A recent query on Quora went as follows
What are the top 10 amazing facts about Entrepreneurship?
My response was as follows:
- Entrepreneurs are risk takers
- Risk taking by entrepreneurs leads to innovation
- Companies and societies benefit enormously from successful entrepreneurs
- Successful ideas are acquired by large corporations
- Entrepreneurs help create an ecosystem of startups around them (e.g Waterloo area in Canada that thrives because of Blackberry)
- Success is not always guaranteed. And not all innovation is recognized
- Behind every successful entrepreneur …. Are dozens of unsung heroes including
- Employees
- Investors
- Family and friends
- Success is not always guaranteed. However, entrepreneurs learn quickly from their failures
- Entrepreneurs don’t always go after coolest, newest technologies
- Some of the most successful entrepreneurs are fast-followers and not innovators
- Entrepreneurs are tenacious… but they also know when to walk away
- Some entrepreneurs thrive in startup hubs – like Silicon Valley, Bangalore etc – but the vast majority come from other cities where they happen to live
- Startups don’t depend on governments
- However, positive policies and economic incentives help entrepreneurs