What “Entrepreneurship” Really Means

About the Author: Brian Reese is the co-founder and CEO of TestSoup.com.  He holds a Bachelor of Science in Business Management from the United States Air Force Academy, CO, where he was a distinguished graduate in 2007.

“There is no such thing as one brilliant or earth-shattering idea.  Ideas are cheap.  Implementation and execution are what set apart the entrepreneurial contenders from the entrepreneurial pretenders.” –Brian Reese

For many people, the word “entrepreneurship” conjures up illusions of grandeur—thoughts of instant success and overnight riches.  For the great majority, however, the word “entrepreneurship” means late nights, early mornings, and sweat equity.
My assertion is this:  Entrepreneurship is neither about capitalizing on that one monumental idea nor about making millions of dollars.  Entrepreneurship is a passion.  Entrepreneurship is a continual process with many ups and downs.  Entrepreneurship is a mindset and a way of life.  Entrepreneurs constantly ask questions such as:  How can I make this process better?  How can I save my company both time and money?  How can I develop a new way to attack this old problem?

An entrepreneurial contender views entrepreneurship as a passion and a personal mantra for living one’s life.  He/she is thinking of ways to improve people, systems, and processes constantly.  An entrepreneurial pretender views entrepreneurship as a contest of thrills rather than a contest of wills.  An entrepreneurial pretender thinks that because he/she has a good idea, fame and riches are right around the next corner.  This is far from the truth.

I personally believe that every possible idea for a new product or service already has been thought of by somebody else.  Having a good idea does not make you a successful entrepreneur—it simply means you have a good idea.  Implementation and execution are what separate the entrepreneurial contenders from the entrepreneurial pretenders.

Successful entrepreneurs have the foresight to take decisive action to achieve desired results.  At the same time, successful entrepreneurs know when to persevere through adversity and when to quit and shift valuable resources to other projects.  Nobody likes to admit failure; however, entrepreneurs do not think of it as failure, they think of it as the “shifting valuable resources.”  In addition, successful entrepreneurs are not afraid to take on various roles within a start-up.  For example, in the early stages of a start-up, you may need to wear many different hats:  CEO, CFO, marketing manager, product development, etc.  This is completely normal.  Cherish this opportunity because your chance to call all the shots diminishes over time as more people and resources get involved with a start-up.

The bottom line is that there is nothing glamorous about being an entrepreneur.  Moreover, there is not one idea or implementation method that will guarantee a return on your investment.  It’s a tough process and not meant for the faint of heart.  Expect a constant teetering of risk and reward.  Don’t be afraid to take some calculated risks.  Nothing ventured, nothing gained.  Do not forget that sweat equity goes a long way—especially in the start-up environment.  Above all else, never be afraid to fail.

This article is neither meant to scare you nor prevent you from chasing your dreams.  Think of it more as a “truth tool” to show you what you are up against.  A venture capitalist told me a long time ago that he expects one out of every ten start-ups he invests in to provide a decent return and the other nine to fail miserably.  So, you might ask, why even bother in the first place?  Because, if you recall, entrepreneurship is a mindset.  A ceaseless desire to create, change, revise, and improve people, systems, and processes.  Successful entrepreneurs are not afraid to fail.  Successful entrepreneurs love to challenge the status quo—especially with the odds stacked against them.