The combination inventor and entrepreneur has a driving force that is impossible to teach
Entrepreneurs are often agents of change. They are motivated by achievement and consider risk a cost of innovation.
BY WILLIAM SEIDEL
The Inventrepreneur creates it, invents it, funds it, markets it and drives it to success.
A small, unknown percentage of inventors are entrepreneurial, and a small, unknown percentage of entrepreneurs are inventive. All traits, talents and driving forces of the inventor and entrepreneur are combined. Hence, the Inventrepreneur.
Studies show character traits are more important than IQ, genetics or academic achievement in determining how and why entrepreneurs succeed. The bottom line is that driving forces are essential for success.
A Rutgers University essay, “Grit: Perseverance and Passion for Long-term Goals,” addresses this notion.
“Why do some individuals accomplish more than others of equal intelligence? In addition to cognitive ability, a list of attributes of high-achieving individuals would likely include creativity, vigor, emotional intelligence, charisma, self-confidence, emotional stability, physical attractiveness, and other positive qualities.”
Passion is contagious and motivating. Perseverance overcomes failure. Grit is often the tenacity to say no.
The commitment of these individuals means they are all in to do whatever it takes. They focus on the right tasks to achieve the right things because they are confident in their efforts. And they have the vision to see the entire project and understand how to make it real.
These driving forces are considered impossible to teach, although they can be acquired in the right setting. In early child development it is learned by doing, sharing stories and environmental influences.
Mistaken notions
A Cornell University study shows 48 percent of entrepreneurs said they grew up in an entrepreneurial family. Other sources cite similar results for inventors.
“Most of what you hear about entrepreneurship is all wrong,” wrote management consultant Peter Drucker in 1986.
According to Merriam-Webster, “An entrepreneur is someone who assumes the risk and management of a business or an enterprise.”
Though not incorrect, this is not always accurate.
I never met an entrepreneur who said, “How can I get more risk?” Some entrepreneurs avoid risk by deferring it to investors, partners and lenders. And entrepreneurs are often terrible managers.
Harvard business professor Howard Stevenson is more accurate in saying that entrepreneurs pursue opportunity without regard to existing resources.
Entrepreneurs are often agents of change. They are motivated by achievement and consider risk a cost of innovation.
At one time, psychologists believed entrepreneurship was a personality disorder. Not too long ago, it was believed entrepreneurship could not be taught.
The word “entrepreneur” has lost its meaning. Today, all businesspeople are considered entrepreneurs, which is like calling all tourists explorers. There is an ounce of truth and a pound of wrong.
The person who opens a new gift store in town is enterprising, not entrepreneurial. The “enterpriser” is an owner or manager who may or may not be active in the business. He or she can inherit a business, purchase a business or eventually become the owner.
The enterpriser is usually a good manager but not an entrepreneur.
Education not necessary
Ray Kroc was a salesman selling milkshake machines. He recognized the booming business and the unique hamburger-making process the McDonald brothers created.
Kroc was the entrepreneur who innovated fast food franchising and changed the way we eat. The McDonald brothers were the inventors.
It is inaccurate to lump all entrepreneurs together when many are very different. The terminology is changing.
The “Franchisepreneur” has a low risk purchasing a franchise. If you want to be an entrepreneur, you are a “Wantrepreneur.” And if you are an entrepreneurial mom, you are a “Momtrepreneur.”
The “Intrapreneur” works for the corporation to create internal change—like Michael Phillips, who developed the first bank-backed credit card. This was an innovation that revolutionized the banking and credit card industries from inside out.
The big problem with entrepreneurship and innovation education is what is not taught.
The driving forces, character traits, and experimentation are outside the realm of most education. Also, unlike law school or medical school, an education is helpful but not needed for success.
Why have so many dropouts been so immensely successful? Richard Branson, Debbi Fields, James Cameron, Walt Disney, Frank Lloyd Wright, Thomas Edison, Steve Jobs, Michael Dell, Bill Gates, Mark Zuckerberg, to name a few.
Einstein dropped out of high school at age 15. Elon Musk dropped out of Stanford after two days.
Successful entrepreneurs who dropped out were not successful because they dropped out. They were driven, and conventional education was in the way.
Pair action with learning
To learn inventrepreneurship, you must do inventrepreneurship.
Autodesk has instruction for CAD and 3D modeling that is the backbone of the maker movement. Seek trusted sources like Inventors Digest and United States Patent and Trademark Office programs. Attend eMaker events that offer involvement.
When the stage is set, independence and passion will grow. This is available at business incubators and makerspaces and some schools, such as Stanford’s Launchpad and Case Western’s Think Box.
With proper coaching, a space for learning by doing and collaboration, your vision can be achieved.