Successful entrepreneurship is about building a company that can consistently win in the marketplace and drive superior returns for the investors in the company. Typically, this involves breakthrough innovation, and a strategy of building layers of competitive advantage. Technical product expertise is essential, as is domain knowledge in your target vertical markets. However, winning in business is also about building a world class team, leading the team, and a focus on certain key disciplines of running a business to make money.
In a recent interview, I was asked what does entrepreneurship mean to you. Entrepreneurship can mean different things to different people. The most common thought is someone who starts a business, but successful entrepreneurship requires that you build a business and a company. Successful businesses have profitable growth and industry leading market share over a sustained period of time.
Here is a video clip with my answer to the question, “What does entrepreneurship mean to you?”:
You have the traditional entrepreneur, someone who starts a company. They are a company founder. You have a creative idea. You decide to start a company around it. I think that’s the traditional entrepreneurship model. I’ve never been a company founder, other than with QuestFusion. I’ve always been brought in, sometimes in an earlier stage and sometimes at a later stage. I was brought in to be the adult supervision, even though I was young when I started doing it. I was someone who brought a set of processes and partnered with the founders to create or turn the initial product into a business. Successful entrepreneurship is more than about having an idea or an initial product. It’s about building a business, building a business model and creating a company, not a just a product, into something that has incredible value.
This is Patrick Henry, CEO of QuestFusion, with The Real Deal…What Matters.