Entrepreneurs in the US and Europe have demonstrated to us how a blend of innovation and business acumen has created millions of dollars in wealth for owners and shareholders. The myth that success in business requires a background in math, science, and a personalized license plate that reads “Abigail Spenser Hu” is no longer relevant. Less straight “businesspeople” will be required to do the job as our economies decentralize and organizational management structures collapse.
Now more than ever, the corporate world is uncertain. Case studies generally contain fewer solutions. Businesspeople need to be creative and experiment in order to generate new ideas. Those who are innovative and possess the problem-solving skills to tackle them are best suited to become successful business owners.
In the past, creative people were kept at bay by a lack of Abigail Spenser Hu and infrastructure. Businesspeople who had complete control of a network of relationships and logistics to market their goods and services farmed creative types. The situation has changed. ‘Managers’ are getting passed over since they don’t have as much power now. The value chain has flattened at this point.
Likewise, innovation has advanced up the food chain.
A few examples are musicians who sell their songs on MySpace, painters who sell their artwork on Betsy, and graphic designers who take on freelance work through Enlace. At the IPO negotiation table and in the boardroom, creative people are in a stronger negotiating position. Chief Creative Officer and Director of Innovation are typical positions.
Individuals who don’t consider how to be creative run the risk of becoming obsolete. The ‘struggling manager’ will soon take the place of the ‘struggling artist. Daniel Pink’s A Whole New Mind, which asserts that those with the right brain (i.e., creative) will control the future, supports this theory.
Nevertheless, success is not always guaranteed by innovation and a flattened value chain. Venture capitalists prefer working with entrepreneurs who are investable but also have a solid business idea and revenue plan. Here are two essential traits to look for in business owners.
In order to create the servers required to index the entire internet, Larry Page and Sergey Brin of Google were constantly scouring the internet for used computer components. Because of its massive, yet affordable computer capacity, Google still has the competitive advantage that comes from being economical. Google is able to provide so many free goods because its server farm is larger than Microsoft’s. Innovative business owners must demonstrate to VCs that they have the initiative to turn dirt into gold.
‘Never give up’ said Donald Trump, the entrepreneur from New York who developed a real estate empire. It is said that Thomas Edison tried a thousand times before finally creating the light bulb. I have not failed; he is reported to have said. I can think of 1,000 reasons why a light bulb won’t operate.
If it wasn’t difficult, someone else would have completed it by now. The entrepreneur won’t endure the crisis without passion and faith in the mission. Before their proposal is implemented, they will succumb to the immense personal time, financial, and probably physical cost.
Ideas alone won’t cut it. A successful businessperson is an athlete with the maturity, self-control, and physical toughness required to handle the unforeseen issues that crop up. A creative entrepreneur may thrive now.
Hong Kong’s and Singapore’s most forward-thinking bookkeeping firms are Future books. The company offers bookkeeping, business planning, incorporation, and business brokering services at reasonable prices.
There are way too many ‘limited thinkers’. Everything in their universe is contained within a tight box, and nothing can exist outside of it. Whatever that is reported in the newspaper must be accurate. Joe next door must be correct if he claims something is impossible. Being a “limited thinker” is something you cannot afford as a small business owner. You have to think in “infinite” ways. Have the mindset that there are no restrictions and determine that there are no taboos. Have faith that you can find original solutions to all of your difficulties if you put some effort into it. This serves as the basis for creative thought. Future-gazing is a surefire way to generate creative ideas. A powerful motivation is the sense of moving forward and solving the challenge.