SFS Minute 1005: Creativity

Last week we celebrated the 1,000th episode of this series, and we talked about how to get rich in America, and I showed that 87% of millionaires are first generation millionaires. They did it themselves and became entrepreneurs, and so this week I want to define what entrepreneurship really is, because what you think it is is probably wrong, and I'll show that right after this. I think almost everyone on the street would agree that entrepreneurship is about creativity, and they would be wrong because entrepreneurship is not about creativity. It's about something very different: innovation. The local plumber didn't invent plumbing, and the landscaping company didn't invent grass. You don't have to come up with something new. Ninety-three percent of businesses are copies of existing businesses. Instead of trying to be creative, be innovative.