Serious Business

tsimmons.bio

Not a day goes by that I don’t get a call, email, or text with a question about entrepreneurship. 95% of the time the question centers around a product or service. Most people are misinformed about what entrepreneurship really is. And despite how Websters may define it, I think it’s critically important that every person walking the earth know what an entrepreneur looks like whether you intend to try your hand at it or not. Rule number one: Products really don’t matter all that much. Does your product or service have to be viable? Of course. But that won’t determine success or failure. VERY few products or services create a tangible competitive advantage. So having an idea doesn’t qualify even if it’s a good idea. There are 3 categories: 1. Practitioners — those that have a credential or skill set that they have decided to take to market. Attorneys…doctors…electricians etc. 2. Industry Specific– these individuals are subject matter experts. They may own a chain of restaurants or have a fat real estate portfolio. Typically they learn the business from the inside out. 3. Entrepreneurs–these individuals have an intangible skill set that is applicable to virtually any unmet need in the market. They have sharp instincts, strong leadership qualities, perpetual risk takers, build infrastructure, stimulated by the process or starting things, manage people not processes, pursue opportunities that are scalable, and are comfortable with the possibility of losing everything. When you ask these individuals what they do for a living you will typically get an answer that’s ambiguous. So before trying your hand, ask yourself…am I drawn to the product or the process of business ownership. The answer to that question will give you clarity on whether its the right time or the right risk.

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