Entrepreneur. What does it mean exactly? A person who starts a business where there was none before? In the 60s Drucker described it as “an entrepreneur searches for change … exploits opportunities”. I think change and upsetting the status quo are key. And then making some targeted, well spun NOISE. These days it’s no good being a great inventor if nobody hears about it or wants to buy it. So my definition is a simple formula. Entrepreneurship = innovation + marketing.
The biggest failure with start-ups is usually in commercialising the concept and in not finding enough customers to justify the business. There may be a business, but is it really sustainable? Is your interest in the project clouding your judgement?
One good way to address the subjectivity issue is to set down your plan on paper. This is not for the bank or investors. It’s for you to decide if your idea is good enough. Don’t try to do this in your head. Get a piece of paper out and write down the answers. Try to complete it out in one sitting. If you can’t complete it or are you missing key information update it when you can. Keep this page and refer to it.