If new businesses are not disciplined by a certain scarcity of capital, both the entrepreneur and investors should be very much on the alert,' says Professor Møen.
Norwegian researchers show a relationship between entrepreneurial success and scarcity of resources. A lack of resources puts one in a position to have to focus resources strategically while having plenty could put one at risk to well...risk more with very little accountability.
This bodes well with earlier conversations I had this week about what makes for entrepreneurial success both inside (intrapreneurial) and outside of organizational structures. Beyond the "can-do" attitude is a need to have what I call a mindset of potentiality within limits, meaning one can see the creative, the new, and the needed despite the limits before them and they can allocate resources in the best way to make the ultimate goal happen.
We live in a time where ideas are flourishing and the infrastructure is being built to help advance those ideas. We've had Start-up Weekends, 5x5 Night, Momentum, innovation challenges galore and now the exciting start-up seeding collective Start Garden, all designed to fuel the entrepreneurial idea.
Despite all of these wonderful opportunities, I think the testament of entrepreneurial success in West Michigan's ultimately won't be the resources these things bought to entrepreneurs it will be the resourcefulness of the entrepreneurs themselves.