***Entrepreneurship Defined

An exclusive first look inside Trump University’s newest book, Trump University Entrepreneurship 101n nThe term entrepreneurship leaves much to be desired. You have to wrap your mouth around the word, making creative pronunciation choices on three of the five syllables. Dictionaries define it as the startup and management of a business, with great initiative and risk, for profit.n nBut to me, entrepreneurship encompasses these three factors: Mindset, Actions and Process:n nMindset: Entrepreneurs go through the world continuously seeking ideas and opportunities that can be commercialized. They focus on innovating, doing things better, adding, creating, and delivering unique value to customers and to all stakeholders. And they want to be rewarded for their successes. The more value they add, the greater their financial rewards.n nActions: Entrepreneurs are proactive to the extreme, and once on the opportunity trail, they move mountains to mobilize the neces­sary resources to accomplish their goals. And then, in the words of Nike, they just “do it,” and they do it their own way.n nProcess: Entrepreneurship is a dynamic, continuous, living process. The process is driven by you, the entrepreneur, the founder, the champion. This means taking the following actions in your life:

1. Generate ideas incessantly.
2. Select the real opportunity from the heap of ideas.
3. Build and empower the team.
4. Mobilize and control necessary resources, whether or not you own them.
5. Develop an astute strategy to capture customers and to generate sales and sustainable profits.
6. Develop a compelling business plan.
7. Assess personal and business risks.
8. Launch the venture.
9. Manage the growing venture.
10. Harvest the rewards of success: sell your business, take your busi­ness public, or continue to build your venture and pay yourself ap­propriate and generous compensation.

nEntrepreneurship is a personal voyage, and your chance of success is greater the more clearly you understand yourself, your goals, and the ob­stacles you face.n nFeel the entrepreneurial energy and exhilaration in the process! Generate, select, build, mobilize, develop, assess, launch, manage . . . and harvest the rewards.n nThis blog post is adapted from Dr. Gordon's new book Trump University Entrepreneurship 101: How to Turn Your Idea into a Money Machine, with a foreword by Donald J. Trump. This book, the latest success title from Trump University, is arriving this week at all booksellers.nnnn

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nMichael E. Gordon, PhD, author of Trump University Entrepreneurship 101, has founded five companies. He teaches entrepreneurship at universities around the world. He is an Adjunct Professor at Babson College, the Harvard University Extension School and at the International School of Management in Paris.