Tip Content Provided By: Babson
Entrepreneurs need more than just business know-how to survive, and prosper! In Babson College’s article “The Improvisational Entrepreneur,” they talk about the need for flexibility and creativity in the process.
Being an entrepreneur often entails a seemingly endless journey through unknown events, risk taking, and uncertainty. When one starts a business, the path to success may not follow the entrepreneur’s grand vision or even the initial business plan. Worse, obstacles may arise that seem insurmountable.
The way an entrepreneur responds to obstacles or unexpected events can have serious ramifications, both to the business and personally—in terms of motivation to persevere or give up. Entrepreneurship entails frequent, consequential actions often involving the unexpected, such as recovering after providing an incorrect answer to potential investors or reacting to a new customer’s unusual requests. When difficult situations arise, entrepreneurs must transform them into a way forward, into further developing the business. In other words, entrepreneurs need to improvise.
Article Key Takeaways
1. Improvisation—the act of creating and performing without preparation—offers entrepreneurs a methodology to overcome the many unknowns, uncertainties and apparent obstacles that litter the path to success.
2. Improvisation requires first the recognition and acceptance of an potential obstacle and then an active process of generating and comparing several potential courses of action to select the most appropriate one for moving forward.
3. To engage in effective improvisation an entrepreneur must balance structure (i.e., planning) with flexibility and must adopt both a proactive and a reactive mindset.
Click here to read the full article.
Babson College is a Business/Entrepreneurship partner of The Trust.