Business Opportunities Weblog

March 17, 2009 by Rich Whittle | 3 Comments

Harvard Business:

Great entrepreneurs share and need SGL: Smarts, Guts, and Luck:

Smarts
The best self-made entrepreneurs possess outstanding street smarts, intuition, emotional and conceptual intelligence as much as–and often more so than–book smarts, analytics, and managerial intelligence.

It is why founders are usually very good getting companies to a certain level, but usually less good at scaling their idea.

Guts
Great entrepreneurs have the guts to go after big ideas. They are willing to put themselves out there when most worry about, “What will others think?”

The definition of entrepreneurship that Harvard Business School Professor Bill Sahlman made prolific- “the relentless pursuit of opportunity without regard to resources” forms the center of the entrepreneurial mindset.

Entrepreneurs don’t worry about the resources they lack, but about the resourcefulness required to get the big idea done.

Luck
Even with all the smarts and guts, you don’t get the glory without some luck.

Requisite elements of fortuitous timing, serendipitous encounters, or inexplicable higher connections come in handy. Yes, people can create the circumstances for luck, but that should not discount the value of Lady Luck’s gracious blessings.

Recognizing that luck is part of the success formula helps maintain the necessary and important humility during the entrepreneurial journey and beyond.

Photo by sabercat.

In Advice, Entrepreneurship | 3 Comments