Thought for the weekend: Entrepreneur your life

We’ve had a rough few months and things we’re getting very bleak. But then an opportunity popped up and I realized… I’m a entrepreneur! I can use it on my life! The following are essentially the journal notes I used to convince myself to entrepreneur my life.

Needless to say, things are looking up. I look forward to showing off the extent of the idea soon! Stay tuned!

Entrepreneur: (Websters) one who organizes, manages, and assumes the risks of a business or enterprise.

Entrepreneur + Capital = Products/Services + Customers = Business.

It is a commonly understood formula. But that just deals with business and really obfuscates the true nature of an entrepreneur. Isn’t being an entrepreneur really about using good time tested practices and forming them into good habits? Why not use your daily life to instill those entrepreneurial habits?

Entrepreneur: (Business Dictionary) Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.
An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities.

I heard this recently… Everyone wants the good life but very few want to sacrifice to get it.

What is the sacrifice? Seeing opportunity (Taking the time to know what to look for). Organizes a venture (Taking the time to put together a plan) Having the confidence to know one can make good decisions and carry out a plan. Supplies risk capital (Is there capital other than money?What can you invest? Time, good name, expertise, etc..).

Money isn’t the only motivator of an entrepreneur but it’s a good tool for measurement. What else could be used as a measure?

More smiles = More value. More quality of life. More fun.

Entrepreneurs listen for complaints. Those could very well be opportunities!
The one with the smile is the entrepreneur!

Entrepreneurs look for opportunities to deliver smiles (happiness)
It’s snowing heavily. Roads are closed. No work today. Suddenly Dad remembers his daughter and her friends thought it would be cool to build a igloo.

Entrepreneurs look for efficiency. Once a month Harold has to drive 30 miles to get that special dog food. He learns from talking to the neighbor that she works just down the street from that place! He wonders... would it be worth it to give her $10 to pick it up for him? He asks. She’s thrilled to do it for him!

Entrepreneurs solve problems. Here’s where those complaints come in handy.

Entrepreneurs do their due diligence. This is certainly a good habit to form. Rather than impulse buy. Look for products that last. Consult Consumer Reports, read reviews, does someone you know own one? Ask them about their experience. Is there another option? Is there another way to deliver the same or better? What does the competition offer? You may not want to use this to select the church you attend… but then again, maybe you do!

Entrepreneurs assess risks. Charles hears on a broadcast the local university’s star QB was just arrested for a DUI. He quickly checks his internationally based betting site and sees they still have them favored by 21. Boom! Easy money!

Entrepreneurs look for mentors/ knowledge/ truth. Susan just can’t seem to stick with a diet. However, she has a friend that’s a health nut. She thinks...Why not ask her to mentor me? However, she then thinks...we probably won’t get along, we’re so different. Being the entrepreneur she evaluates the risk and decides to do it. She ends up learning 4 years ago her friend was in the same boat!

Entrepreneurs get creative. “Call it redneck engineering if you want but when your headlight is out. A flashlight and duct tape do a pretty good job of solving a problem.” Said by one of the workers on my construction jobsite.

Capital isn’t always money. It’s just an investment. Consider all the things you do, have or know that has value. Could they be invested?

Entrepreneur isn’t something inherent. It’s something we learn. 150 years ago nearly everyone was self-employed. It wasn’t advertising that sold products back then… it was good sense. When a product solved a problem. People took notice.

Entrepreneur + Capital (Investment) = Solutions/Resolutions + Good Habits = The good life

Something to think about… where can you employ your entrepreneurial skills and gain experience and confidence using them. My thought is… just about everywhere!

(Names have been changed to protect the innocent.)

(The idea of “Thought for the Weekend” is to examine an idea at a time when one has the time to. The weekend is the free time to relax, do what you enjoy, it provides enough time to think in depth as well as a opportunity to form a very good habit: blocking out some time for thinking.)

Next week: The 80/20 rule.