Being a successful entrepreneur requires some particular skills. Many programs exist to teach entrepenuership in schools, in community organizations and in entrepreneurial support groups, but debate continues over whether entrepreneurship can really be taught. Are you born an entrepreneur, or can you learn to become one?
Marc Nathan (formerly of the Houston Technology Center) and I discussed this at SXSW. Marc is passionate about supporting entrepreneurs and building entrepreneurial communities. He said you really can’t teach people to be entrepreneurs. In particular, you can’t teach the risk assessment and risk taking. (I love getting to talk with Marc, because he never ceases to challenge my thinking.)
Later the same day, I attended a panel discussion on How to Teach Entrepreneurialism Globally. The panelists were James Barlow, Douglas Richard, Richard Titus, and Sharon Vosmek.
The panelists were mostly in the business of teaching entrepreneurship, so it’s not surprising that they said that it is teachable. Oddly, they all also agreed that some parts of entrepreneurism cannot be taught.
What parts can you teach, and what can you not?
Titus says you can teach some of the core skills, but other internal drivers also play a role. Many of our best entrepreneurs have the same set of drivers that make them a rubbish employee, he said.
Vosmek said that where women succeed in high growth entrepreneurship, it was not the local culture that supported it. It was access to a global network.
One panelist (missed which one said this), said one thing that he looks at is their failure, because he wants to see that they are learning from it. However, in many countries, failure is catastrophic. A single business failure can destroy a person’s reputation and their finances permanently.
An audience member drew a parallel with his toddler who refuses to try certain foods and with brilliant technical people who refuse to try being entrepreneurial. Can you teach someone to try? Titus said that while you don’t have to be born an entrepreneur, some people are born not to be entrepreneurs. Some people are simply wired against it.
Barlow said that environment is also important. Extending the parallel with toddlers, Barlow said his toddler refuses to try milk at home, but readily drinks it at day care, where everyone is doing the same. He thinks that by putting people in an environment of entrepreneurialism, you can encourage them to try becoming an entrepreneur.
Vosmek said that generally, women hold themselves back as entrepreneurs because they assess their prior experience differently. They tend to discount their experience more readily than men do, thinking that it is not relevant to their entrepreneurial ideas. As a solution to that, she said that women need exposure to the opportunity, a chance to see what is part of the opportunity, and then they can assess their ability to deliver on that opportunity.
Teaching others to make entrepreneurs
Teaching angel investors and potential venture capitalists how to invest is one of the most important things you can do to promote entrepreneurship in Europe, the panel said.
I think this is highly relevant to small towns in the US as well as world wide. If your city or region is founding angel groups and venture capital funds, they can improve their chance of success by providing more training and information to those investors first.
- 2017 was the retail apocalypse. What does the future of retail hold for small town stores? - January 15, 2018
- New after-conference rule: the 2-to-1 rule - January 8, 2018
- For better planning, assess your strengths - January 1, 2018
- The end of year checklist for small businesses - December 26, 2017
- Survey of Rural Challenges 2017: What Small Town People See as Their Biggest Challenges and What Topics They Most Want Help With - December 18, 2017
- How do you get merchants to host pop-ups inside their business? - December 11, 2017
- Rural addresses are confusing to outsiders, but a new tool aims to change that with just 3 words - December 4, 2017
- Your town has lost its economic reason for being - November 27, 2017
- How to convince a building owner to host a pop-up - November 20, 2017
- Downtown After 5 idea: Dinner and a Movie - November 13, 2017