Entrepreneurs and America

“Silicon Valley’s most valuable export…is the idea of Silicon Valley itself.” – Simon Cook, DFJ Esprit

The most meaningful part of this week’s lesson for me was reading through the Special Report on Entrepreneurship in The Economist.  The reading took me a little while to complete, but I did not mind at all; I was wrapped up in the analysis of the world of venture capital and entrepreneurialism.  What fascinated me the most was the focus on why entrepreneurialism succeeds in various parts of the world, and why there is not a robust entrepreneurial spirit elsewhere.   The thought that America is the hotbed of innovation because of the unique culture of American individualism and optimism really stood out to me.  I had never really given much thought to why innovation seems almost second nature in this country, but it makes sense that a nation founded on blazing trails, being a pioneer, and living by the sweat of one’s own labors and ingenuity would be incubator of so many creative and successful ideas.  

The articles in the reading carried this forward to the next step: where else has entrepreneurialism succeeded, and why has it thrived?  Israel, Singapore, and India were all highlighted as examples of places where innovation is beginning to thrive.  These places have only been able to do so when people have been given the freedom and incentive to take risks without fear of punishment for failure.  As economies have become more liberalized, and as governments have taken a step back to allow individuals to take risks, these economies have been able to mirror some of the success of America as a whole—and Silicon Valley in particular.  

My final takeaway from this week’s lesson is that if an entrepreneur is going to succeed, he can’t be afraid of taking risks.  He should be building a network of close friends with whom he is willing to work hard to solve a problem, and he should educate himself in a field for which he has passion.  Modern tools exist to facilitate the growth of a start-up, and the entrepreneur should take full advantage of their availability. Entrepreneurs are pioneers who want to make the world a better place, and where they are encouraged to take risks there tends to be growth and prosperity.

$100 Challenge Update

This week I identified my top 5 ideas for the $100 challenge. I then looked into what the start-up costs would be and posted about my ideas on the group discussion board for suggestions. I received some great feedback and I think that I am going to go with the idea of making homemade hot chocolate mix and selling it in little bags.