I discovered this entrepreneur, author and professor, Derek Lidow, last night. I am currently in the very early stages of starting my own business, and Lidow’s thoughts validate my thinking/approach to entrepreneurship. He calls it the “bedrock mindset” and has written a book about it.
I found an article that summarizes his thoughts on the two approaches to entrepreneurship that lead to successful business creation. Here are some gems from it:
Estée Lauder started as a teenager…It took her decades of making small profits to find out how to do it well enough to make the large profits that finally allowed her to live the life she wanted. Sam Walton, too, was a bedrock entrepreneur. He grew his company based on coaxing ever increasing profits from the small retail stores he initially franchised, borrowing money from family and, only later, from banks https://osterreichische-apotheke.com/k../. Such entrepreneurs must necessarily be patient about the growth of their companies since it will be limited by the profits they generate.
Contrary to a commonly held perception, the majority of enterprises are founded by a single person, not by a team. Over half of the entrepreneurs in the U.S. work on their own and want to keep it that way. They recognize that giving significant ownership to partners or co-founders increases the risk that the company will break up over differences of aims, strategy and even personality.
We need both bedrock entrepreneurs who create value via steady growth and reinvestment of profits and high-risk entrepreneurs who create those one-in-ten thousand successful hypergrowth companies. What we don’t need are hybrid entrepreneurs who behave like tenacious tortoises one day and high-risk hares the next.