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It sounds counter-intuitive, but older company founders are often successful. – A new report in the Wall Street Journal presents the case of Morris Chang, who founded the “World’s most important company,” Taiwan Semiconductor Manufacturing (TSMC), at age 55. See https://lnkd.in/epcg_BbY The word “entrepreneur” is usually associated with those who founded their companies at a young age, such as Steve Jobs (at age 21) and Bill Gates (at age 19). However, it's the wisdom and strategic thinking that come with age and experience that often lead to a successful business. In the case of Chang, he developed a new business model for semiconductor manufacturing after he had lived and worked in executive positions in the US for 30 years at companies such as Texas Instruments and General Instruments. Then an opportunity opened up to create a new business model for the semiconductor industry. The new model was built on a competitive advantage that Chang identified: to manufacture chips and only manufacture chips. But Morris Chang is not an outlier. The Wall Street Journal cites a study published in the American Economic Review which found that successful entrepreneurs tend to be middle-aged. In fact, the average age at founding for the 1-in-1,000 fastest-growing new ventures is 45 years of age. These entrepreneurs, with their wealth of experience and industry knowledge, bring a unique perspective and strategic thinking to their ventures. The study strongly thus rebuts the common idea that entrepreneurs must be very young, inspiring a new generation of entrepreneurs to value their own wisdom and strategic thinking. The Wall Street Journal report and the study it relies on are confirmed by the views of Tilman Bender, managing director of the HR consultants TH Bender & Partners. He acknowledges the value of experience in entrepreneurship, stating, “It is a common request from clients – ‘please find us a young and hungry Country Manager for our US subsidiary who will make a difference.’ What the European parent companies sometimes overlook is that experience does matter. That includes existing business networks and contacts, knowing what works and what doesn't, the willingness to take more risk once financially secure, the wisdom to know personal limitations, and the absence of irrationally selfish motives. All those attributes matter and they are usually found in what we call ‘older’ executives.” However, he also cautions against general assumptions, highlighting that individual evaluation is crucial and a shot-from-the-hip attitude is not helpful. Tilman adds, “Of course, experience counts for a lot, but there are exceptions —young entrepreneurs who build exceptional companies and older executives who are not as successful as one had hoped. Each candidate brings a unique set of skills, experiences, and perspectives, and it's crucial to evaluate them individually."

It sounds counter-intuitive, but older company founders are often successful. – A new report in the Wall Street Journal presents the case of Morris Chang, who founded the “World’s most important company,” Taiwan Semiconductor Manufacturing (TSMC), at age 55. See https://lnkd.in/eKpY_ceS The word “entrepreneur” is usually associated with those who founded their companies at a young age, such as Steve Jobs (at age 21) and Bill Gates (at age 19). However, it's the wisdom and strategic thinking that come with age and experience that often lead to a successful business. In the case of Chang, he developed a new business model for semiconductor manufacturing after he had lived and worked in executive positions in the US for 30 years at companies such as Texas Instruments and General Instruments. Then an opportunity opened up to create a new business model for the semiconductor industry. The new model was built on a competitive advantage that Chang identified: to manufacture chips and only manufacture chips. But Morris Chang is not an outlier. The Wall Street Journal cites a study published in the American Economic Review which found that successful entrepreneurs tend to be middle-aged. In fact, the average age at founding for the 1-in-1,000 fastest-growing new ventures is 45 years of age. These entrepreneurs, with their wealth of experience and industry knowledge, bring a unique perspective and strategic thinking to their ventures. The study strongly thus rebuts the common idea that entrepreneurs must be very young, inspiring a new generation of entrepreneurs to value their own wisdom and strategic thinking. The Wall Street Journal report and the study it relies on are confirmed by the views of Tilman Bender, managing director of the HR consultants TH Bender & Partners. He acknowledges the value of experience in entrepreneurship, stating, “It is a common request from clients – ‘please find us a young and hungry Country Manager for our US subsidiary who will make a difference.’ What the European parent companies sometimes overlook is that experience does matter. That includes existing business networks and contacts, knowing what works and what doesn't, the willingness to take more risk once financially secure, the wisdom to know personal limitations, and the absence of irrationally selfish motives. All those attributes matter and they are usually found in what we call ‘older’ executives.” However, he also cautions against general assumptions, highlighting that individual evaluation is crucial and a shot-from-the-hip attitude is not helpful. Tilman adds, “Of course, experience counts for a lot, but there are exceptions —young entrepreneurs who build exceptional companies and older executives who are not as successful as one had hoped. Each candidate brings a unique set of skills, experiences, and perspectives, and it's crucial to evaluate them individually."

