Inventors vs Entrepreneurs – Ideas vs Action!
Lots of people have ideas, only a few have successful businesses. Jeff Stibel, writing for the Harvard Business Review takes a closer look at the differences between being an inventor and an entrepreneur. Stibel says:
… don’t confuse being an entrepreneur with being an inventor. Great ideas are a dime a dozen. Action is what differentiates an entrepreneur from an inventor. If you want to focus on ideas, become an inventor — not an entrepreneur.
As an entrepreneur, committed to a course of action and ready to start a business, a business plan is a integral part of that process. The trick is to focus on planning – the process of thinking through your alternatives, but not the plan itself. If you get hung up on the plan it is harder to change direction. Successful entrepreneurs are flexible, willing to change direction if the path you are on isn’t working.
Do you have a business idea but are not sure how to convert it into a business? Start with a Plan!
NO ONE WORKS IN A VACUUM!
My experience is that EVERYONE involved in a start up over-values their contributions and under-values the contributions of others. That’s not always the case, but it is common.
INVENTORS always think the invention is the key to success.
MANAGERS or those providing “sweat equity” always think implementation of the business plan is key.
SALES STAFF believes it is all about sales that generate revenue.
And, of course, the INVESTORS remind everyone that it takes money to make money.
The reality is that it takes the entire team to start a successful company. The value of each constituency changes over time, and no two companies are the same.
Having inventors, entrepreneurs, investors, sales staff and managers that understand how a team will always exceed the accomplishments of individuals is critical to launching a start-up.
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It takes a village to raise a child. I think it takes one to raise a successful business too!