August 7, 2009 Leave a comment
Resourcefulness. [ri-sawrs-fuhl-ness] Adj.
An ability to deal skillfully and promptly with new situations and difficulties.*
Resourcefulness. The single most important trait employed by entrepreneurs.
Actively soliciting customer insight, adapting to circumstance, recognizing opportunity and seizing advantages.
A focus on iterative product development and creative problem solving.
Understanding that plans will invariably need to be adjusted and deftly modifying continuously whilst maintaining strategic vision and business goals. Aiming to release early to gain immediate public feedback, iterating reactively and letting true market needs dictate evolution of product.
Entrepreneurs must embrace failure as the process of progression.
Failism. [Feyl-ism] Verb.
A philosophy espousing the benefits to be found in failure. A culture that embraces mistakes as necessary for progression and encourages entrepreneurs to strive for failure early and effectively through ongoing evaluation, constant adaptation and perseverance.**
Inherent risk lies in extremism of the philosophy; entrepreneurs are right to remain critical before careful examination and qualification of information collected. Careful diligence must be executed before reaction. Thorough evaluation methods should be employed and all information qualified before decisions rendered.
A company, product, service or individual will never find universal approval. In the receipt of every critique it is imperative to put oneself in the very position of the person delivering the insight. Ensure that feedback is in fact reflective of majority opinion and not isolated to one segment or category.
Magnanority. [Mayg-na-nawr-i-tee] Noun, Adj.
Minorities with an exaggerated presence, audience or brand.**
Entrepreneurs must beware the potential tyranny of vocal minorities. Ensure feedback sources are varied and gathered from across target product audience verticals and categories.
Successful starts ups are led by individuals committed to continuous evolution but who are also confident in their own vision and interpretation of gathered outside insight.
Failist. [Feyl-ist] Noun.
Possessed of the critical spirit necessary for rapid prototyping; assertively recognizing failures and efficiently adapting new approaches whilst maintaining confidence in their own authority and assertions.**
It is important for entrepreneurs to remain mindful that those outside of the company will, for the large part, be ignorant to internal strategy, future initiatives or resource limitations.
Solicit, record, evaluate, apply. Repeat.
Remain focused on larger objectives, but flexible in the approach.
*[Caveat: The definitions used in this post are of the author’s design and are certainly not meant to be taken as a literal dictionary reference.]
**[Caveat: The terms defined are the new, proposed phrases offered by the author.]