"Embracing Change: How Entrepreneurs Find Opportunity in Unlikely Places" In the early days of cinema, Harry Warner famously questioned, "Who the hell wants to hear actors talk?" This quote, now a relic of history, highlights a common human tendency: fearing innovation. Yet, entrepreneurs stand apart by seeing potential where others see only novelty or even inconvenience. When Warner uttered those words, he couldn't foresee the immense impact that sound in film would have. Likewise, in our fast-paced world, entrepreneurs often encounter skepticism when introducing new ideas or technologies. However, their ability to recognize latent opportunities allows them to turn this into success stories. Consider the advent of streaming services. Traditional media giants initially dismissed them as a passing fad, failing to recognize the changing preferences of consumers. However, entrepreneurs saw an opportunity to revolutionize the entertainment industry. Companies like Netflix seized the moment, reshaping how content is consumed globally. Similarly, the rise of e-commerce caught out brick-and-mortar establishments. Many failed to grasp the convenience and accessibility it offered. Yet, visionary entrepreneurs recognized the potential to reach broader markets and streamline the shopping experience. Today, online retail giants like Amazon dominate the market, showcasing the power of embracing change. In every industry, there are voices echoing Warner's sentiment, questioning the viability of new ideas. However, entrepreneurs thrive by challenging the status quo and envisioning what could be rather than what currently is. They understand that innovation often emerges from unlikely sources and are not deterred by initial doubt. So, how can entrepreneurs cultivate this ability to see opportunity where others see obstacles? It begins with a willingness to embrace change and a curiosity to explore the unknown. By staying attuned to shifting trends and emerging technologies, entrepreneurs can position themselves to capitalize on untapped markets and unmet needs. AI is the next innovation that will revolutionise business, indeed it already is doing. Not that AI is as new as people believe, however, it's becoming more accessible to more people with an entrepreneurial mindset. Moreover, entrepreneurs must foster creativity, risk-taking, and forward-thinking empowers employees to challenge convention and pursue groundbreaking ideas. It's this entrepreneurial spirit that drives progress and propels industries forward. It's the entrepreneurs who dare to see beyond the present and shape the future. By embracing change and seizing untapped opportunities, they not only defy expectations but redefine what's possible. So, the next time you hear someone questioning the potential of a new idea, ask yourself: what opportunities lie beneath the surface?"

Title :- "The Entrepreneurial Odyssey: Navigating Challenges and Triumphs" Introduction :- In the world of startups, where every idea holds the promise of transformation, entrepreneurs embark on a journey of discovery, resilience, and unwavering determination. Join us as we delve into the entrepreneurial odyssey, where each twist and turn shapes the destinies of visionary minds and bold spirits. The Genesis :- Every entrepreneurial venture begins with a spark of vision a bold idea fueled by passion and a desire to make a difference. Armed with nothing but a dream, aspiring entrepreneurs take their first steps into the unknown, driven by the belief that their vision can change the world. Navigating the Unknown :- The path to success is fraught with challenges, testing the resolve of even the most determined souls. From securing funding to overcoming setbacks, entrepreneurs navigate a maze of uncertainty, turning adversity into opportunity and failure into growth. Innovation and Adaptation :- Entrepreneurship thrives on innovation – the relentless pursuit of new ideas that challenge the status quo. With adaptability as their compass, entrepreneurs seize opportunities, disrupt industries, and create value where none existed before. Building a Strong Foundation :- Success is built on a foundation of discipline, determination, and collaboration. By assembling a talented team and forging strategic partnerships, entrepreneurs lay the groundwork for sustainable growth and long-term success. Celebrating Triumphs :- Amidst the challenges, triumphs serve as beacons of inspiration. Whether it's securing a major partnership or witnessing the impact of their work, each victory validates the journey and fuels the entrepreneurial spirit. Looking Ahead :- As the journey unfolds, entrepreneurs stand at the threshold of infinite possibilities. With courage, determination, and resilience, they chart their own course, shaping the destiny of tomorrow. Conclusion :- In the tapestry of entrepreneurship, each thread tells a story of ambition, courage, and perseverance. Aspiring entrepreneurs, heed the call to adventure, for the rewards of daring to dream are immeasurable.

