Taking risks

What distinguishes an entrepreneur from all other business-minded individuals? Risk. Individuals who take risks, usually with their own money, and succeed are responsible for much of the growth in any economy. Last week students at Southeast Missouri State University had opportunities to become immersed in entrepreneurial ideas and discussions during Global Entrepreneurship Week. Speakers and other activities challenged students to think about ways innovation and planning, along with risk-taking, can produce economic benefits.

One activity that promised to be fun as well educational was the opportunity to turn a roll of duct tape into something of value. Fifty-eight teams of students submitted videos of their efforts, and several winners were selected.

Most of the videos from the "Imagine It! Innovation Challenge" stuck to symbolic or theoretical uses for their duct tape. But many of the students quickly discovered that turning something as ordinary and practical as all-purpose duct tape into an entrepreneurial success is as difficult as putting millions of dollars on the line in a new business venture.

Finding ways to foster the entrepreneurial spirit is essential in today's business and economic climate. Old business models are being updated or replaced to take advantage of new technology and consumer whims. Spending a week focused on what it takes to succeed was time well spent.