On the subject of whether starting a business is a science or an art there are broadly two schools of thought. The first suggests that beginning a venture as an entrepreneur is a science; that by reading autobiographies of Richard Branson, Alan Sugar and others, one can successfully launch a new business.
In addition to reading the stories of well-known entrepreneurs there are volumes of business start-up material covering strategic planning, budgeting, marketing and business structures.
Of course, on the fringes there are also the guides purporting to provide ten steps to successfully starting a business.
All of these forms of resources suggest or at least imply that setting up a business is essentially a science; that is the guidance is followed, then the owner has fulfilled their obligations and given the venture all that they are capable of.
Commonsense tells us that if starting a new business and making it a success was a simply process of locating a suitable product or services and adhering to academic writings then everyone would be self-employed and multimillionaires.
Given that information on the mechanics of starting a new business is plentiful and assessable to all, why is it then that some ventures prosper and others enjoy a lesser status?
The suggestion might be that starting a new business is in fact more of an art than a science.
Many of the successful entrepreneurs we might read about did not themselves study the stories of others who went before them. They had an idea and through sheer talent and courage defied all odds and now enjoy that praise which accompanies this type of gutsy style.
Talent, courage and other art type attributes are not defined in business start-up resources as they are unique personal qualities not capable of replication upon demand.
This X factor would define the distinction between two entrepreneurs looking to set up a business. Many would agree that the person with natural abilities would out perform the studious bookworm type individual.
That is not to say that a fly-by-the-seat-of-your-pants type individual has a better chance of success than someone who studies the literature available. Those persons are likely to be ill-prepared, and struggle to enact the strategic vision of their business.
Even with a less structured approach to starting a new business, the entrepreneur might be forced in to conformity when dealing with banks, investors and suppliers who may demand the forms are completed correctly and that serious budgets and forecasts are prepared.
The points made in this article lead to the conclusion that starting a new business is both a science and an art. In many cases where extreme luck is absent, the entrepreneur will require adequate amounts of knowledge on how to formulate their plans and disseminate them to other third parties.
In addition business flair and raw talent would be able to transform the science contained in the academic material in to a living, breathing business. Some would add that having the discipline to gain the requisite knowledge on business plans, budgeting, strategic management and other tools is part of the individual’s natural mechanisms to arm themselves appropriately before going off.
