Zipcar

It is important to remember you do not need a great idea to start a business or to become an entrepreneur. As a matter of fact, you do not even need an idea of your own.

The Austrian economist, Joseph Schumpeter, has been called the Prophet of Innovation. Schumpeter said that capitalism was characterized by a phenomenon he called creative destruction. Creative destruction is the very definition of innovation.

Though Schumpeter did not give much instruction on how to innovate, he was a large influence in the life of Peter Drucker. Drucker built upon and extended Schumpeter's work. 

And, Drucker was no fan of the great idea. In fact, Drucker said, “In the theory and practice of innovation and entrepreneurship, the bright-idea innovation belongs in the appendix.” Strong words.

The reason Drucker disliked the bright idea is pretty simple. Contrary to popular belief, entrepreneurs do not love risk. In truth, if you wish to succeed as an entrepreneur, you are well-advised to minimize your risk.

The main problem with the bright idea is that it is the riskiest of all methods of innovation. Statistically speaking, the bright idea is, by far, the least likely to succeed. Indeed, very few bright ideas end up being a success.

Enter Robin Chase and the stolen idea.

Drucker recommended that all entrepreneurs, and executives, search for the future that has already happened. Robin Chase started Zipcar in her fifth decade of life. At the time, she was living near Boston, had three children, and a strong desire to become an entrepreneur. But, she was never able to come up with the big idea.

Fortunately for Chase she has a very astute friend named Antje Danielson. Danielson is originally for Germany. On one trip back home, Antje noticed a new business concept. Namely, rental car companies that were offering cars by the hour instead of the day or the week.

All Chase and Danielson did was to import the idea of the hourly rental car to America. I say this with nothing but love, but, Zipcar is a stolen idea. And, in 2013, the company was acquired, by Avis, for $491 million. Not bad for about a decade's worth of work. Especially considering that neither Chase nor Danielson had ever been in the automotive industry. Chase did not even like to drive!

Hopefully you agree that entrepreneurship need not be some mystical or elusive endeavor. In fact, like most things entrepreneurship can, and should, be studied systematically. And, as the title indicates, the systematic study of entrepreneurship is a big part of what is blog is all about.

For more examples of the future that has already happened, visit my site courtneyleeds.com