve the problems they observe true entrepreneurs are compelled to find solutions ownership means they take initiative.
Failure, not just the risk of failure, is the one thing that all entrepreneurs have in common. “Failure is not an impediment to progress,” as the Economist points out, “but it is almost inevitably a requirement for success.”
Resilience is the ability to rebound from failure. As entrepreneurs, we have to get comfortable with failure.
Entrepreneurs are often scrappy, inventive types who find clever and unusual ways to overcome difficulties or make the most of opportunities. Unlike large corporations with big budgets, they have to identify in Marshall whatever resources are at hand
Patience is sticking with a problem long enough to solve it
The eight stages of the entrepreneurial method:
#1 – observe the problem. What does your customer want, and what’s keeping them from getting what they want?
#2 – aspire to solve the problem. Entrepreneurs don’t just observe problems. They also have the desire to solve them.
#3 – visualize a benefit. Visualizing the benefit is a clarifying moment. You have to ask, “is the risk of my time, money resources, and human capital worthy of the reward ?”
#4 – propose the solution. After you visualize the benefit of solving the problem, you should brainstorm and explore potential solutions to the given problem you’re looking to answer. Part of this exploration takes into account identifying the current friction or pain points that the market is experiencing.
#5 developed the prototype. Now it’s time to flesh out your idea and send it out into the world at least partially. A prototype is an essential stage to gain real-world feedback. The idea is to refine the product and the user experience before committing significant dollars to the full execution and rollout
#6 – test the product. When you’re about to take the prototype to market, you need to test every aspect you reasonably can. With testing comes revision.
#7 – iterate and scale as the product lives in the marketplace. Customer interaction becomes a source for further adjustments and innovation.
#8 – benefit from the invention. A key differentiator between rank and file employees and entrepreneurs is that the latter have a direct financial stake in the outcome.