- Scalability: Function that describes its capability to cope and perform under an
increased or expanding workload.
- Adversity Quotient: The measurement of how much resilience you have. i.e. when your
business fails it takes a good adversity quotient to pick yourself back up.
- Survivorship Bias: When someone is exposed to too many successful business that
they will be bias with the success of their own business.
- 10x Rule: a suboptimal solution so great that it shifts 10x the equilibrium. (10x better
I.E. garage sale ebay.
- Suboptimal Solution: A product in the market that is lower than the optimal equilibrium
i.e. garage sale.
- Creative Destruction:
- Social Entrepreneurship: A entrepreneur who innovates solution to social problems.
- Definitions of an Entrepreneur
o Is one who shifts economics resources out of an area of lower and into an area
of higher productivity.
o An agent of change who exploits opportunity
o A special innate ability to sense and act on opportunity.
o Out of the box thinking with the determination to bring something new into the
world that has an exponential increase away from the suboptimal solution.
- Martin’s 3 Elements for Entrepreneurship:
1. Suboptimal Solution
2. Person brings
a. Inspiration, creativity, direct action, courage and fortitude
3. Results in a 10x shift in the equilibrium shifting the entire market
- Profiling the Entrepreneur: A desire to achieve...
o Hard work
o Acceptance of responsibility
o Optimism – looking at the bright side of things