Archive for November 7th, 2006
What makes them Entrepreneurial? # 15
Their “Attentional Style”
Innovation is the heart of entrepreneurship and it is not sufficient if it beats just once. Innovation is a continuous mechanism and startup will survive till this mechanism is functional.
Successful entrepreneurs work diligently on this vital aspect of relentless innovation. For entrepreneurs, innovation does not necessarily mean to come up with only unique and fundamental research idea.
They also focus on products or services which are already distributed widely in the market. They know how to tweak one or two elements of existing solutions and create whole new dimension of the user experience. Many entrepreneurs have been successful in implementing this approach and creating high-growth companies by taking market share away from well-established competitors.
This is the quality of entrepreneurs to “think outside the box” generally known as “Attentional Style” which distinguishes them from other managers. “Attentional Style” is the ability to analyze a situation and come up with effective ideas or solutions to problems.
Consider following interesting case study –
When Steiner’s Quality Imaging Products reached about $1 million in sales, he spotted an unconventional opportunity in the $4 billion copier cartridge remanufacturing business. He noticed that his competitors tended to favor building capacity for HP products, since at the time, HP owned 70% of the market. So he approached several of his competitors and offered to supply them with cartridges for other brands like Panasonic, Xerox, and Lexmark. Sales spiked to $18 million in just a few years through a dealer network (made up of former competitors) that spanned all fifty states and several foreign countries.In general “Attentional Style” has three primary attributes:
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being aware
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problem-solving
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taking action
Entrepreneurs show strong ability to solve problems and generate new ideas. They are also superior in awareness dimension i.e. their ability to read people and situations. This diligent approach of being fully aware of their surroundings, solving problems with right approach and actions based on strategic thinking make them successful entrepreneurs.
For more articles in this series, please visit: What makes them Entrepreneurial?
entrepreneur startup small business success innovation strategic attention style problem idea