Entrepreneurship is the dynamic pursuit of creating and scaling innovative solutions to address market needs. It's a journey marked by vision, resilience, and a commitment to continuous learning. Key Elements: Passion as a Catalyst: Entrepreneurship begins with a deep-seated passion for solving problems or fulfilling unmet needs. Passion serves as the driving force, sustaining motivation through challenges and uncertainties. Innovation as Core Competency: Successful entrepreneurs innovate continuously, whether it's in products, services, or business models. Adapting to changing landscapes and staying ahead of the curve is a hallmark of entrepreneurial ventures. Resilience in the Face of Challenges: Challenges are inevitable; resilience is non-negotiable. Entrepreneurs bounce back from setbacks, learn from failures, and use adversity as a catalyst for growth. Strategic Navigation: Entrepreneurs are strategic navigators, combining market research with flexibility. A keen understanding of the industry landscape enables effective course correction based on market feedback. Learning from Others: Reference points from successful entrepreneurs provide invaluable insights. Understanding both successes and failures of others serves as a guide for making informed decisions. Conclusion: . . . . . . . In essence, entrepreneurship is about transforming ideas into impactful ventures. Passion, innovation, resilience, strategic navigation, and learning from others form the bedrock of this dynamic and rewarding journey. Successful entrepreneurs harness these elements to not only build successful businesses but also contribute meaningfully to the evolving landscape of innovation.

How culture influences entrepreneurs.   INTRODUCTION: Culture can be described as the total way and manner things are done. It defines the perspective, process and modus operandi in which different societies exist and inter-relates. These covers their appetite, their nature which could be conservationist, flamboyant, prudent/frugal, extravagant. According to Hofstede, 1984, culture refers to the ‘collective programming of the mind which distinguishes the members of one human group from another’. Culture is conceptualized to consist of ‘patterns of thinking that parents transfer to their children, teachers to their students, friends to their friends, leaders to their followers, and followers to their leaders, Hosstede, 1984, pg 82. An Entrepreneur is wired to turn water into wine, turn rough stone into gold, and transform ashes to beauty while aggregating all factors of production, putting into consideration the dynamics of the environment or ecosystem in which these activities are being orchestrated to produce the end product or service.  CULTURE AND THE ENTREPRENEUR An Entrepreneur operates within ecosystems which already have ways of doing things and also have certain patterns of appetite which might be heavy or mild. It can be influenced or it can influence. The Entrepreneur is made to strategically and creatively tailor his products and services in such a way a that he is able to achieve his overall goal of making profit. But the process of making profit involves getting his product and services optimally sought after by the members of the ecosystem in which he operates. Understanding their culture, which should be part of feasibility studies carried out before the commencement of economic activities is inevitable because it will determine the profitability of his venture. It brings one to the point that an excellent entrepreneur must be fluid and open to ideas as it pertains to the successful penetration of the ecosystem he operates. Culture of a people could be static for a while, but because the human species is dynamic in nature, the culture with time is diluted or heavily changed as people intermix and more exposures are made.    People’s perception of different aspects of life which includes their economy is influenced by the culture in a lot of ways, but to better understand how culture affects the attitude and behaviours of entrepreneurs, there is need for cross cultural studies as postulated by Linan & Chen (20009).  But for the sake of this exercise, it would be limited to one culture.

Share this with aspiring entrepreneurs and innovators who are ready to take on the world. This is a secret but it has always been in the open. To be successful, you have to give society what it wants but doesn't yet know how to get. Let me break it down for you. This concept revolves around innovation, disruption, and creating something truly valuable. At its core, this approach involves identifying unmet needs and solving problems in ways that no one else has thought of before. It requires a deep understanding of your audience, their pain points, and their desires. Only then can you offer something truly groundbreaking. The key to success with this strategy is scaling your solution. It is not enough to have a brilliant idea; you must be able to deliver it on a grand scale. This often means leveraging technology, automation, and efficient processes to reach as many people as possible. Take a look at some of the most successful companies of our time. They didn't just offer existing products or services; they revolutionized entire industries. They provided something so compelling that society eagerly embraced it, even if they didn't know they needed it. Think about how companies like Amazon, Uber, and Airbnb changed the way we shop, travel, and stay. They saw untapped potential in existing systems and found a way to deliver services that were previously unimaginable. But it is not just about tech giants; this concept applies to all fields. Whether you are an artist, an educator, or a healthcare professional, the key to success is understanding what society craves and then offering it in a way that exceeds all expectations. It is crucial to remain open to feedback and iterate your offerings based on real-world responses. Successful entrepreneurs listen to their customers, learn from their experiences, and continuously improve their products or services. Embrace the mindset of constant learning and adaptability. As society evolves, so do its wants and needs. Remember, this approach isn't just about making money; it is about making a positive impact. When you provide value and cater to society's desires, you are not only rewarded financially but also with the satisfaction of knowing you are making a difference. So, if you are seeking true wealth, remember this powerful mantra: "You will get rich by giving society what it wants but does not yet know how to get. At scale." Identify the gaps, deliver innovation, and touch lives on a massive scale. Success will surely follow. In conclusion, embrace the spirit of entrepreneurship, creativity, and problem-solving. Be a visionary who identifies opportunities where others see challenges. Trust in your ability to shape the future and create wealth while positively impacting the lives of countless people. This is an open secret and if you were to share it with anyone who would that be?

