Entrenoveur – A Unique Designation
Let’s go back to the seminal question. What is an entrepreneur? The answer is, it depends. Currently entrepreneurs wear two hats:
- Under the one hat are, as defined in dictionaries, entrepreneurs who start and manage businesses, assume the financial risk, and expect to be profitable. They employ the practice of entrepreneurship.
- Wearing the other hat are the people who are striving to identify and develop an innovative idea and to turn the idea into a business-worthy product or service. They employ the skills of the nascent practice of #entrenovation – entrenoveurs.
Entrepreneurs and entrenoveurs use different skill sets and apply those skills at different times in the life-cycle of a company. Thus, as noted above, we have two defined terms – practitioners of entrepreneurship and of entrenovation.
Practitioners need a designation
Reasons that the entrenoveur designation is useful and important:
- When a company creates a new department, say the Office of Organic Growth, it will want to staff it with people who are skilled at identifying and developing innovative ideas that will grow the company – the entrenoveurs.
- People who are skilled as entrenoveurs, and employers too, will benefit from that designation because it identifies the entrenoveur’s areas of expertise and it describes key indicators of their credibility and knowledge.
- Educational institutions could focus on course content specific to the entrepreneurial skill set and separately offer courses focused on entrenovational skills.
Entrenovation Skill Set
- Innovative idea identification – Within a corporation, entrenoveurs systematically & purposefully search for innovative ideas that when developed and implemented benefit the company. Individuals, or founding groups, generate innovative ideas using entrenoveurial skills to set the stage for a new business venture.
- Investigation of the potential of the idea – Entrenoveurs are skilled at investigating an idea to determine if it represents a viable product or service that will resonate in an economically viable market.
- Preparation of a justification statement – Based on the investigative findings, the entrenoveur can prepare an unbiased report which includes a recommendation to proceed with the development of the idea into a commercial opportunity.
- Development of the idea into a product or service– Entrenoveurs can prepare and execute a development plan utilizing a project manager or project management tools to complete the development and keep the target market in its sights.
- Integration of the resulting product or service – Within an organization, the entrenoveurs will work with entrepreneurial staff to launch the new initiative. Entrenoveurs who have developed their own idea will learn the entrepreneurial skills necessary to move the project forward or will engage skilled entrepreneurs to launch the product or service as the core of a new business.
Imagine for a moment that your family doctor confirms your vision problem and recommends an optometrist to prescribe glasses – your GP did not recommend a brain surgeon. The examination by the optometrist determines your problem is cataracts and refers you to an ophthalmologist – not a podiatrist. Specialization is obviously necessary in medicine. As the horse racing pundits advise, “…there are horses for courses. When it’s raining at the track, bet on the mudder”. Business designations are commonplace as well: lawyers, accountants, entrepreneurs; and now entrenoveurs. Let’s make it so; use your designation now. Be proud, be loud.
- Entrenoveurs find and turn innovative ideas into products/services.
- Entrepreneurs use the products/services to grow, or start, a business.
Mind your way,