The pursuit of entrepreneurialism is a persistent, risky, and somewhat sweaty one. Business entails creativity, and not just a little bit, but a lot, and as an entrepreneur, you should figure out the market trends and figure out a problem you want to solve. Solving the problem could require a lot of creativity and hustling.
the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
"the new business opportunities have encouraged entrepreneurship on a grand scale"
Entrepreneurship could be broadly described as the "capacity and willingness to develop, organize, and manage a business venture along with its associated risks, for the primary purpose of earning a profit." Economics has another way to define it, referring to it as the "process of discovering new ways of combining resources, such as land, labor, and various natural resources, and capital, to make a profit." When one is about to engage in business, he or she is said to be practicing entrepreneurship or and entrepreneur.
Entrepreneur of a startup looks for a problem to solve. Being innovative is certainly one of the traits that is needed to push the venture to the next level. There is a difference between innovation and invention, as innovation is an improvement or significant change to an already existing product while invention is the creation of a product or a process for the very first time. Creativity is also needed to bring the innovation to the customer.
The beginning of Airbnb is a great example of how innovation and creativity were used for a startup. Brian, cofounder of Airbnb, solved the problem of guests of a design conference in San Francisco not having enough hotel rooms. His cofounder, Joe Gebbia and him decided to offer 3 air mattresses along with a complimentary breakfast in the loft of their apartment. A simple website was set up and conference attendees stayed at their place for $80 a night.
At the time, they know this business model was profitable but investors were not willing to invest and asked them to work on something else. in 2008, everyone was talking about Barack Obama. At the Democratic National Convention, they had moved him from 20,000-seat Pepsi Center to an 80,000- seat football stadium. There was a problem of too many guests and not enough hotel rooms at the moment. The cofounders of Airbnb seized the opportunity and had the guests stay in Airbnbs. They signed up hosts in Denver right before the conference and got people to stay. They also offered McCain and Obama cereal at $40 a box to raise money for their venture.
The Airbnb startup hustle was the perfect example of creativity and innovation. They found a problem to solve and saw the market trend and captured the opportunity of Democratic National Convention for traction. On top of it, they used the election opportunity to sell cereal boxes to raise money. Airbnb is also an innovation as Couchsurfing, hotel rooms, and homes already existed, and they built on top of it. make it work together.
At a coworking space such as Treehouse Society, you can be on top of market trends as you talk to many different types of people here. Have them test out your idea, get feedbacks, so you know that your solution work.
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