Taking responsibility, including moral and ethical responsibility as well as financial responsibility, for the downside risk of one’s entrepreneurial efforts is what holds society together. It is transparency and honesty and authenticity. It is the honorable life, the only one worth living.
The output of a service is an experience. What you actually receive is a feeling that your life is better as a result. In order to produce this result, service providers must be highly empathetic.
There is not a single trade that is not governed by legislation, bureaucratic rule making, taxes, tariffs or subsidies or political adjustments of some kind. No boat can sale, no plane can fly, no truck can deliver without political permission. Giant global bureaucracies make sure that not a single transaction can be made without a specific permission within their rule making.
Who am I? What do I believe? What are my values? These are the questions entrepreneurs ask of themselves before they embark on any kind of project. Who do I want to help? How can I understand their need?
From the days of large corporations, big factories, and mass-produced branded products and services, we are now headed towards a miniaturized, customized, co-developed future. Factories, farms and energy flows are miniaturizing. Add your unique recipe, and you’ve miniaturized the expert economy.
Annie Duke credits the empirical, dispassionate habits of mind instilled by “thinking in bets” with opening up new learning opportunities.
Entrepreneurs exercise a uniquely human form of imagination, based on unique knowledge that only they possess. They imagine a state of affairs that does not exist today, that they believe they can bring to fruition in the future as a result of their own actions. This is not the extrapolation of existing data. This is creativity
What if the opportunity does not “exist”? What if the entrepreneur’s contribution is to create it?
Entrepreneurs are creative. They find new ideas, either in their own heads or from others. They will gather and assess all the ideas, test the ones with most promise, measure the outcomes, and advance the ones with best results.
In the division of labor, we each want to demonstrate that we can provide better service to others and be worthy of our hire. This is how individuals find their own level.
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