THIS WILL BEA VIDEO
Intro about how you cant build a business and start a business without understanding the foundation. FYI. Today is little meaty, so get comfortable and get ready.
THE REAL DEAL ON ENTREPRENEURSHIP
If you don’t know by now, I’m huge on business education. I see everything through the lens of business. From return on investments vs. opportunity costs -- for things like going to the gym vs. binge watching 6 seasons of Private Practice. The social media space is deviating away from some of the most critical concepts of business. Before you freak out, I’m not dragging you back to the stone ages -- but some wheels do not need to be reinvented.
Most people would agree that an entrepreneur is a person who has started his or her own business. But that basic definition barely scratches the surface. The problem is all the media hype. Not only is entrepreneurship glorified, its glorification is rooted in a misunderstanding.
I market largely to “entrepreneurs” because not a lot of people understand the term, and it’s more of a buzzword than an appropriate association. But since I have you here, I am going to teach you what it is for once and for all. I don’t want you to risk your credibility because social media set you up. I’m here to help set a few things straight. Before we can work on what an entrepreneur is, let’s start with what it isn’t.
MYTH BUSTING ENTREPRENEURSHIP
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Myth 1. It’s used to disguise circumstances.
Instead of getting a job and building a career, large numbers of people are finding ever-more creative ways of hiding the fact that they’re unemployed and insecure about it. Rather than accepting this temporary reality, and taking ownership -- they are more or less telling themselves it’s fine, as they’re entrepreneurs building their business, brand, platform, presence, following, or something along those lines. This is just simply not how it works. Entrepreneurship is a lot of things but it is not something to be taken lightly.
Myth 2. All side hustle work is entreprennurial work
Just because you are obtaining work outside of your 9-5 does not make it an entrepreneurial venture. Entrepreneurship is not equivalent to any of the following activities:
- Inheriting and/or running an existing businesses (family owned, co-owned)
- Working for other businesses or entrepreneurs for a salary
- Being a commission agent (presently manifesting itself in industries like health/wellness as Itworks, Herbalife, TLC etc.)
- Selling already available goods or services as a franchisee or dealership
Myth 3. Any business owner is an entrepreneur.
This myth-busting needs a bit more explanation.
Enter the Small Business Owner:
The small business owners wants to solve a problem and to make customers happy with their solution to the problem. Their goal is to be of service to customers and the small business owner has knowledge of their customer issue. They know their target audience well and create solutions for their target audience.
WHICH ONE: SMALL BUSINESS OWNER OR ENTREPRENEUR?
Sounds like what most consider an entrepreneur to be doesn’t it? That’s because it is an entrepreneur with the addition of the following characteristics:
- Entrepreneurs are visionaries. They are big thinkers who come up with solutions to customer problems that have not yet been tested or proven and yet they are willing to gamble and take risks that their customers will like their solutions to their problems.
- Entrepreneurs are innovators. They are willing to try on new things and take on new challenges without evidence that these are things their customers wants or needs; and they often do so with a lean approach.
Special Note: Entrepreneurs are not attached to their ventures. They have often moved on to their next disrupting idea, while seeking options to merge and/or be bought out of their current one.
One of the most important things you can do is figure out what exactly what you are, and what you want to be. If you want to be a successful entrepreneur, don’t start out wanting to be one, start out with a customer problem and a product that solves it.
Still not sure? Check out these article for a little more light reading on the topic:
MODULE CONTENT: WORKBOOK + ACTIVITIES
It's not over just yet. Now that you have your mind right on who exactly you are, and what you are literally in business to do -- now it's time to spend some time exploring that idea of yours; developing the foundation. Also in line with development, is your personal development as an a business owner. So dive in!
Development Phase Workbook
Whether you decided you are, a small business owner, entrepreneur...or maybe you are a thought leader, influencer, organization head, leader...you name it. The bottom line is all of these people have a desire to do something. What is it that you want to do?
I’m not talking about a business plan. I’m talking about what comes before that -- the idea. Write down ALL of your ideas. Let your imagination run wild. Make this list as though no amount of resources, time, expertise or anything of the sort can hold you back.