Inspiration in a Bottle

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Member Posted by Steve Sedgwick Moderated by: Administrator User Moderated by: Bonnie Flaws	Friday 03 July 2009 11:45:32 am How does it go? “Genius is one percent inspiration and ninety-nine percent perspiration,” according to the great Thomas Edison. Now whilst this is a quote which originated as a description of what makes a ground-breaking inventor, it is also used as a metaphor for what makes a great entrepreneur. Far be it for me to argue with the conventional thinking but I think we need to add a third quality to inspiration and perspiration as being essential qualities, and that is bottle! Bottle? Yes bottle! Bravery, fortitude, pluck, grit, mettle, heroism, balls even, call it what you like. Leaving the comfort zone of a salaried job to pursue a dream is surely akin to stepping into the abyss for all entrepreneurial types. Entrepreneurs are leaders, they are usually smart and invariably hard-working. Let’s face it, they are the kind of people who are going to earn a lot of money working for someone else. They can build up a fat pension working in the corporate merry-go-round. They can accumulate fat share options, enjoy the company life assurance scheme, healthcare, gym membership etc…. You get the message, it’s secure, financially rewarding and moderately safe. To leave all this behind doesn’t just take inspiration and perspiration. It takes BOTTLE. That for me is one of the first qualities of a good entrepreneur. Steve Sedgwick Alert moderator
Editor Posted by Victoria Crawford	Friday 03 July 2009 12:14:30 pm There's a balance, though, right? We only interview and talk to the successful entrepreneurs - the ones who've taken the RIGHT risks. For every Stelios there must be fifty Walter Mitties leaving a trail of destruction and bankruptcies behind them... Alert moderator
Editor Posted by Bonnie Flaws	Friday 03 July 2009 2:01:54 pm Some cool videos from the EC enterprise and industry's SME week - some great litte films. http://ec.europa.eu/enterprise/po...k/channel/boxworth-s-big-idea_en.htm Alert moderator
Member Posted by James Fulton	Friday 03 July 2009 5:08:31 pm Victoria: I don't think the potential outcomes are 'success & millions' or 'delusion & destruction'. Many (most?) entrepreneurs simply turnover enough to live on and that's its own reward - the corporate equivalents of Ray Mears, making their way on their own skill, wit and resilience. In fact - to address Steve's point - for some people it's staying with that fat salary that requires an element of courage. Working for The Man, getting mired in petty office politics, wearing a chino-and-button-down uniform,...that's not an easy prescription for those with energy, imagination and a yearning for greatness or creativity. The risk is in staying and fading to grey, settling for a future which would have seemed just a bit sad when you were young, naive and full of dreams. Alert moderator
Entrant Posted by Rob Marchant View on LinkedIn	Saturday 04 July 2009 1:42:42 pm On the subject of Stelios vs. Walter Mitty, I'd also add that there is an issue - well-documented - with the difference in the way we perceive entrepreneurial failure in Europe and in North America. Over there, a failure tends to mean you tried, learned and became a better person through that learning. Here in Europe we tend to view a failed entrepreneur very negatively. This is exemplified by the difference in ability to raise capital for an entrepreneurial venture here and there, where we are much more risk-averse. What do you other European entrepreneurs think? Alert moderator
Editor Posted by Victoria Crawford	Monday 06 July 2009 11:14:13 am Hi James - you're right about having courage to follow your dreams - but I just wonder whether there are costs to unbridled risk-taking? Business failures can hurt people. Rob - totally agree about different attitudes to failure in Europe and the US. I spoke to a young entrepreneur in Lithuania who'd spent time in Silicon Valley and put it very well: http://www.goodentrepreneur.com/Knowledge/Features/Back-to-School But I also interviewed Sir Peter Vardy (his interview will be up soon in the Ideas Masterclass section) who pointed out that there's a stigma attached to failure for a reason. Is there a way to change the culture of entrepreneurship in Europ? Alert moderator
Member Posted by Kathryn Davies	Tuesday 07 July 2009 10:30:30 am I think the bad job market in the city will make people think more about starting their own businesses. Like young graduates finishing this summer or people who've lost their jobs in finance. Is the situation similar in the rest of Europe? Is there evidence of more people doing MBAs after their degree? Alert moderator

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Member

Posted by Steve Sedgwick

Moderated by: Administrator User Moderated by: Bonnie Flaws

Friday 03 July 2009 11:45:32 am

How does it go? “Genius is one percent inspiration and ninety-nine percent perspiration,” according to the great Thomas Edison.

