Execution

This past week, I asked my students in one of my business classes to define what an entrepreneur is.  The answers varied between, “Someone who starts something new”, “A person who owns a business”, “A creative person who always thinks of new ideas”, and other expected responses.  However, one student opened up a great classroom discussion by saying… “I think an entrepreneur is all of that, but what really sets them apart is that they execute.  They can make something happen and they are determined to be successful or at least try to make a difference. They actually do something with it.”  I encourage and even base the grading in my class on participation and discussion, so I immediately opened this up to the class to reply.  The truth is that I had to mentally process this answer as it was so profound.  I wanted to shout, “Exactly” and run to her and give her a high five! 

It almost emulates the cliché question – If a tree falls in the forest and nobody is there to hear it does it make a sound?  If someone has an idea or a creative solution to a common problem that will generate a profit and bring value to others, but never takes it to market or makes it a reality…did it make a difference?

I do a presentation to businesses and organizations on the difference generations in the workplace.  This presentation explores how we can be productive by focusing on the strengths everyone brings to the table.  One of the traits we find in the younger generations is the perception of actually doing things based on the sole activity of talking about it or posting it online as a status update.  Saying that you are going to be the next billionaire is great, but is that all there is to it?  Chances are you might get a different answer if you ask a self-made billionaire.  You can’t just talk the talk.  As with anything in life…at some point you actually have to walk the walk.

Just think, what would have come if Thomas Edison would have just thought about the electric light bulb instead of taking action or Fred Smith would have just been satisfied writing a paper in college about an overnight delivery system or Ray Croc would have only visited with people about the idea of making a hamburger in California taste the same as on in Chicago instead of creating a business model for fast-food franchising? 

Those of us who work with business owners and teach in this field are asked regularly if entrepreneurs are a product of nature vs. nurture.  Can you teach someone to be an entrepreneur?  Based on this definition of having to not only have an idea or new invention, but having to take action on it to bring it to market, I have to say yes.  We can teach the concepts and traditional methods of doing this.  We can also embrace and encourage those clever minds that come up with unique ways of turning their ideas into reality for the benefit of others and to create a profit.

What do you think?  Do you agree that an entrepreneur needs to not only innovate and create but be able to share that idea in some way with the world and execute?