I am always inspired by entrepreneurs and the crucial role they play in driving economic growth and development. Being part of the thriving entrepreneurial community is one of the simple joys in my life. Entrepreneurs are the engine of job creation. By starting new ventures and expanding existing ones, they create employment opportunities for individuals. As their businesses grow, they hire more people, stimulating economic activity and reducing unemployment rates. This leads to increased income levels and improved living standards for individuals and communities. Entrepreneurs are also at the forefront of innovation. They identify market gaps, develop new products and services, and introduce disruptive business models. This innovation drives productivity improvements in industries, making them more competitive. As entrepreneurs introduce new technologies and processes, they enhance efficiency and effectiveness, leading to economic growth and development. In addition, entrepreneurs attract investments and mobilize capital for their ventures. They pitch their ideas to investors, secure funding, and use it to develop their businesses. This injection of capital not only helps entrepreneurs bring their ideas to life but also creates a ripple effect in the economy. The investments made in entrepreneurial ventures stimulate other sectors and contribute to overall economic growth. Entrepreneurs introduce competition in the market. Their entry into an industry disrupts existing business models and forces established firms to innovate and improve. This competition leads to increased efficiency, lower prices, and better-quality products and services for consumers. It also encourages existing firms to invest in research and development to stay competitive, driving economic growth and development. Entrepreneurs are the catalysts of economic growth and development. Their innovative ideas, job creation, investment mobilization, and market competition drive economic progress, create wealth, and improve the quality of life for individuals and communities. They play a vital role in shaping the future of our economy and society. Let us support and encourage those that have or are looking to take the leap of faith in starting a business.

In Entrepreneurship, Innovation And Risk-Taking Go Hand In Hand https://lnkd.in/dKwAP6Av

Several reasons can cause entrepreneurs to halt their entrepreneurship journey after starting. Here are some examples: 1. Lack of funding: Running out of money, struggling to secure investments, or managing cash flow can force entrepreneurs to halt their journey. (Example: A startup with a great product but unable to scale due to lack of funding.) 2. Market and competition: Entering a saturated market, failing to differentiate, or facing intense competition can make it difficult for entrepreneurs to continue. (Example: A new restaurant in a crowded neighborhood with established eateries.) 3. Regulatory and legal issues: Navigating complex regulations, legal challenges, or licensing problems can halt an entrepreneur's progress. (Example: A healthcare startup struggling to comply with changing regulations.) 4. Team and partnership issues: Conflicts with co-founders, team members, or partners can lead to a halt in the journey. (Example: A disagreement between co-founders on the company's direction.) 5. Personal and health reasons: Entrepreneurs may need to prioritize their physical or mental health, family, or personal circumstances, putting their business on hold. (Example: A solo founder dealing with a serious health issue.) 6. Lack of support and resources: Insufficient mentorship, guidance, or access to necessary resources (e.g., technology, equipment) can make it difficult for entrepreneurs to continue. (Example: A rural entrepreneur with limited internet access.) 7. Burnout and exhaustion: The physical and mental toll of entrepreneurship can lead to burnout, causing entrepreneurs to step back or halt their journey. (Example: A founder working 100-hour weeks for months.) 8. Pivoting or failure: Entrepreneurs may need to pivot their business model or acknowledge failure, halting their current journey to regroup and reassess. (Example: A startup that fails to gain traction and needs to reevaluate its approach.) These examples illustrate common challenges entrepreneurs face, leading them to halt their journey. However, many entrepreneurs use these setbacks as opportunities to learn, regroup, and eventually restart or pivot their ventures.