Does success in building a business start with the motivation to dream up the next best idea and aspire for millionaire or even billionaire status? Maybe for some, but it’s the long shot. Sometimes it may work, but often the risk is much higher.
True entrepreneurs recognize a need; they imagine and create a solution to solve a problem. Problem solving is what gives longevity to the evolution of entrepreneurship. It's not only the ability to implement a solution, but recognize when to innovate and modify the solution to continue meeting the needs of a changing market and society. This is what keeps generations of entrepreneurs thriving and successful.
Thomas Edison once wrote:
“I never perfected an invention that I did not think about in terms of the service it might give others… I find out what the world needs, then I proceed to invent…”
When the aspiration is solely for money or status, it can often cloud the ability to recognize when to change course or innovate a solution, service or product.
If we think of entrepreneurship in terms of creating a business, we know starting a business can be risky. However, adding value to that risk by ensuring a problem is being solved, then being nimble to recognizing opportunity and innovate with change, will often make for a much more successful, profitable and long-term endeavor.
There are many great stories of American entrepreneurs. One of my favorites is of Henry Flagler born in 1830 in Bellevue, Ohio. Flagler received an 8th grade education and left home at the age of 14 to work in a store. He soon recognized the opportunity to serve the Civil War's need for salt and moved to Saginaw, Michigan to start a mining business. After the war the demand dropped so Flagler closed the salt mine, headed back to Bellevue, Ohio and entered into the grain business, which had a more consistent demand. It is here where he met John D. Rockefeller.
After several years Rockefeller left the grain business and wanted to erect an oil refinery, Standard Oil company in Cleveland, Ohio. In 1867, Mr. Rockefeller needed an investor and partner to make it all work. Flagler recognized the increasing need for oil and the opportunity, investing $10,000 in the Standard Oil company. It was the start of a long committed partnership where Flagler introduced the idea of the rebate system for eliminating the competition and transportation enterprises. The rebate system worked and it worked well. When Rockefeller was asked if Standard Oil company was the result of his thinking he responded, “I wish I had the brains to think of it. It was Henry M. Flagler.”
In 1876 Flagler traveled to St. Augustine, Florida and found the city charming, but with a lack of hotel options. He remained on the board at Standard Oil and returned several years later to St. Augustine to enter into the hospitality business. He erected hotels, resorts and established the towns of St. Augustine, Daytona and West Palm Beach. Recognizing the need for transportation, he began to acquire short-line railroads to connect the resort areas. This would later become known as the Florida East Coast Railway. Flagler looked 60 miles south to Miami for expanding his railroad. Encouraging development along his railway, he dredged channels and built water systems, promoted fruit farming, built churches, hospitals and started Miami’s first newspaper. Flagler is still known as the “Father of Miami” as noted on his statue within the city center and the city has named a main thoroughfare after him.
In 1905 Flagler decided to extend the railway to Biscayne Bay in Key West. This would enable him to take advantage of trade with Cuba and the new canal the U.S. was proposing to build in Panama.
Henry M. Flagler died in 1913 after a fall down a flight of stairs.
Entrepreneurial success greatly relies on perspective. Flagler repeatedly recognized needs in the marketplace and acted on solving those issues, while turning them into opportunities both for himself and the market or surrounding community.
Perspective motivates people to pursue new ideas in different ways. If perspective was to change from being money-driven to a solution-oriented approach, consider how that type of shift in frame-of-mind would allow the ability to better recognize value, opportunity, scalability and to innovate based on market and societal changes.
What is your perspective on entrepreneurship?
“I never perfected an invention that I did not think about in terms of the service it might give others… I find out what the world needs, then I proceed to invent…”
When the aspiration is solely for money or status, it can often cloud the ability to recognize when to change course or innovate a solution, service or product.
If we think of entrepreneurship in terms of creating a business, we know starting a business can be risky. However, adding value to that risk by ensuring a problem is being solved, then being nimble to recognizing opportunity and innovate with change, will often make for a much more successful, profitable and long-term endeavor.
There are many great stories of American entrepreneurs. One of my favorites is of Henry Flagler born in 1830 in Bellevue, Ohio. Flagler received an 8th grade education and left home at the age of 14 to work in a store. He soon recognized the opportunity to serve the Civil War's need for salt and moved to Saginaw, Michigan to start a mining business. After the war the demand dropped so Flagler closed the salt mine, headed back to Bellevue, Ohio and entered into the grain business, which had a more consistent demand. It is here where he met John D. Rockefeller.
After several years Rockefeller left the grain business and wanted to erect an oil refinery, Standard Oil company in Cleveland, Ohio. In 1867, Mr. Rockefeller needed an investor and partner to make it all work. Flagler recognized the increasing need for oil and the opportunity, investing $10,000 in the Standard Oil company. It was the start of a long committed partnership where Flagler introduced the idea of the rebate system for eliminating the competition and transportation enterprises. The rebate system worked and it worked well. When Rockefeller was asked if Standard Oil company was the result of his thinking he responded, “I wish I had the brains to think of it. It was Henry M. Flagler.”
In 1876 Flagler traveled to St. Augustine, Florida and found the city charming, but with a lack of hotel options. He remained on the board at Standard Oil and returned several years later to St. Augustine to enter into the hospitality business. He erected hotels, resorts and established the towns of St. Augustine, Daytona and West Palm Beach. Recognizing the need for transportation, he began to acquire short-line railroads to connect the resort areas. This would later become known as the Florida East Coast Railway. Flagler looked 60 miles south to Miami for expanding his railroad. Encouraging development along his railway, he dredged channels and built water systems, promoted fruit farming, built churches, hospitals and started Miami’s first newspaper. Flagler is still known as the “Father of Miami” as noted on his statue within the city center and the city has named a main thoroughfare after him.
In 1905 Flagler decided to extend the railway to Biscayne Bay in Key West. This would enable him to take advantage of trade with Cuba and the new canal the U.S. was proposing to build in Panama.
Henry M. Flagler died in 1913 after a fall down a flight of stairs.
Entrepreneurial success greatly relies on perspective. Flagler repeatedly recognized needs in the marketplace and acted on solving those issues, while turning them into opportunities both for himself and the market or surrounding community.
Perspective motivates people to pursue new ideas in different ways. If perspective was to change from being money-driven to a solution-oriented approach, consider how that type of shift in frame-of-mind would allow the ability to better recognize value, opportunity, scalability and to innovate based on market and societal changes.
What is your perspective on entrepreneurship?
