The Entrepreneurial Edge: With Passion, Purpose and Practice, Now Is the Time

By Sharon Schmickley & Betty Noble



One might wonder about the prudence of a decision to start a business in troubling economic times like those we are currently experiencing. However, according to research by Dane Stangler, a senior analyst at the Kauffman Foundation, 50% of the companies on the Fortune 500 list this year were founded in recession or bear markets. So, if there is a budding entrepreneur restless in you, this quarterly column may provide you with the direction and support that could help you and your business to find that edge.

According to renowned author and consultant Michael E. Gerber, author of E Myth Mastery, "building a world class company is a commitment to the integration of passion, purpose and practice."

Passion is the fire burning in our minds and hearts. It gets us up every morning to go out and be who we are as entrepreneurs. Passion supports vision.

Purpose gets the stuff done - it executes. In a world of purpose without passion, we run the risk of burning ourselves out.

Practice brings passion and purpose into harmony with each other. It is both being and doing.

Like any professional athlete, an entrepreneur must practice skills and strengthen competencies. Successful entrepreneurs need to grow keenly self-aware, to both understand and be accountable to themselves and to others for their competencies, skill strengths and weaknesses. There are widely published lists of entrepreneurial skills and competencies. Skill is what one does. Competency answers the question: "Who am I being as an entrepreneur?"



Practice Makes Perfect

Developing a competency or learning a skill is a first step. We develop competency and learn skills through formal and informal education, working with mentors and coaches, and through the experiences of working on our businesses.

But true and lasting excellence rests in constant practice. And that doesn't mean practicing your trade. Most likely you are already very skilled at that component of the business. It is practicing and spending time on making the business work, giving the time and attention necessary to make your business successful.

When we work on businesses rather than in them, we sharpen our skills and have the opportunity to learn from our mistakes. Many entrepreneurs enjoy and are comfortable working in their businesses. After all, we start businesses because we are passionate about what we do, whether it is consulting, baking cookies or creating new software. However, we often do this at the expense of working to sustain and grow our business - a task that usually ends up taking more time and energy than working on the part of the business that we are most passionate about - the consulting, baking cookies or creating new software.

For most entrepreneurs, working on their business is less natural and often takes skills beyond one's innate abilities. That is why many entrepreneurial programs place emphasis on practiced excellence in competencies that include leadership and teaming, communication, critical thinking and global awareness. Also important are learning the skills required to function in today's ever-changing technological environment.

In today's global economy, one part of working on our business is leveraging technology. Technology has furthered our ability to learn and practice the skills required to start and run businesses. Virtual communication technologies like Skype support communication with global educators and experts worldwide. These advanced technologies not only connect us, but accelerate and advance our opportunities to develop cutting-edge skills.

We can lead by managing our teams virtually. We are able to be more skillful at collaboration as we talk with a global outsourcing partner in China. As entrepreneurs, the ability to leverage the virtual business model improves productivity, thereby impacting the bottom line. The new workplace truly is anywhere, any time.



Practice Practicing

There are some ways one can become a better businessperson. Paying attention to what we are doing and asking some basic questions are a start, such as: As an entrepreneur, who are you being, and what are you doing? Which competencies and skills are you sharpening?

Consider making technology exploration a part of your practice as an entrepreneur working on your business. Practice using a new technology skill or tool and evaluate how it can best be utilized in your business. Begin paying closer attention to the business of business.



Sharon Schmickley is chairperson of the Business and Computer Systems Division, and Betty Noble is director of the Center for Entrepreneurial and Business Excellence, both at Howard Community College. They can be reached at sschmickley@howardcc.edu and enoble@howardcc.edu, respectively.