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Entrepreneurship Defined

Posted by Michael E. Gordon on 1/25/2007 at 9:10 PM
Posted in Entrepreneurship

An exclusive first look inside Trump University’s newest book, Trump University Entrepreneurship 101

The term entrepreneurship leaves much to be desired. You have to wrap your mouth around the word, making creative pronunciation choices on three of the five syllables. Dictionaries define it as the startup and management of a business, with great initiative and risk, for profit.

But to me, entrepreneurship encompasses these three factors: Mindset, Actions and Process:

Mindset: Entrepreneurs go through the world continuously seeking ideas and opportunities that can be commercialized. They focus on innovating, doing things better, adding, creating, and delivering unique value to customers and to all stakeholders. And they want to be rewarded for their successes. The more value they add, the greater their financial rewards.

Actions: Entrepreneurs are proactive to the extreme, and once on the opportunity trail, they move mountains to mobilize the necessary resources to accomplish their goals. And then, in the words of Nike, they just “do it,” and they do it their own way.

Process: Entrepreneurship is a dynamic, continuous, living process. The process is driven by you, the entrepreneur, the founder, the champion. This means taking the following actions in your life:

Generate ideas incessantly.
Select the real opportunity from the heap of ideas.
Build and empower the team.
Mobilize and control necessary resources, whether or not you own them.
Develop an astute strategy to capture customers and to generate sales and sustainable profits.
Develop a compelling business plan.
Assess personal and business risks.
Launch the venture.
Manage the growing venture.
Harvest the rewards of success: sell your business, take your business public, or continue to build your venture and pay yourself appropriate and generous compensation.

Entrepreneurship is a personal voyage, and your chance of success is greater the more clearly you understand yourself, your goals, and the obstacles you face.

Feel the entrepreneurial energy and exhilaration in the process! Generate, select, build, mobilize, develop, assess, launch, manage . . . and harvest the rewards.

This blog post is adapted from Dr. Gordon's new book Trump University Entrepreneurship 101: How to Turn Your Idea into a Money Machine, with a foreword by Donald J. Trump. This book, the latest success title from Trump University, is arriving this week at all booksellers.

Michael E. Gordon, PhD, author of Trump University Entrepreneurship 101, has founded five companies. He teaches entrepreneurship at universities around the world. He is an Adjunct Professor at Babson College, the Harvard University Extension School and at the International School of Management in Paris.

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9 Comments

Posted by Gary A. on 01/26/2007 6:32 AM

Mindset, actions, process....Great analysis.

What sets the true entrepreneur apart is being innovative and creative enough to do whatever is necessary to move the process forward, get the job done, and not get stuck in neutral.

Neutral is a graveyard where most good ideas die.

gea

Posted by Richard_G on 01/26/2007 12:43 PM

Being an Entrepreneur I’m able to attest the rewards can be huge or of no value whatsoever. One of the main key ingredients is what your product or service will be; "Is it better or improved or even new to the market?" Something that you really want to avoid is the middle ground where you’re putting in a ton of effort and recovering only a small profit. True a profit is a profit, but how much time and effort you put in daily in comparison to the profit should be examined closely. Don’t be discouraged too quickly, if your product is good, maybe the marketing strategy is missing. Finding a multitude of "Free" marketing is a great way to maximize your potential to succeed. Of course everyone is wondering where this Free advertising will come from, well you only need to read some of the previous topic headings here to see a multitude of valuable free advice on marketing.

Sincerely

Richard F. Guyon

CEO NEXRUN Technologies Inc.
http://www.nexruntechnologies.com

CTO / SEO SIA Newsletters
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CTO / SEO Mutual Funds Advisor
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Posted by member1489291 on 01/26/2007 4:03 PM

I have been looking at an industry Mr. Trump is quite familiar with: the planned community industry, gated communities, or more commonly called "homeowner’s associations. " There seem to be so many problems and the numbers of families forced into foreclosure, and/or homelessness, because of these groups appears to be growing and growing. I do not believe it is the fault of the consumer; nor, do I believe these communities are necessarily a bad idea. It appears some of these groups have become so abusive; the equivalent of modern day feudal states, or, dictatorships, and the owner/investor has no place to turn. In addition, some of these groups are involved in lawsuits for actively discriminating and I do not believe they have the authority to discriminate. The websites and online information available, is abundant. The individual states have different laws, but the consumer protection seems to be missing. I have been able to locate some info back to 1987, in Real Estate Investors Monthly, only cautioning consumers about purchasing within these groups; yet there seems to be legitimate horror story, after horror story. I am sure you must be aware of this. I would appreciate some guidance concerning what to look for, and what to anticipate, if I choose to enter into this industry. I would also like to know how I can protect myself, and my company, from the actions of others, should I invest within this industry. Thank you.

Posted by Daniela -Madrid on 01/26/2007 10:29 PM

hmm, may 2005, 2006 and 2007 it*s just at the beginning,
Trump University: 4 books with the one with Mr. Ross about Trump Negociation style 5 knowed, are more?! I*ve liked the negociation between Mr. Trump and the regreted Mr.Kandell how they meet to negociate and the long term fruits.
About mastering of words and energy:never quit!
great example,
thank you
Dana

Posted by member1489968 on 01/27/2007 4:51 PM

I think beyound a doubt, that these qualities overlap into the "movers and Shakers" of the political side of commerce and developement. (state and local government )The difference? one uses his own capital and another uses public capital. It would be of keen interest to hear a thought or two on this. Are the tasks the same in both worlds,?

Posted by member1490132 on 01/28/2007 12:19 AM

i am appreciate to join trump family. you are the best trump

Posted by InfoPublisher on 01/30/2007 3:30 PM

Great to see the emphasis on process, since that is where many of us entrepreneurs seem to get tripped up.

Believe that many of us get the mindset and the need to take action becomes obvious if you want to be anything beyond a dreamer - but the stark realization that you cannot do it all yourself, therefore requiring that you become a great leader, manager is something most entrepreneurs are simply not ready for.

Unfortunately, it can take someone a great deal of time to come to that conclusion on their own - in the meantime only achieving a tenth of what is really possible if they had a motivated team.

Great post!

Jeff
http://www.highertrustmarketing.com

Posted by member1500534 on 01/30/2007 5:08 PM

Excellent article...eye opener

Navtaj Chandhoke
Toronto-Canada

Posted by member1499422 on 02/07/2007 5:30 AM

Hello there

Good article. You can find something interesting here too at

http://three-points-corner.com/2007/01/29/tactics-of-a-fruit-seller.aspx

regards
gazzali

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