So you want to be an entrepreneur?

 10/21/2022

    So I just finished up week 6 in my Entrepreneur class.  This week's lesson was an eyeopener to say the least!  There is always so much to study in our reading assignments it's difficult for me to narrow down what I learned.  I want to share it all!  

    This week's lessons taught me that there is not ONE particular way to become an entrepreneur, but there are SEVERAL ways.  For instance, the three areas of knowledge for starting a successful business are industry knowledge, running a business, and capital (raising money).  Now that may seem simple, but wait!  How one acquires these three assets for success can vary tremendously.

    Let's start with industry knowledge  There are two general categories which are the competitive structure of the industry and personal contacts with trusted experts.  The industry I was in for 20+ years was Cosmetology, an industry that changes as much as hairstyles.   So knowing what the competition is doing that works and doesn't work is very important.  You have to hone in on the "new" and  find out what will set your business apart.  You must also build a network of people within the industry and weed out the good from the bad.  This is just the beginning of the foundation.

    Next, you need to know how to run a business.  This can be approached from various angles.  You can reach out to your network for guidance, work in the industry for a while to acquire skills that will benefit you in the future, and take initiative to learn new skill through video training.  The bottom line is, any time you have in the day shouldn't be wasted on nothing.  Any lesson learned in life is a skill that will benefit you some way in the future.

    The last piece to the foundation of your new business is going to require capital or money to start and back your business.  Money is the Fuel to the start up business according to this week's lesson, but the key is to invest enough to keep the business moving forward until you start generating return cash flow.  I have never been one to be very good at raising money, but I do know how to manage money.  My experience has been business loans, but a good entrepreneur is not looking for the easy way out.  An entrepreneur is willing to take risks, invest back into the business, live a life of learning, giving back, and building good relationships based on honesty and integrity. 

    The most valuable lesson I took away from this week's lesson is that very rarely does one person have all three areas of knowledge in starting a business.  That is why it is so important to not go this journey alone.  Know your strengths and weaknesses and surround yourself with people whose strength compliment your weaknesses and vice versa.  Amazingly the most valuable asset is industry knowledge and the least valuable is capital.  I contribute this to those who have proven time and time again success is not measured by money you have to start with, but how hard you work in all the other areas to reach your calling.

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