Initial Entrepreneurship Questions (9945)

Some feedback after initial questions about being an entrepreneur and starting one’s own business…

I got started on this project with some discussions around entrepreneurship, some with my 11 year old and some with various people that I interacted with who have some of the spirit in them.

Starting with my oldest son, I’m discovering if he has what it takes, is it too early to explore for him individually, does he have some understanding of the task, ideas on where to do and any fundamentals that are brought out in the subtleties of the answers themselves. Without going into great detail, some of the questions are:

  1. Do you want to be an entrepreneur?
  2. Do you know what it means to be an entrepreneur?
  3. Do you want to run your own business?
  4. Do you have any ideas as to what you’d like to do with this business?
  5. Why do you want to run your own business?

He had some good answers, the best was the answer to #5. We talked about writing content to help others understand a particular product from the vantage of an 11 year old and how he could monetize that service, expand on that type of service and where it could go from there. His answer(s) were as you’d expect with the addition of the value side of it whereas the service (business) would be helping others and solving some of their problems with a greater understanding. Centering the mindset of running a business around helping others and solving problems is a huge step in the right direction. Making financial reward (non-value) the focal point of starting a business and/or running a business is a recipe for failure.

Then on to some general discussions with various others during the week.

I received this from a business student finishing up at university. I’ll leave out the specific answers, they are as you might expect.

  1. Do you have any specialty in study as a business student?
  2. What sort of business do you want to run?
  3. Why do you want to run your own business?

While it is completely hypocritical of me, please don’t start your business to revolt against years of others that “don’t get it” or can’t do it as well as you can (think you can). The business was a good one but the motivation was wrong in my opinion. The idea of starting the company because my boss sucked and because starting my own business will allow me to make my own schedule is a rational one, just not particularly realistic. Maybe my boss does suck or maybe he thought the same thing and is now overwhelmed with the realities of running a business. Making your own hours… I suppose this works it if is a lifestyle business, but as they say, if it’s not growing it’s dying. To build and grow a business allows you to set your own hours alright, you get to set them between 6 am and 2 am with a few hours to sleep or maybe eat. It is a lot harder than it looks, takes a lot more time than you think and can often pay a whole lot less than you’d hope. The rewards though far outweigh the negatives if you truly want to fulfill a need, solve a problem and provide value.

I’m looking forward to seeing where this goes.