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Entrepreneurial Thinking

Written by: Dr. Fathi El-Nadi

Article Overview: Entrepreneurs have always been described as risk takers who start their own small projects. In that sense, anyone can be an entrepreneur. Without finetuning that definition, the door is left wide open for adventurers to try their luck starting high risk projects without really spending too much time on the study of their feasibility.

Entrepreneurial Thinking

There is no doubt that risk taking is essential to take a final decision to invest in a project, but without 'calculation' that risk turns into a dangerous adventure in no man's land which may abort a potential success story.
Entrepreneurs should be business oriented in the sense that they 'see'opportunities and develop an ability to 'grab' these opportunities fast before they are lost. Here lies the real challenge of entrepreneurship: the paradox of being fast enough to grab an opportunity while doing a calculated risk analysis? I personally think that tuition or gut feeling play a part here. Entrepreneurs do have that sense of potential success that sometimes gives them direction and an advance alert to which way they should go.
Because of the fierce competition entrepreneurs are always going to get in the market, I believe they have to develop their own 'competitive advantage' not only in filling a market demand in a non-traditional way, but in becoming too much 'customer driven', a business competitive edge that would single them out from competition and bigger business entities in the market.In the 21st century, only customer driven organizations will stay afloat and win the 'who get the customer first'race.
Flexibility is another critical competence that entrepreneurs should develop in order for them to be able to cope with the constant change in their markets' dynamics, customers' tastes and demands, competition practices, and strategic alliances' approaches. Their business plans should be built around flexibility and fast response to environmental changes.
Finally, entrepreneurs need to develop an 'acquired taste' for success. This would help them distaste failure and crave for sustainable success that is built around their customers loyalty.

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