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In this episode, I explore three ideas about effective entrepreneurship:
- the most effective entrepreneurs create a platform for others to build upon and benefit from, one that users can interact with on a continuing basis (e.g., Apple’s iPhone, Leggos, Skype) ;
- effective entrepreneurs understand the game they are playing (i.e., what constitutes visible progress and success); and
- effective entrepreneurs enlist a hierarchy of benefits in their offerings (e.g., financial, economic, social, psychological).
Overall, effective entrepreneurship is about successfully converting the entrepreneur’s supply-side intentions into demand-side behaviors by continually testing for expected responses to a hierarchy of benefits among potential demand-side actors.
Charles G. Chandler, Ph.D.