The Audacity of Entrepreneurship

The Audacity of Entrepreneurship

          After hearing and discussing everyone's pitches last class I was compelled to do some reflection on the subject of attitude and its ultimate impact on the success or failure of an entrepreneurial venture. More specifically, on the ability for a venture to garner support. Our class was almost unanimously thoughtful, modest, and deliberate in the presentation of their ideas and passions. Everyone seemed open and receptive to questions and constructive criticism, as well. In another entrepreneurship course I am presently taking this was not the case.
          More specifically, every member of the class was placed on a team of other students to generate and pitch an entrepreneurial venture. I missed my group's initial brainstorming session due to illness and was unpleasantly surprised by the initial set of ideas that had been generated. They were the product of one student's interests and passions in particular and no credence had been given to even basic feasibility assessment: was there demand for these products or services, who was the target audience, what problem did they solve, what sort of financial capital would be needed at start up, etc.
          To my surprise the student who generated the primary idea (which the other team members supported) was taken aback when I asserted the store he proposed would cater to a niche and diminishing market and compete in a larger market that is completely saturated. The business model was not sound, the business itself would be extremely capital intensive, and its revenue streams were questionable. However, of all the people I have spoken with or heard a "pitch" from this semester, this student was the most certain and steadfast the business was a "good" idea. His confidence (unfounded as it was) was convincing enough our group mates backed him almost without question.
          Would this attitude ultimately lend itself to success in entrepreneurship? In terms of an idea getting off the ground I think attitude plays more of a role than I had originally given it credit for. More specifically, immovable confidence and certainty. I thought a good idea would stand on its own two feet almost regardless of who it came from, and an awful one would be transparent also without credence for its source or how the source felt about the matter. I don't propose self doubt or crippling worry and uncertainty as an infallible alternative to this person's baseless cockiness, but I would at least suggest thoughtfulness and an iota of due diligence through market research before throwing your support behind a venture. To him this was crazy talk, and to him our group's support was evidence of the idea's viability. I think if the group was legitimately investing their own money, however, many of the questions I raised would have come front and center much sooner.