There are many definitions of entrepreneurship. This one is my favorite because it is confirmed completely by my experience:
“Entrepreneurship is the process by which individuals — either on their own or inside organizations — pursue opportunities without regard to resources they currently control” (Stevenson, Roberts, and Grousbeck, 1989)
When a business is in a stable phase of its life cycle, management seeks to optimize expected results within the resources available. In contrast, entrepreneurs, as well as company-based intrapreneurs, seek to overcome or work around gaps in resources, customers, and knowledge to get something new off the ground.
As an operations person, Laurie is especially aware of gaps that could interfere with making the important transition from the entrepreneurial (start-up or significant growth mode) to a more stable phase. Putting systems in place to attract, retain and manage employees that consistently and efficiently produce quality goods and services is key.
From a market-oriented business strategy perspective, I’m concerned with gaps in the business model, resources, and reputation that interfere with the ability to start up and grow (new or existing opportunities). A sound approach to developing well-aligned value propositions, competitive differentiators, product/market fit, and marketing/sales tools is key.
So, expect to read more in The Gap Files about how entrepreneurs leading startup companies or innovation-driven growth initiatives within existing organizations can overcome obstacles, find help, and make do in the face of scarce or nonexistent resources.
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