Your article about what makes a successful entrepreneur is insightful. Virtually all of the successful entrepreneurs I have met have the exhibited the three bullet points you outlined. Some stronger than others. Thus, I disagree with the post by Noric Dilanchian that bullet points 1 and 3 do not apply. In fact, I feel that the concept of corporate entrepreneurship is a huge contradiction.

I believe that the rules of the game for success of an entrepreneur are clear and distinct and are quite the opposite of what it takes to succeed in the corporate arena. Thus, you can only play by the business owner rules of success or the bureaucracy rules but not both at the same time. The rules of success for bureaucracy and business ownership are as different as night and day. It would be like playing the game of American football and tennis at the same time. Not likely. Calling someone a corporate entrepreneur is like calling someone a football tennis player.

Entrepreneurs have to want to play by the rules of business owner success and they have to be good at doing so to succeed. The traits you outlined are typical of entrepreneurs who have successfully followed the rules of success for business owners. In my opinion, I believe that the rules of success for business owners are:

1. The business owner must seek and take full responsibility for the success of the business.
2. The business owner must focus his or her energies almost exclusively on the success of the business (versus power, politics, or image)
3. The business owner must recognize he or she has full control over determining his or her work duties, and has total job security.
4. The business owner must recognize that he or she has no one in the organization to take orders from or indulge. No politics.
5. The business owner must find, attract and keep the partners, employees and vendors who will assist the business to generate more quality income producing results.
6. The business owner will want to pass on salutations and credit to anyone who contributes to the success of the business.
7. The business owner will not want to extract personal favors from subordinates, partners, or vendors that hinder the success of the business, and the owner will not allow anyone else to do the same. The business comes first for everyone in the business; otherwise it is converted into a bureaucracy, which will not be a successful business.

I think I agree with your point about experience also being a “push factor” for entrepreneurs. I know a number of people who worked for a number of years at large companies, only to say “I can do better” and strike out on their own.

I also agree with your idea that the corporate environment may suppress people’s preference for innovation. However, that preference, in my opinion, was already there. The in-born entrepreneurial drive is what makes them take the leap.

Thanks for your comments and for reading! I like your blog by the way, seems extremely applicable to your market.

- Bill

Finally, tolerance for uncertainty grows in proportion to the growth of the first three attributes and with increased financial resources.

I may be slightly cynical (my wife would say that’s an understatement) but I’m not convinced that entrepreneural “studies” at the college level can ever replace a few years in the corporate world, what with college loan payments and parents who’d like to see some return on their investment.

Keep up the good work.

Mike Buckley
Mine Your Own Business
http://www.tacony.com/myob