Entrepreneurship: the function of introspection

The learnings Pt. 1

Alright ... so this is the start of the announced series of weekly posts on the key learnings and ideas from the Entrepreneurship specialisation at ESCP-EAP.

Instead of just looking at the learnings from the coursework I will look at the learnings in a broader context though: taking into consideration also what I felt I learned as a person and entrepreneur, not just in academia. Much of what makes an entrepreneur is based on personal traits, experiences and conversations.

(Entrepreneurial) Motivation
One of the questions everyone, not only aspiring entrepreneurs, should ask themselves on a regular basis is "what is it that motivates me?". For me, motivation results directly from doing what I love or working for being able to do what I love (easy check: does it feel like work most of the time?). Thus only when I found the answer to this question I was able to make basic choices that set the course in the direction towards where I really wanted to be.

This is of course easier said than done. It's a never ending process of introspection, carefully trying to approach my direction by focusing on who I am, challenging the present state of our world as well as earlier choices and often also overcoming fears. Am I prepared? Will I be able to live up to the challenge? Is it a good time? The right project?

We are never taught this. It's difficult as it's very personal and there are millions of ways to reach comprehension. However it would make an excellent addition to curriculae in schools and universities.

Back to the topic: having found my direction it was interesting to discuss the following question in class: what is it that motivates entrepreneurs? The answers could have hardly been more diverse, reaching from being autonomous to changing the world, on to the possibility of making loads of money or simply not working for a boss. For me it was seeing my ideas come to life - as we could only chose one - although it's probably a bit of everything that was said.

Introspection touches on more areas than just motivation when it comes to entrepreneurship. Basic decisions like the type of culture and leadership that is driving your company, what type of venture you are trying to build (for the long or short term for example) and finally also if you try to bootstrap the enterprise or take on outside help (and commitments).



To finish this week's posts off here are some quotes by entrepreneurs and a writer on this topic:

"Failure defeats losers, failure inspires winners"
(Robert T. Kyosaki)

"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."
(Mark Twain)

"The critical ingredient is getting off your butt and doing something. It's as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer."
(Nolan Bushnell)

"An entrepreneur tends to bite off a little more than he can chew hoping he'll quickly learn how to chew it."
(Roy Ash)