"ENTREPRENURE AS DESRUPTIVE THINKER AND INNOVATOR”

The entrepreneur is commonly seen as an innovator — a designer of new ideas and business processes. Management skills and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs. Political economist Robert Reich considers leadership, management ability, and team-building to be essential qualities of an entrepreneur.

Uncertainty Perception and Risk-taking

Theorists Frank Knight and Peter Drucker defined entrepreneurship in terms of risk-taking. The entrepreneur is willing to put his or her career and financial security on the line and take risks in the name of an idea, spending time as well as capital on an uncertain venture. However, entrepreneurs often do not believe that they have taken an enormous amount of risks because they do not perceive the level of uncertainty to be as high as other people do. Knight classified three types of uncertainty:

• Risk, which is measurable statistically (such as the probability of drawing a red color ball from a jar containing 5 red balls and 5 white balls)
• Ambiguity, which is hard to measure statistically (such as the probability of drawing a red ball from a jar containing 5 red balls but an unknown number of white balls)...
• True uncertainty or Knightian uncertainty, which is impossible to estimate or predict statistically (such as the probability of drawing a red ball from a jar whose contents are entirely unknown). This is the best time take that risk. You can't see the world that almost everything can be artificially predict the outcome through machines and technological devices.

Malala Yousafazi, a Nobel prize winner, peace activist, name one of Forbes 30 and a social entrepreneur

Entrepreneurship is often associated with true uncertainty, particularly when it involves the creation of a novel good or service, for a market that did not previously exist, rather than when a venture creates an incremental improvement to an existing product or service. A 2014 study at ETH Zürich found that compared with typical managers, entrepreneurs showed higher decision-making efficiency, and a stronger activation in regions of frontopolar cortex (FPC) previously associated with explorative choice

Strategies

Strategies that entrepreneurs may use include:

• Innovation] of new products, services or processes
• Continuous process improvement (CPI)
• Exploration
• Use of technology]
• Use of business intelligence
• Using a frugal approach
• Development of future products and services]
• Optimized talent management

Mr. NWALI T.F. Author: Entrepreneur As Disruptive Thinker-The Secret of Success or Failure .