I really like the post that Seth Godin wrote on his blog today called: The four elements of entrepreneurship.
He defines entrepreneurs through their actions and behaviors. In his view, this is what they do:
1. They make decisions.
2. They invest in activities and assets that aren’t a sure thing.
3. They persuade others to support a mission with a non-guaranteed outcome.
4. This one is the most amorphous, the most difficult to pin down and thus the juiciest: They embrace (instead of run from) the work of doing things that might not work.
As far as I can tell, that’s it. Everything else you can hire.
He then goes on to say:
All four of these elements are unnatural to most folks. Particularly if you were good at school, you’re not good at this. No right answers, no multiple choice, no findable bounds.
Perhaps this is why many VCs seem to favor young founders. They’re not old enough to think they know what will work and what will not work.