There has always been a debate about whether entrepreneurship was based on nature or nurture. While it depends on your view, here is how JA sees it…
Entrepreneurial Driving Factors
Think of the entrepreneurial mindset like “Thunder and Lightning.” The internal drive is the thunder, but personal experiences equate to the lightning of the implementation of a business idea. Together they assist to create the perfect business storm. Without the personal characteristics to launch a person into experiences that they will learn from, they will cease to develop into an entrepreneur.
Timothy Faley of the entrepreneurial institute at Michigan’s Ross School of Business explains it perfectly when he says, “A good idea is not enough. You need to know how to transform a good idea into a good business.” Education and experiences harness the drive one possesses to turn their business idea into reality. One is not born with business knowledge, including making a business plan, seeking investors, or strategizing the placement of a product or service. All of these elements are learned through experience. The way one generates an idea and is pushed to make it into a real-life concept comes from something that one internally holds true.
After thorough research, five general characteristics are shared among successful entrepreneurs.
2.Innovation / Forward Thinking / Persistence
3.Open-minded / Optimistic / Confidence
4.Leadership / Hands-on
5.Passionate / Positive
It’s the combination of personality traits and personal experiences that influences whether or not someone feels prepared to undertake an endeavor like starting a business. Entrepreneurs hold personality traits that assist in the success of their business. Through experiences, an entrepreneur grows and develops to (comfortably) take risks, utilize innovative thinking, and employ sound leadership skills. The intrinsic variables assist in the development of experience becoming a perfect storm, such as launching a successful business.
Teaching Today’s Youth the Mindset to Make Their Storm
Junior Achievement offers programming from K-12 exploring concepts of financial literacy, work readiness, and entrepreneurship. The younger a child experiences concepts of entrepreneurship, the more likely he or she will be inclined to try to start a business later in life. In particular, JA Be Entrepreneurial® introduces high school students to the elements of a practical business plan and then challenges them to start an entrepreneurial venture while they are still in school.