Now whilst this is a quote which originated as a description of what makes a ground-breaking inventor, it is also used as a metaphor for what makes a great entrepreneur. Far be it for me to argue with the conventional thinking but I think we need to add a third quality to inspiration and perspiration as being essential qualities, and that is bottle!

Bottle? Yes bottle! Bravery, fortitude, pluck, grit, mettle, heroism, balls even, call it what you like.

Leaving the comfort zone of a salaried job to pursue a dream is surely akin to stepping into the abyss for all entrepreneurial types. Entrepreneurs are leaders, they are usually smart and invariably hard-working. Let’s face it, they are the kind of people who are going to earn a lot of money working for someone else. They can build up a fat pension working in the corporate merry-go-round. They can accumulate fat share options, enjoy the company life assurance scheme, healthcare, gym membership etc…. You get the message, it’s secure, financially rewarding and moderately safe.

To leave all this behind doesn’t just take inspiration and perspiration. It takes BOTTLE. That for me is one of the first qualities of a good entrepreneur.

Steve Sedgwick

Editor

Posted by Victoria Crawford

Friday 03 July 2009 12:14:30 pm

There's a balance, though, right? We only interview and talk to the successful entrepreneurs - the ones who've taken the RIGHT risks.

For every Stelios there must be fifty Walter Mitties leaving a trail of destruction and bankruptcies behind them...

Editor

Posted by Bonnie Flaws

Friday 03 July 2009 2:01:54 pm

Some cool videos from the EC enterprise and industry's SME week - some great litte films.

http://ec.europa.eu/enterprise/po...k/channel/boxworth-s-big-idea_en.htm

Member

Posted by James Fulton

Friday 03 July 2009 5:08:31 pm

Victoria: I don't think the potential outcomes are 'success & millions' or 'delusion & destruction'. Many (most?) entrepreneurs simply turnover enough to live on and that's its own reward - the corporate equivalents of Ray Mears, making their way on their own skill, wit and resilience.

In fact - to address Steve's point - for some people it's staying with that fat salary that requires an element of courage. Working for The Man, getting mired in petty office politics, wearing a chino-and-button-down uniform,...that's not an easy prescription for those with energy, imagination and a yearning for greatness or creativity. The risk is in staying and fading to grey, settling for a future which would have seemed just a bit sad when you were young, naive and full of dreams.

Entrant

Posted by Rob Marchant

View on LinkedIn

Saturday 04 July 2009 1:42:42 pm

On the subject of Stelios vs. Walter Mitty, I'd also add that there is an issue - well-documented - with the difference in the way we perceive entrepreneurial failure in Europe and in North America. Over there, a failure tends to mean you tried, learned and became a better person through that learning. Here in Europe we tend to view a failed entrepreneur very negatively. This is exemplified by the difference in ability to raise capital for an entrepreneurial venture here and there, where we are much more risk-averse.

What do you other European entrepreneurs think?

Editor

Posted by Victoria Crawford

Monday 06 July 2009 11:14:13 am

Hi James - you're right about having courage to follow your dreams - but I just wonder whether there are costs to unbridled risk-taking? Business failures can hurt people.

Rob - totally agree about different attitudes to failure in Europe and the US. I spoke to a young entrepreneur in Lithuania who'd spent time in Silicon Valley and put it very well: http://www.goodentrepreneur.com/Knowledge/Features/Back-to-School

But I also interviewed Sir Peter Vardy (his interview will be up soon in the Ideas Masterclass section) who pointed out that there's a stigma attached to failure for a reason.

Is there a way to change the culture of entrepreneurship in Europ?

Member

Posted by Kathryn Davies

Tuesday 07 July 2009 10:30:30 am

I think the bad job market in the city will make people think more about starting their own businesses. Like young graduates finishing this summer or people who've lost their jobs in finance.

Is the situation similar in the rest of Europe? Is there evidence of more people doing MBAs after their degree?

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