Hello,
What's an entrepreneur?
I’ve been mulling over the whole week about what an entrepreneur is.
Google 'entrepreneur' and you get something like this:
'Someone who want to set up a business and take the risk in the hope of making a profit.'
I’ve been mulling over the whole week about what an entrepreneur is.
Google 'entrepreneur' and you get something like this:
'Someone who want to set up a business and take the risk in the hope of making a profit.'
Once that meant a younger person, most often male, but today it's likely to be a well educated woman over 40.
I work with professional women who want to start a business using their expertise. They often see an unmet need or opportunity they can address, and feel driven to start a business in that area. Depending on their goals, they may want to create interesting, profitable work for themselves, or to grow something larger.
They initially commit time, money and energy to start their own micro-business. These are often small one person, home-based businesses, hiring expert help when needed.
Entrepreneurs are optimists, prepared to learn as they go. The downside to being optimistic is that it can blind-side them to the risks.
The risks being:
- The money required before earning any income;
- Forgoing the security of a job and income;
- The time it actually takes, often a year or more;
- The energy required;
- Loneliness;
- The stress involved in running their own business; and
- The potential for failure or going broke.
Micro-Businesses are different
Micro-businesses are nothing like a large business. Large businesses have established customers, revenue and specialised staff to do the work.
Micro-businesses are nothing like a large business. Large businesses have established customers, revenue and specialised staff to do the work.
- The micro business owner has to do it all:
- Make or buy the product or service;
- Do the marketing and selling; and
- Run the business.
All at the same time.
Luck
Luck plays a big part too in whether a business is successful or not. The economy can be up or down. Their preferred customers don't have enough money to spend. They don't do the work or make mistakes. Time will tell, often several years or more before the business may become an 'overnight sensation'.
Luck plays a big part too in whether a business is successful or not. The economy can be up or down. Their preferred customers don't have enough money to spend. They don't do the work or make mistakes. Time will tell, often several years or more before the business may become an 'overnight sensation'.
Crazy Luck on YouTube
Taras Kulakov, is the 'Crazy Russian Hacker' on YouTube. He's a life hacker making lots of YouTube videos about how to do stuff. I discovered him when I was trying to figure out how best to put the Doona cover on my Doona without climbing inside it.
Taras Kulakov, is the 'Crazy Russian Hacker' on YouTube. He's a life hacker making lots of YouTube videos about how to do stuff. I discovered him when I was trying to figure out how best to put the Doona cover on my Doona without climbing inside it.
He has over 10 million subscribers to his YouTube channel. His most popular video is How to open a can without a can -opener with over 45 million views.
Is he an entrepreneur?
How does he make money?
What sort of risk did he take?
He makes simple, but interesting to watch, videos and uploads them to YouTube. Then he attracts enough viewers to watch his 2-3 minute videos.
YouTube places ads on those videos and shares some of the revenue with him. Earning him anything from $100 000 - $8million per annum.
He lucked it, then took the opportunity to turn it into a business and quit his job to show people how to do things. His least watched videos have an audience of 2.7 million. Not bad. And yes, while he lives in the US he is Ukranian.
By the way, the two top stars on YouTube have over 50 million followers each.
What does it takes to be an entrepreneur?
- An idea, a hunch and recognising an opportunity or need;
- Deep knowledge as an expert to meet that need;
- The propensity to take a risk and make decisions;
- Luck;
- The discipline and ability to do the work;
- An ability to learn;
- A good understanding of how a business works;
- Solid positioning to attract and keep customers; and
- Practical, supportive advice and encouragement.
How does one go about starting?
I'll cover this next week in how you might go about some planning as an entrepreneur.
I'll cover this next week in how you might go about some planning as an entrepreneur.
What do you think?
cheers
Nigel Rawlins
wisepreneurs.com.au
PS. I've been working out of The Hub in Melbourne, a co-working space, close to the central rail station in Melbourne, it is abuzz with lots of younger, and more mature entrepreneurs. Well worth a visit if you are in Melbourne anytime.
cheers
Nigel Rawlins
wisepreneurs.com.au
PS. I've been working out of The Hub in Melbourne, a co-working space, close to the central rail station in Melbourne, it is abuzz with lots of younger, and more mature entrepreneurs. Well worth a visit if you are in Melbourne anytime.
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