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MBS
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Entrepreneurship

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Contents
Introduction..........................................................................................................................................4
Focus....................................................................................................................................................4
Advantage............................................................................................................................................5
Creativity..............................................................................................................................................6
Ego........................................................................................................................................................6
Conclusion...........................................................................................................................................7
References..........................................................................................................................................8

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Introduction
FACE is an acronym which can be used to define the profile of an entrepreneur
(Bolton and Thompson, 2004). These features are Focus, Advantage, Creativity and
Ego. Entrepreneurs possess characteristics that come in a variety of shades and are
of different worth (Bolton and Thompson, 2004).

I will discuss, critique, and analyse these traits and by holding a mirror up to them,
reveal if they really reflect the true face of the entrepreneur.

Focus
Focus is “the ability to lock on to a target and not be distracted, to act with urgency
and not procrastinate, to get things done and not just talk about them.” (Bolton and
Thompson, 2004:51).

According to (Bolton and Thompson, 2004), there are three areas of focus:

1. Target focus- Entrepreneurs who operate in unknown territory are not always
able to see their target clearly, but they have an instinct as to where to find it
and focus on things very quickly. To have a ‘Tycoon Mindset’ you should
“Visualise your success as if you’ve already achieved it” (Jones, 2007:9)

2. Time focus- One of (Jones, 2007) rules for success is ‘getting your timing
right’. “Timing is a very important aspect when planning and starting a
business and is one that people often ignore” (Jones, 2007:40). The correct
timing allows the customers needs and wants to synchronise with the
entrepreneur’s product and/or service proposition.

3. Action focus- Having the best plans and strategies in place count for nothing
unless you create forward momentum. Action involves figuring out what you
need to do from where you are to where you want to be. With no action, your
vision will remain a product of your imagination (Jones, 2007).

Focus is key, without this quality the entrepreneur lacks direction and clarity.
Consequently, this lack of specificity will result in a reduced ability in executing the
right actions at the right time.

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The entrepreneur may not be able to initiate without strategy, and subsequent
actions being poorly conceived may be poorly executed. They may lack the flexibility
and resilience needed in consideration of unforeseen challenges.

An innovation must be simple and focused. Otherwise, it confuses and will not work.
Everything new runs into trouble; if complicated, it cannot be repaired or fixed. All
effective innovations are breathtakingly simple. (Drucker, 2007)

Advantage
Advantage is “the basic talent of selecting opportunities with real potential.” (Bolton
and Thompson, 2004:55).

(Jones, 2007) states that successful entrepreneurs use their intuition. This trait
helped him make decisions, push hard in negotiations, and select opportunities. He
also encourages that when making decisions and plotting the next steps towards
success, intuition is an influential factor.

(Caan, 2008) details how his intuition led him to setting up a “…division that supplies
recruitment consultants to recruitment companies” (p.130) when others doubted, the
idea eventually became a success.

"The intuitive mind is a sacred gift, and the rational is the faithful servant. We have a
society that honours the servant and has forgotten the gift.” -Albert Einstein

Intuition is important as too much rationale can lead to endless vacillation, with all
choices and eventualities considered, the result may be a debilitating state of
analysis paralysis.

On the other hand, feelings are not always accurate, and can very quickly jump to
conclusions. Entrepreneurs, like the rest of us, are a mixture of the emotive and the
cerebral, within this context, balance is key.

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Creativity
Creativity is an aspect that should fuel the entrepreneur. Without it there would be no
opportunities or targets to focus upon…. problems would remain unsolved and the
business would stall. (Bolton and Thompson, 2004)

In terms of considering the make-up of the entrepreneur, creativity is important as it

is the very spark that initiates products and/or services that can enrich lives.

“Without imagination and creative thought, there would be no books, no computers

to type them on, no internet, no MP3 three-players or Xboxes, no light bulbs, no
Nintendo Wii, no electricity or transport. Frankly, without imagination we all be
stuffed!” (Jones, 2007:65)

In this context it is easy to see how entrepreneurs such as Bill Gates and Richard
Branson view creativity as the single most important quality of any Tycoon (Jones,
2007).

Creative thought is extremely important as a first step but giving birth to ideas comes
with an important caveat; the ideas require real life application to serve the
entrepreneur and society. Beyond the realm of ideas other qualities are needed and
as much as we can say that creativity is important it is only part of the picture.

Ego
This trait is suggestive of an entrepreneur’s unique journey and story which is as
unique as they are themselves.

“Some outstanding entrepreneurs have had very humble origins and want to show
that they matter and have significance. For others it is a matter of necessity.” (Bolton
and Thompson P.63)

This single-mindedness and belief in one's idea can bring forth confidence and,
creates passion and delivers the motivation to achieve and to win (Dick, 1997) as
cited by (Bolton and Thompson, 2004).

Ego is of course a worthwhile trait and can undergird and influence the other three
facets (Bolton and Thompson, 2004). It can serve to propel the entrepreneur in their
quest; however, it must be balanced as too much confidence can lead to

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complacency and the negation of others’ point of view. Particularly when it comes to
making hard choices or refusing to acknowledge changes in the market. (Drucker,
2007)

The entrepreneur could fall into the trap of personalising their journey too much in
each decision (to be) made. This may result in the exclusion of others’ opinions as
they are deemed ‘uncaring’, not as invested in the enterprise and therefore their
opinions are invalid.

To mitigate these issues, perspective is needed and an acknowledgment of one’s

strength and weaknesses (Bannatyne, 2007) in the workplace and beyond. The
entrepreneur needs to know that their life is more than their mission and that
success is subjective and impermanent.

"My favourite things in life don't cost any money. It's really clear that the most
precious resource we all have is time.”- Steve Jobs

Conclusion
When considering the facets of the entrepreneur, the FACE acronym provides an
adequate basis for discussion, however, there are shortcomings. The entrepreneur
as an individual is multifaceted. Focus, Advantage, Creativity and Ego are only part
of their makeup.

Other characteristics discussed implicitly and explicitly such as practicality, clarity,

humility, balance, perspective, listening and learning should also be considered as
worthwhile traits of the entrepreneur. They could be valid replacements of other
characteristics of the FACETS acronym (Team and Social) which are not intrinsic
qualities and therefore do not allow one to see the true face of the entrepreneur.

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References
Bannatyne, D. (2007) Anyone can do it, 2nd edn., London: Orion Books Ltd.

Bolton, W. and Thompson, J., 2004. Entrepreneurs. 2nd ed. Amsterdam:

Elsevier/Butterworth-Heinemann.

Caan, J. (2008). The Real Deal - My story from Brick Lane to Dragons’ Den.
Plymouth, Devon: Virgin Books.

Drucker, P., 2007. Innovation And Entrepreneurship: Practice And Principles.

Oxford, [England]: Routledge Elsevier/Butterworth-Heinemann.

Jones, P., 2007. Tycoon. London: Hoddar & Stoughton.