Entrepreneurship is a game of skill

In a game of skill, there is no right way of playing it.

The desire for achievement, ambition, and tolerance for risk is not a trait easy to find in people.

Entrepreneurship is the rare skill of market-making. It transforms communities, creates new market categories, and redefines best practices.

I am not referring to business ownership. It is easier to become a business owner. All you need is a visit to the body responsible for company registration in your country to become a business owner.

My focus area here is the skill of entrepreneurship. Like every skill, you need to practice every day. The value of experimentation, trial and error cannot be overemphasized. The gold lies in being able to make use of the results of your experimentation to chart the course of a better future. Rarely does an entrepreneur ultimately succeed based upon their exact original idea. Continuous iteration and renewal are what will win the game.

The entrepreneur’s ultimate goal is to innovate, create, experiment and learn through this experience. It is never about their competition. Entrepreneurs fret less about competitors. They want to set the standards and see themselves not in the thick of a market. They seek to create new markets.

Entrepreneurship is a life choice, not a job choice. You will have to commit more than 10 years of your life to the goal. If you treat it as a job, you can leave it when it is not working out. Building a company is hard if you don’t care about the problem you are trying to solve, and it is easy to quit without giving yourself a long-term commitment to try.

There is a science to entrepreneurship. Like a scientific method, it provides a framework to harness the skill to become an amazing entrepreneur. It is called Effectuation.

Effectuation: Instead of engaging in long market analysis and business plans, you take action based on what you have at your disposal. The art of leveraging what you know, who you know, and who you are to get things done.

Contrary to popular opinion, entrepreneurs do not enjoy writing business plans and preparing strategic business documents, they itch to get to market as quickly and cheaply as possible, they can’t wait to get in the game and try. You become a better basketball player by continuously getting in the field and playing.

The point of every game is that It tests a particular kind of intelligence and resilience. Chess masters do not achieve their mastery through the application of ‘best practice’. They are their own masters. They break records. They tell new stories, break the rules, and create new ones.