Friday, September 24, 2004

"Translating Ideas Into Success" ... this one's for all of you!

In Mackinac Center for Public Policy

Before I move on to a speech that Joseph Lehman delivered to open the inaugural Asian Resource Bank, I want to first thank all of you who emailed me personally on the "Glass Ceiling" article. As it did for me, the essay resonated with many of you. And always feel free to post your feelings, beliefs or opinions whenever you like on this blog. That's what it is here for. But if you feel more comfortable contacting me on a personal basis (, that's fine too. Just glad you all liked the piece.

Now, on to the speech. I am posting this because Lehman talks about many of the characteristics (optimism, perseverance and so forth) necessary to become a good entrepreneur or business owner. The speech is entitled, "Translating Ideas Into Success," and many of you might be thinking along these lines -- whether it be by leaving your corporate job to start a new business or to "focus" on an idea that is brewing in your head -- this talk is for you.

In particular, I am highlighting the section on entrepreneurship for I find it liberating to read such a thoughtful piece:



The next ingredient for translating ideas into success is entrepreneurship. I don’t mean just talking and writing about it. I mean being an entrepreneur.

To really shift the window of political possibility, we have to get out of the purely academic mindset, where the goal is writing reports and studies. Our success is not measured by how much paper we push out the door. We succeed only if we actually shift policy in the right direction, and to do so requires an entrepreneurial approach.

Successful entrepreneurs are focused. They have lots of ideas, but they figure out their comparative advantage and spend their energy there. They don’t run in all directions trying anything that seems interesting.

This means that entrepreneurs are planners, but not in the sense of stifling creativity and flexibility. A good entrepreneur makes plans that avoid both rigid bureaucracy and unfocused, free-wheeling frenzies of activity.

Entrepreneurs are problem-solvers. They don’t just try to copy what works in other countries — they become the experts at applying freedom ideas and overcoming obstacles in their own countries.


To read the entire speech, visit: Translating Ideas Into Success

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