An Interview with Stephen Taylor, Propaganda and Sweet Concepts CEO & Founder – part 2
‘Let me tell you about the importance of Entrepreneurialism, and how vital it is to your success’ says Stephen Taylor, casually sipping on what just might be the world’s largest cup of coffee.
The benefits of entrepreneurship extend beyond the businesses they establish. Entrepreneurs improve the lives of individuals and communities, as well as the overall economy. Entrepreneurs have been instrumental in spurring social change and improving the way people live and work. They help raise the standard of living for everyone by creating jobs and making products safer, less expensive, and more functional.
Risk vs Rewards
Entrepreneurs’ rewards for taking on the risks entailed in transforming an idea into a business include the earnings their investment generates, as well as the ability to set their own schedule.
Entrepreneurs also gain the satisfaction of seeing their idea transformed into a thriving enterprise, and of knowing their skills and leadership helped to make it happen.
Communities reap the benefit of entrepreneurship because businesses help to foster innovation, promote economic development, and create jobs. A successful company is likely to expand, which generates taxes, jobs, and other benefits for the area. Thriving businesses tend to attract other ventures in the same or related fields, and they often invest in community projects and support local charities.
Entrepreneurs play an important role in growing and sustaining our economy. The technologies pioneered by entrepreneurs have created entire industries, including smartphones, wireless products, online shopping, social media, and streaming entertainment.
Entrepreneurship is frequently credited as a major driver of economic growth, spurring transformation, the creation of new markets, innovation, and building wealth. Entrepreneurs are often key to developing ideas and solutions to problems while creating new products.
Starting a business can bring additional resources and money to a region, helping to increase wealth and prosperity. Meanwhile, entrepreneurs often contribute to social and cultural evolution, bringing fresh perspectives and inspiration.
What is Entrepreneurship
Entrepreneurship is developing and managing a new business venture to make a profit or achieve another aim, such as making an environmental or social impact. Entrepreneurship involves identifying a market opportunity or gap in the market, developing a business plan, securing funding, finding the right staff, launching the business, and then managing its operations.
Entrepreneurship can take many forms. For instance, when it comes to hotel management, it can focus on improving hotel operations, services, and guest experiences to give the business a competitive edge. Alternatively, it can be starting a new hotel or restaurant, developing a new type of hospitality experience, or launching a new technology platform for the industry.
Entrepreneurship can also enhance the guest experience by providing innovative products and services to meet their needs and preferences. It drives economic growth and job creation with innovative ways of developing exciting new products and services that meet customers’ changing needs.
What Key Traits Do Entrepreneurs Need
Business acumen – Successful entrepreneurs need strong business skills, including strategic planning and financial management.
Leadership skills – Entrepreneurs must successfully lead and motivate teams and build strong relationships with partners, investors, and customers.
Networking – Effective entrepreneurs have a strong network of contacts in the industry and can leverage these relationships to grow businesses and access new opportunities.
Creativity – Entrepreneurs must be able to think of ideas and develop innovative and achievable solutions.
What are the Rewards of Entrepreneurship?
The financial rewards that come from being successful in business are of course important to many entrepreneurs and are key factors in motivating them to work hard and take tremendous risks. But if success can be defined as the feelings of satisfaction and completion you have when your business career is over, success has other dimensions that for many business owners are as significant, or more so, than monetary rewards.
Personal – For entrepreneurs, great satisfaction comes from the process of creation, as in, starting with just an idea and building something that lasts. There is the pride of ownership from seeing your family name on the company. Successfully facing challenges and as a result, finding skills and strengths you didn’t think you had — these are aspects of personal success in business.
Financial – Successful businesses earn a substantial return on investment for the shareholders who risked their capital in the venture. The founders of the company, who are generally also shareholders, can create wealth for their families and security for their future, as well as enjoy a more affluent lifestyle. They measure success by being able to provide a better life for their children than they had when they were young.
Social – Companies also measure success by the good they accomplish for society. Some have specific social goals, such as improving the environment or providing educational opportunities for children through the products and services they offer. Others have a very high commitment to charitable giving and being good corporate citizens. Film star Paul Newman’s company, Newman’s Own Inc., which manufactures and markets a variety of consumer products, distributes all of its after-tax profits to charitable causes. The company’s charitable foundation has donated more than $300 million, according to Newman’s website.
Longevity – With the number of businesses that fail or start strong only to stumble in the competitive marketplace a few years later, another measure of business success is the ability to sustain success in the turbulent, ever-changing business world. Book publisher John Wiley & Sons began in 1807 as a small New York City-based printing shop. Two hundred years later, in 2007, the company’s revenues were more than $1 billion, according to the company’s website. The company has been able to successfully adapt to changes in readers’ tastes but also to the technological changes in the publishing industry — for more than two centuries.
Personal Satisfaction & Happiness – Helping customers solve a problem: that’s the reason many of the products and services we use every day were created. For business owners, seeing that your products make your customers’ lives better in a significant way is one of the motivating factors that keep them working tirelessly on developing even better solutions. Praise from satisfied customers provides a feeling of accomplishment that for some business owners is as important as the financial rewards they earn.
Growing a business requires a diverse set of skills, but the one trait that ties them all together is leadership. Entrepreneurs transform an idea into a product or service that has value to customers. Each step in the process from creating the business plan to achieving profitability calls for a range of organisational and interpersonal skills, all of which depend on leadership.
Important entrepreneurship skills run the gamut from understanding the risks versus rewards of the business venture to having a plan in place for responding as circumstances change.
A Change is as Good as a Rest
Successful entrepreneurs are willing to take risks. They’re not afraid to try new things and fail because they know that failure is necessary for success. This risk-taking behaviour is what drives growth in businesses. Without it, companies stagnate and eventually fail.
Companies that encourage entrepreneurial thinking are more likely to take risks and invest in new initiatives. This type of growth is essential for long-term success. On the other hand, companies that don’t embrace an entrepreneurial mindset often become stagnant. They’re afraid to take risks and invest in new ideas, leading to a decline in sales and revenue.
In today’s ever-changing business landscape, it’s more important than ever to adapt and grow. Entrepreneurialism makes this happen. Change should happen often, and become second nature.
Final Thoughts from Stephen Taylor
‘The role of the entrepreneur, in leading and driving the business forward, accepting the need for change and translating that to both staff and customers, whilst being innovative and inventive themselves, is a massively under-rated one in this day and age I sadly feel.’ he concludes.
And it’s hard to argue with that really – leading from the front, with the head of the business firmly in charge, may now be considered a slightly old-fashioned business model which, in and of itself, is a startlingly strange sentence to write.
Perhaps though, the time when we truly value these industry pioneers is going to come again.
- An interview with Stephen Taylor, Propaganda and Sweet Concepts CEO, part 2. Part 3, a study of innovation, inventions, patents, and discoveries will be out in July 2023.