Advice for Future Entrepreneurs

[Brenda McCloskey]

Some Q & A that future entrepreneurs / business owners can learn from...

1. What advice would you give to a high school student who wants to be an entrepreneur?

2. What's the most difficult thing about being an entrepreneur?

3. What's the most rewarding thing about being an entpreneur?

[Brenda McCloskey]

Prajakt,

Thanks for your comments and advice for my students. My business experiences (prior to teaching) echo your comment about how difficult it is to build an A Class team. Surrounding yourself with the best people is great advice.

Cheers,
Brenda

[Brad Bentz]

Brenda,

I agree with Prajakt's points. In our MBA program, we advise our students to look at their first job or two after graduation as a scavenger hunt, where they focus less on the prestige or salary of the position and more on the kinds of skills and relationships they need to pick up before launching a business. Thus, most of our graduates seek positions in operations and general management rather than consulting or investment banking.

I think the hardest thing about entrepreneurship is knowing when to keep going and when to throw in the towel on a business. If you fail, it's best to fail quickly and cheaply, but if you give up too early, you'll never get to see your idea blossom into a real business. Seth Godin calls this "the dip."

The most rewarding aspect of entrepreneurship is not the money. It's being able to pursue something that you are deeply passionate about every day and creating an organization that can make a profound impact on the world, even after you are gone. The money, if it comes, is icing on the cake. (Do you think Warren Buffett continues to run Berkshire Hathaway at his age because he needs the salary?) Viktor Frankl argues that financial success is usually the byproduct of dedicating one's life to a greater cause, and that success -- when pursued for its own sake -- often eludes us.

Regards,

Brad

[Brenda McCloskey]

Brad,

Thanks for your input. I especially like your point about the dip and plan to add it to my class discussions.

Regards,
Brenda