Startup Tutor Central > Basics of Entrepreneurship
If you want to become a doctor, you have to understand the field of medicine.
If you want to become a lawyer, you have to understand the field of criminal justice.
If you want to start a business, you have to understand the basics of entrepreneurship.
So what is entrepreneurship?
Entrepreneurship is defined as "organizing and managing an enterprise, especially a business, usually with considerable risk and initiative."
A better way to view Entrepreneurship is; it is finding a problem, and then providing a solution for a profit.
Every great business begins with 2 simple questions:
Any great business is the result of a very simple equation: Idea + Amazing Execution. Understand that an Amazing Idea combined with Horrible Execution is as worthless as a Horrible Idea.
However, when a Mediocre Idea is combined with Amazing Execution, the results are spectacular. Most entrepreneurs fail because they fall short in their execution.
It is important to note that entrepreneurship is a team sport. It isn't enough for only the entrepreneur to be excellent; it is also required of their suppliers, their lawyers, their accountants and a whole list of individuals and businesses that they rely on to execute their vision.