Portfolio of entrepreneur and writer, Nathan Rennard.
Abide by the Pareto Principle – also called the 80/20 Rule – which states that 80% of results come from 20% of activities. An entrepreneur should invest their time in the right activities.
Historically, specialization has been a path to prosperity.
The idea of the “Renaissance Man” or polymath came about during the Renaissance period, and is the idea that anyone who applies themselves can be exceptional at poetry, art, science, mathematics, athletics and any other field that catches their attention.
The Renaissance thinkers recognized both the potential of individuals as well as the enormous value to being well-rounded. Unfortunately, somewhere along the way the idea of someone who dabbled in many fields lost its cultural appeal and we began to praise those who sought deep subject matter expertise.
We now live in a world where distinctions between formerly separate industries are breaking down and the real opportunities for growth are where those industries intersect. Harnessing these 21st-century opportunities will require people who are “jacks of all trades, masters of none,” or, perhaps more accurately, master polymaths.
Defined by Wikipedia
Entrepreneur is defined as an individual who organizes or operates a business or businesses. Credit for coining the term entrepreneur generally goes to the French economistJean-Baptiste Say, but in fact the Irish-French economist Richard Cantillon defined it first in his Essai sur la Nature du Commerce en Général, or Essay on theNature of Trade in General, a book William Stanley Jevons considered the “cradle of political economy” Cantillon used the term differently. Biographer Anthony Breer noted that Cantillon saw the entrepreneur as a risk-taker while Say considered the entrepreneur a “planner”.
Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price: “making decisions about obtaining and using the resources while consequently admitting the risk of enterprise.” The word first appeared in the French dictionary entitled “Dictionnaire Universel de Commerce” compiled by Jacques des Bruslons and published in 1723.
Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, to adapt to changing environments and understand their own strengths and weakness.
The term “entrepreneur” is often conflated with the term “small business.” While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial in the strict sense of the term. Many small businesses are sole proprietor operations consisting solely of the owner, or they have a small number of employees, and many of these small businesses offer an existing product, process or service, and they do not aim at growth. In contrast, entrepreneurial ventures offer an innovative product, process or service, and the entrepreneur typically aims to scale up the company by adding employees, seeking international sales, and so on, a process which is financed by venture capital and angel investments.