Entrepreneurship and reaching the next level
Chances are your life and skills have changed in the past decade. The challenges presented to each of us are caused by many disruptions in our lives, which may come in the form of a downsized business, the way social media has changed communication, or the way the online environment has changed personal security.
Regardless of what changes you have experienced, disruptions in your life have occurred.
The contribution of entrepreneurs
Entrepreneurs can be thanked for many of these disruptions. From astonishing advancements in new materials, financial products, and communication channels, entrepreneurs find gaps in the marketplace, incorporate efficiencies and identify how innovative new products or services can be deployed. Any of which can elevate an entrepreneur’s ability to further their ideas.
Though these advancements may disrupt and add challenges to society at large, the entrepreneurs who bring these advancements face similar discourse, but in a different way. Building a business from the ground up has never been easy, but imagine the challenges entrepreneurs face to sustain their organization in the face of external uncertainty and unnerving competitive pressures, while also taking on the full brunt of internal risk. Though these are common pressures entrepreneurs face, ensuring the organization sustains itself is no easy task.
Conquering the business cycle
Let’s look at two parts of the business cycle that occur early in the organization’s life. First, getting an organization off the ground is quite different than addressing the leap required to bring it into the growth phase within the business cycle. Starting is challenging, but sustaining can be remarkable.
The startup phase is where the entrepreneur’s behavior, knowledge, and environmental characteristics kick start their business. The entrepreneur’s vision, financial bootstrapping, tenacity, and sheer will generate the energy needed to get their business off the ground. These characteristics are important for the business to survive at this early stage of development. Ideas are generated organically, networks are utilized to seize profit opportunities, and change is quick by adopting new combinations of resources. These are fast-paced management tactics that promotes growth.
There comes a time, however, when the entrepreneur needs additional help. Often as the business grows, it begins to exceed the entrepreneur’s capacity to build the business in the same manner. New tactics and approaches are needed to further the cause of the entrepreneur’s vision.
At this stage of the business cycle, organic and fast-paced change give way to characteristics that align more with leadership, strategy, and targeted attainment.
The skills needed align more with leadership, where motivation and persuasion become important characteristics to develop organizational culture. Imparting confidence in and developing the necessary skill of others becomes the important driver for the organization to succeed.
Other factors, such as developing an organizational vision, problem-solving, and setting strategic initiatives, are also essential in the sustainable phase. Realizing this sustainable level can be a remarkable achievement, but getting her may require the development of one’s formal education to understand the nuances associated with motivating others to achieve your personal dreams.
Do you own a startup? Have you experienced the challenges of getting to the next level? Be a part of my dissertation research. Limited spots! I would enjoy hearing from you. firstname.lastname@example.org
Need help reaching the next level? MA Leadership at CityU of Seattle – Taught by leaders (36 credits).