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Basic Principles of Entrepreneurship

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Bob wound up on the third floor landing up on the top floor of the pantry of the house, panting as he tried to catch his breath. He wasn't sure if he should start throwing himself on the couch or the table, but when he finally sat down he began to feel very well alive and energized. It had been a long trip home from the office and he was glad that he could bounce back from jet lag. He felt that with a little work at home he could make some serious money. He knew that there must be principles to entrepreneurship that he could put into practice here. So, off he went to find a good book to read about entrepreneurship.


The Principles of Entrepreneurship had turned his life around and now he was looking for a book that would teach him the different concepts of entrepreneurship. This book was interesting; it discussed several different areas of small business that were important to both large corporations and entrepreneurs. It also explained that there were differences in what it meant to be a venture capitalist and what it meant to be a private investor. These differences led to the two differing views about what being an entrepreneur was. And which group you fall to determine what your personal rules will be regarding property rights, capital gains, partnership, limited liability and patent protection.


Bob realized that there were three basic principles of entrepreneurship. Those were, first, that you should be an independent thinker who was willing to try new things. Second, that the best way to build a successful business model was to duplicate the most successful businesses in the world; and third, that there were three basic principles: using your mind, your resources and your creative thinking.


From that point forward, Bob adopted a more aggressive view of entrepreneurship. Rather than viewing it as an idea or a dream, he began to view it as a necessary, critical part of his vision for new businesses. He and his fellow entrepreneurs began to reject the idea that there were certain rules or principles that they had to live by in order to succeed as individual entrepreneurs.


By adopting this third point of view, today's entrepreneurial leaders are not committed to following the path of their ancestors. Instead, they have adopted a position that is radically different from the original vision of entrepreneurship. Today's entrepreneurial leaders are true believers in the power of basic principles. They do not believe that their way is right, just as their ancestors did not think that theirs was right. Rather than thinking that they know what's best, these entrepreneurs want to make sure that they are living in accordance with what they believe is good or ideal. Because of their commitment to these principles, they can take the risks that their entrepreneurial ancestors would have feared.


Entrepreneurship is a philosophy that is shared by many scholars. However, it must be understood that there are no fixed rules that apply to all entrepreneurs. No set system exists that guarantees success for any given new ventures. The key to entrepreneurship is the willingness to risk failure as a way to test out new ventures.

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