- Passion Can Be Both An Asset And A Liability For An Entrepreneur. Over and over entrepreneurs are told to “do what they are passionate about” and passion is necessary to carry an entrepreneur through the lean times, and the late nights. But, if that passion prevents you from making sound business decisions, from recognizing when a preconception is wrong, or from realizing that a greater opportunity exists if you pivot, then it is a liability not an asset.
- There Is Innovation Going On All Around Us. Celebration showcased new businesses and entrepreneurs launching in every conceivable industry. I met a young veterinarian to be, who had launched a business built around a new diagnostic tool for dairy farms. There was a presentation by a bio-tech startup that was making prescription toothpaste to treat allergies. Young entrepreneurs were addressing needs as varied as the shortage of part time domestic help in Tiawan, to the inability of seniors with hearing loss to participate fully in group activities. What became clear is that entrepreneurs see opportunities to fix problems that others overlook or suffer through.
- At The End Of The Day Entrepreneurship Is About Business. Successful entrepreneurs are hard workers, driven by passion, who are able to identify and serve customers for a return that exceeds the risk adjusted cost of capital. In other words they are smart business people who serve a need in a way that allows them to make a profit. The entrepreneur uses innovation to create a market opportunity. They use passion to harness that opportunity.