With the constant innovation in today's markets, there are different models of entrepreneurship that many are daring to undertake and that are succeeding around the world. Turning ideas into a product or service and achieving profitability requires a series of elements that entrepreneurs must keep in mind in each of the steps they take.
Kenneth Morse, academic director of the Selling To CEOs and Top Management program at INCAE, explains three models of entrepreneurship currently in use.
Technological Entrepreneurship
It involves pursuing opportunities in the white space of the 'blue ocean'; opportunities that open up through technological breakthroughs that were previously unfeasible. Examples of this entrepreneurship include Watson with his first telephone, Edison with light bulbs, Ford with automobile manufacturing, Mitch Kapor with LOTUS 123, Larry Ellison with relational databases in Oracle and many more.
Business Entrepreneurship
Innovation and entrepreneurship is about changing the game by creating new business opportunities. How? By solving a consumer problem through a different way of doing things. One example of this model is Dell, which enabled a direct PC sales model for users who already knew what they wanted (and probably already owned a PC). Another is Amazon with its 24/7 approach to selling products and which has completely changed the way we shop. But there are many more.
Geographic entrepreneurship
These are companies that emerge quickly in countries. They quickly learn the innovative business models and technology coming from abroad and adapt them to their local market according to its needs and requirements.
Today's young technology entrepreneurs, looking to reach new markets, need to know how to improve sales and sales management. In the beginning, they are rarely able to commercialize their breakthrough ideas on their own. They must team up with entrepreneurs and intrapreneurs to take their inventions from the lab to the market.
Entrepreneurs understand customer needs and have the sales skills to match inventions with customer needs. They know that they must have specific plans to sell to their customers and that they must go global early in the company building process.
Excerpt from the article: "A CEO must create like a god, rule like a king and work like a slave", published in the Spanish ABC website.
