'Have a great story, and believe in your vision'
Howard Stevenson, a Harvard Business professor, defined entrepreneurship as "the pursuit of opportunity beyond resources controlled."
In my opinion, this means anyone who recognizes an opportunity, has the passion to succeed, and is willing to undertake risks personally and financially is an entrepreneur.
A pursuit of an idea may not succeed, but entrepreneurs see what could be and continue to promote and believe in their ideas. Entrepreneurs need to embrace new ideas if they want to develop innovative new products, build better organizations, and keep companies and the larger economy strong and healthy.
What is common among entrepreneurs is that they all have passion and drive. If you have a passion and belief in your ideas and are willing to take the necessary risks because you know you will succeed, you're an entrepreneur. If you have a great story and believe in your vision, you will find the right people who will want to be a part of your idea. You still need a plan, good design, good engineering. But, if you can realize the ability to maximize the probability that you can solve a problem, you will find success.
Steve Jobs, who shared his knowledge with the world, said, "You have to have a lot of passion for what you're doing, because being an entrepreneur is hard." Passion is relative to the individual who has it and you need to maintain passion and drive. Maybe you do not get up every day excited about going to work, but if you love what you do, you want to share your knowledge and passion with others.
You surround yourself with others who inspire, challenge, and believe in you and your vision. You empower and support individuals in your organization and hold them accountable to make decisions. You look to outside partners and resources to collaborate with you as well. This entails building a strong team both internally and externally.
Another characteristic that I have seen from successful entrepreneurs is that they build strong networks. They don't underestimate anyone they come across. Being a good listener and knowing when to take advice from others is embedded in an entrepreneur. If instincts are telling you to do something, follow that intuition and look to your network or others to validate that your idea is worth pursuing.
Entrepreneurs also let innovation be the driver of something great. We live in a world of innovation and new ideas. It is up to innovators to take the abstract and make it come alive, leveraging creative thoughts, imaginations and ideas. Entrepreneurs know they can't control everything that could affect their company.
Alec Ross, head of innovation at the U.S. State Department said, "The 21st century is a terrible time to be a control freak. It is impossible to be in total control given the world we live in." Entrepreneurs continually get up if they fall, learn and make their idea better or different and never lose passion for why they are doing what they are doing. There's always room for improvement, no matter how long you've been in business and there is no one-size-fits all for entrepreneurs.
As business leaders, we can continue to learn from each other and build great organizations. Take the time to expand your entrepreneur network and support what matters to you and others in your organization.
• Thomas Bugielski is president and CEO of Republic Bank of Chicago