Entrepreneurship is not a word easily defined. It is a way of life, a way of thinking that refuses to be held down. It is the burning desire you had as a kid for freedom, which led you to set up your first lemonade stand in front of your house. According to Chad Storey entrepreneurship is the action taken by individuals who seek to capitalize on an opportunity. The entrepreneur will always be looked to as the rebel, the one who can turn a hobby in his garage into a multi-million-dollar enterprise. I have observed that everyone in the world is capable of identifying opportunities; however, there are only a select few who are willing to act to take advantage of those opportunities.
If you had the chance to sit down and talk with him, you would recognize immediately that he is not a conventional thinker. A natural risk-taker in every aspect of his life, he is a fanatic of extreme sports because of their emphasis on continual progression. His mind has been and forever will be focused on the possibilities of the future. Two years ago he was studying at the University of Baltimore, planning on getting into the corporate world of real estate. "What was it that changed your life plan?" I asked. He explained to me that in 2009 he went out to buy a watch, and after weeks and weeks of searching he realized that what he was looking for was not on the market. As an avid fan and participant of action sports, he wanted a watch that could be a symbol of progression. He was searching for a watch that could represent the aspects of his life, which defined him.
After searching, Chad believed that he had found an opportunity in the market to design watches to appeal to that specific group of people. He adjusted the black beanie that he was wearing as he articulated his answer for me. He told me that failure is 'overhyped', and is not as crippling to an entrepreneur as one might think. He began telling me that he owes a lot of his current success to his past failures. "As long as you begin with the end in mind, the mistakes you make along the way will not matter." I then asked him how an entrepreneur should respond to failure; his reply was never taking your eye off of your goal. He used the metaphor of Peter in the New Testament as he began to walk on water, but when he let his fear overcome his faith, he sank. Entrepreneurs can learn a lesson from the apostle Peter. Never let fear overcome your passion.
Oftentimes people are so consumed by the fear of failure they never even consider the steps that could be taken to be a success. Everybody is born with unique skill sets and abilities that could help or hurt them in an entrepreneurial setting, but is there a formula for success that an ordinary person can put into practice? Education can empower you to face all of the challenges that come with running a business. As well, having a college degree will give you more confidence in yourself and allow you to take more risks in your business. You have the assurance that if your business fails, you have the credentials to find work elsewhere.
Chad Storey, also explains that in school you learn to manage time, set goals, and properly analyze. This will train you to look at all of the angles of your idea, which helps in your planning and goal setting. Confidence is necessary because once you decide to pursue your idea you can never look back. Second, guessing yourself and doubt is the Achilles heel of most first-time entrepreneurs. If you surround yourself with people who don't necessarily see eye to eye or are focused on changing or controlling your dream, it can be the death of your idea.