How to Become a Successful Entrepreneur

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March 7 (Bloomberg) –- MIT Entrepreneurship Managing Director Bill Aulet discusses how you can become a successful entrepreneur and how innovation plays an important part in the process. He speaks to Mark Crumpton on Bloomberg Television’s “Bottom Line.” (Source: Bloomberg)

Companies that are creating jobs.

The vast majority of the jobs are created by small new companies.

These companies have some dynamic innovation.

It is the small companies, it is an innovation economy.

Innovation is more the purview of small companies.

They have to have some fundamentally strong innovation underlying them.

This has been the purview of entrepreneurial ventures for a long time.

Large companies, i have been working with multibillion dollar companies over the past two weeks.

They want to understand how do we get the entrepreneurial spirit inside our company because if you do not have innovation, you will die.

You advocate a systematic approach to innovation.

Does that mean that entrepreneurship cannot be taught?

Entrepreneurship can be taught.

When i first started i did not believe it could be taught.

Over time i have become convinced it can be and i see that -- it being taught all the time.

Everything being taught is picking up one book and reading about it that is not what we are considering being educated.

It is not sitting in a class.

It is like learning how to become a doctor or a lawyer or accountant.

There is a body of theory that you have to look at but then you have to put it into practice and you move between these so i can be taught through action learning.

The data is clear about this.

The most important thing is the team.

You have to have a very strong team and you have to have a team that is coherent.

Is that mean because the team is what is creating that energy, that focus, doesn't mean that somehow you have to take your own ego out of the equation?

That is critically important that you have to be able to collaborate with other people.

You also have to have some sort of ego that you want to win and you will overcome the odds because you mentioned discipline.

An entrepreneur is someone who has more we owe us talk about the spirit of a pirate.

If the fish are swimming this way you have to be comfortable going the other way.

And being counter to that.

It does not mean that you are a gambler.

You are managing the risk in your going after it and you are incredibly disciplined.

We always talk about having the spirit of up pirate it the execution skills of a navy seal.

Young people will have many jobs of the course of their career and no longer is the company responsible for keeping you employed.

It is more up to the individual to be employable and have a set of skills and nothing could be more employable than being an entrepreneur, an innovation driven entrepreneur in that you can create euro job area that is when you are taking your own destiny into your own hands.

The ones who are successful understand they have to be very disciplined and focused because they do not have a lot of resources.

They do not have the brand.

When you look at them they figure out how to -- to figure out that beachhead profit.

We teach disciplined entrepreneurship but you have to be able to think creatively at the same time.

It is a balance of things.

What people are looking for are people who have the skills to create revenue stream, to create new products.

When you get trained you learn how to create enough revenue, new products that will more than justify your own job.

What we tell our students is do not go out and try to interview for a job, create the jobs you want, impress the people that you have if you want to go into their company that you can create a job.

That way you are controlling your destiny and ultimately you can change the world.

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