Entrepreneurial Passion
Entrepreneurs are by nature in love with their ideas. Successful entrepreneurs
are also in love with:
1) Failures- They love fast failures and self-correction. They also know when to give up
on an idea.
• 33% fail within 2 years; 56% fail within 4 years
2) Customers- They don't just observe the customer they love the customer experience that
their product/service creates.
• They are constantly adding to the customer delight and reducing the customer sacrifice to using their products/services.
3) Constraints- They realize that they thrive on risk so the successful entrepreneurs learn
how to control the risks.
• Find a partner that balances their abilities.
4) Persistence- They love to work and don't work for the weekend.
• Starting a new business is not a day job.
• As a child, they franchised their lemonade stand.
5) Disruption- They break the old rules from elementary school:
• Only one right answer.
• Right answer is in the back of the book.
• Teacher is always right.
• Don't pass notes or look on someone else's paper.
• Answer is not on the ceiling.
Replacing them with guidelines for collaboration, improvisation and reflection.
• Look for second and third right answers.
• Challenge conventional thinking and industry experts.
• Re-write the rules of the game.
• Encourage collaboration.
• Take time to visualize the future you want to create.
6) Higher Purpose- They are part alchemist, part diplomat.
• They are always looking for imaginative ways to influence people to support
their big ideas.
Recommendations for future entrepreneurs:
1) Buy a new car and take a vacation before you leave your current job. You won't
have the credit score or time for 3-5 years.
2) Have at least "one-year cost of living" saved up.
3) Create a 30 second elevator pitch and a napkin sketch describing your idea
to go along with your business plan. Sell from a two-page business plan. The rest
is back-up information.
Now the big question:
Should I leave my present salaried position and start up my own company?
Simply ask, would I risk my child's college savings to fund this idea?
If your answer is yes, you have the passion for your idea and the courage to take the risk. Then determine
if you have the persistence and the love for the customer.
If your answer is no, enjoy your day job. In my opinion, no investor or friend or family should invest
in your idea. Unless, of course, it's play money to them.
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| Posted On: 7/17/07 |
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