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* BFU Weekly Journal *
documenting creation of a
Visionaries Learning Center

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BFUniv, BFU college, self-directed e-learning, Bastiat Free University


Wednesday, April 18, 2007

The Entrepreneur's Mind

Success will come when you focus on one great entrepreneurial business solution, that others want or need, and are willing to pay for.

How does the thought process of an entrepreneur differ from that of an MBA starting a new business?

An entrepreneur takes a business idea and runs with it. Rather than spending time and money immersed in analysis and projections, the entrepreneur starts selling. A business idea can be a good or a service, but it is the customers that will decide if it is right for them at the right time and price. If the target customer shows a preference or bias, the entrepreneur can quickly change the idea to fit the market.

A business school graduate will still be involved in competitive analysis and marketing tests. Having started with a business idea, process now dominates. There are steps to be taken, in order, as the business structure is raised. The target is fixed, the purpose is to hit it as exactly as possible using all necessary adjustments before a shot is fired.

Without having taken a single entrepreneurial college course, a prospective business owner can take their prototype on the road and ask prospective customers their opinions.

One viewer of the first Star Wars movie was impressed with the light saber as a toy. As I remember the story on the way home he stopped at a sporting goods store and picked up a flashlight and a golf club tube for a golf bag. Unscrewing the top of the light he found he could insert the tube and screw back on the top - instant "light sword."

Rather than involve himself in analysis and a business plan to impress venture capitalists, he took his toy to a few buyers at department stores and got their orders. With orders in hand he went to a bank and acquired financing to start production.

When he showed those light swords to a buyer what do you think his reaction would have been to changing the color of the flashlight or the tube? Yes we will! Private branding? No problem!

The difference in the entrepreneurial mind is one of approach. There are many entrepreneurs that lack a college degree, there are far more MBAs that do not understand entrepreneurship.

Get started, keep moving, change direction as frequently as needed.

But you have to get your business started.


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| 10:50 PM - link to the above post <- email this journal entry

7 Comments:

Blogger Easterangel said...

Great thoughts on entrepreneurship but I doubt if most will agree. However, still a great article.

I making this as the "Post of the Day" on my "Post Awards" blog.

http://postawards.blogspot.com

5:15 PM  
Anonymous Bastiat Free University said...

Thank you for the honor.


I've journeyed to your awards blog and have found some great posts. I'm half way through the one on Ben Franklin and internet marketing - it's quite good.

Thank you

7:37 PM  
Anonymous Renee said...

Thanks for writing this. It really makes sense to me.

I've had both experiences. Believe it or not, I did the cerebral one first. It failed (no big surprise knowing what I know now). By the time I got to the actual creation step, there was no heart left in it.

Right now I'm in the middle of the entrepreneurial experience (with The Law of attraction as a guide!) And it's been a totally different experience. I'm having FUN this time and it's working.

-Renee
WEAR the Law of Attraction
http://www.manifes-t.com

9:01 AM  
Anonymous BFuniv rector said...

Renee,

Thank you for the comment.

Ive visited your site (click her name in her comment to take a look) and really liked the video. I passed it, then went back and started it expecting to close it immediately.

Instead I restarted the video once I was half way through so that I could pay closer attention.

Thanks,

Allan

12:19 PM  
Blogger Easterangel said...

Hi BFU!

Thanks for visiting my blog. I hope I can get more winning posts here!

11:42 PM  
Anonymous Entrepreneur said...

Wow! What an blog you have provided which is related to Entrepreneur ant your blog really looks like an winner only. I am eager to see more blog slike this from you.

8:00 PM  
Anonymous Allan said...

Entrepreneur,

Thank you. I've quit writing blog posts, but I've started making Squidoo pages instead - they get more hits, stay around; and google loves them. You would probably enjoy one on starting your own business, and there are links to other pages there.

8:43 PM  

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