Reid Hoffman is the founder of LinkedIn and has been involved with PayPal and has invested in other startups. He was on the Charlie Rose Show on March 4th, and part of his comments were focused on the role of the entrepreneur.

You can view the interview (54 minutes worth) here.

Among the compelling things Hoffman said are:

I actually think every individual is now an entrepreneur, whether they recognize it or not. . . . Average job length is two to four years. That makes you a small business. . . . You are the entrepreneur of your own small business.

But I think that one of the key things — the reason why I think risk tolerance is important is because what happens is people delude themselves they’re not taking risks. They say, oh, I’m going to get a job at, you know, Hewlett-Packard or I’m going to get a job — and that’s not risky. Well, look at current economic climates. Everything in life has some risk, and what you have to actually learn to do is how to navigate it. And people who take risk intelligently can usually actually make a lot more progress than people who don’t.

Regarding the current economic crisis, Hoffman said,

I’m a huge believer in the way that you actually get out of these economic downturns is through entrepreneurship, because that creates new kinds of jobs that actually have longevity and strength to them.

I have a modest hope — this is back to the change-the-world stuff — because I think entrepreneurship is really what has a chance of accelerating us through the recession, that LinkedIn kind of providing the tools for entrepreneurs will help with that.

Utah Business magazine, which has a circulation of 100,000, is featuring an article written by Prosper Inc. CEO Ethan Willis on its blog. Read it here.

The article discusses key traits that can help anyone be an entrepreneur. These traits are based on what we have seen exhibited by our students.

Compared to the “average” company, Prosper Inc. is particularly focused on entrepreneurism. Top management exemplifies the concept of developing multiple streams of income, while rank-and-file employees are encouraged to pursue their entrepreneurial interests.

You could say entrepreneurism is in our blood. Since the company was founded in 1999, much of our focus has been on giving people the knowledge and guidance they need to explore their entrepreneurial ideas.

A recent survey conducted in September 2008 reveals some very interesting attitudes about entrepreneurism in light of the current economic conditions. Twenty-seven percent of survey respondents said they plan to start their own business within the next five years. That projection is huge. Out of 100 people you know, 27 will (according to these results) start their own business in the next five year. Personally, I can really only think of one or two who have even thought about it.

Even more revealing is that a staggering 70 percent agreed that “the success and health of [the U.S.] economy depends on the success of entrepreneurs.” In a related question, 80 percent of the respondents also agreed that the U.S. government needs to encourage more entrepreneurship.

With so many being open to the concept of entrepreneurship, Prosper is excited about the opportunity to be a prime contributor in the delivery of one-to-one coaching to up-and-coming entrepreneurs.

I often think about the different pathways people take on their road to business success. For some, success just seems to fall in their lap, and others the road is filled with annoying pot holes of frustration, doubt and despair. Too many people that get into business (online or off) give up too quickly. As a business owner who has had many frustrations along the path to success, I can honestly look back and say it has all been worth it.

One of the biggest tools I feel I have had has been a mentor, a person that has “been there” and “done that.”. It does not mean that I will not make mistakes; it just means that I have access to a seasoned veteran who can show me the ropes when times get tough.

There will be times when you want to throw in the towel. You just have to make sure you are doing it for the right reasons?  Are you wanting a better way of life?  Are you wanting to spend more time with your family?  Do you want financial freedom? Owning your own business is one of the great ways to get the things in life that you want from life.

There will be many doubters along the way that will just try and bring you down. You have to grow a thick skin, ignore them and remember why you are doing it. You are not creating a business to better their life, you are doing it to better your life.

Your success has to come from within. Even working with some of the greatest business mentors like Prosper Learning, it does not guarantee anything if you are not in the right frame of mind and willing to put forward the effort. You have to make the choice and decision to say, “Today is the day I am going to do it, and I am going to take control of my future.” Once you are at this point there will be nothing that will get you down - you will be a success!  I am grateful to Prosper Learning and those mentors who helped me along my path to success and financial freedom.

Mat Siltala

Entrepreneurship is a critical factor in a free-market system like the one we enjoy in the United States. If you have an idea for a product or service, you can, with relative ease, offer it to consumers, whether they live around the block or around the world. Every new product or service that becomes available in the marketplace gives consumers more choice. Aside from the benefit the product or service brings to consumers, let’s not forget that entrepreneurs typically employ many others, helping to expand the overall economy.

Because entrepreneurship is so central to what we do, Prosper is proud to be a Gold Sponsor of the Annual Invented in Utah event. This new undertaking recognizes the efforts of Utah entrepreneurs and inventors in creating innovative and unique products. As part of our sponsorship, Prosper is offering a coaching program to the winner, as designated by the Invented in Utah committee. We look forward to helping a local innovator get his or her business off the ground with our top-notch one-to-one coaching support.

If you are a resident of Utah and have an idea, IIU will soon be accepting entries! As stated on the IIU website, “A submission must be a new, useful, and original creation of an invention/idea/product/design, which can be feasibly developed, manufactured and distributed with a reasonable amount of time and resources as determined by Invented in Utah.” Does your doohickey meets those requirements? Good luck.

– Jade Koyle, Senior VP, Online Marketing