Is Entrepreneurship a Talent?

Entrepreneurship is a complex and multifaceted endeavour that requires a range of skills and abilities. Some people may be naturally more inclined towards entrepreneurship due to their personal characteristics or experiences, but it is not necessarily a talent in the same way that artistic or athletic abilities are talents.

Entrepreneurship involves taking risks, being innovative and resourceful, being able to adapt to changing circumstances, and being able to effectively lead and manage a team. These skills and abilities can be developed and improved over time through experience, education, and training.

While some people may have a natural inclination towards entrepreneurship, it is ultimately a combination of skills, knowledge, and experience that determines whether someone is successful as an entrepreneur. It is possible for anyone to learn and develop the skills necessary to be successful in entrepreneurship with the right mindset, effort, and support.

In a Nutshell, No. Entrepreneurship is not a Talent. It is an Artisanal Skill much like Brick Laying, Boiler Making, Plumbing. Therefore, the technical education that teaches business building is fundamental to your success as an Entrepreneur.


#Entrepreneurship #Talent #startingabusiness

If Entrepreneurship is a Skill that can be learned, why do so many Entrepreneurs Fail?

Entrepreneurship is a complex and multifaceted endeavour that requires a range of skills and abilities, including risk-taking, innovation, adaptability, and leadership. While entrepreneurship can be rewarding, it can also be challenging, and many entrepreneurs face obstacles and setbacks on the road to success.

There are a number of reasons why entrepreneurs may fail, including:

Lack of planning: Failing to properly plan and research a business idea can lead to problems down the road.

Lack of focus: It’s important for entrepreneurs to stay focused and prioritize their efforts in order to succeed.

Poor financial management: Proper financial management is essential for any business, and entrepreneurs who are unable to effectively manage their finances are more likely to fail.

Inability to adapt to change: The business world is constantly changing, and entrepreneurs who are unable to adapt to new circumstances and technologies may struggle to stay competitive.

Lack of persistence: Building a successful business takes time and effort, and entrepreneurs who are unable to stay focused and persist through challenges may struggle to achieve their goals.

Poor team management: Leading and managing a team effectively is crucial for entrepreneurial success, and entrepreneurs who are unable to do so may struggle to achieve their goals.

Ultimately, the key to entrepreneurial success is to identify and pursue opportunities, work hard to overcome challenges, and continuously learn and adapt in order to grow and improve the business.

#Entrepreneurship #Talent #startingabusiness #skill #success #Entrepreneurialskills #Sidehustle #recurringIncome

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What are the best skills to have for someone wanting to be an Entrepreneur?

There are many skills that can be helpful for someone who wants to be an entrepreneur. Some of the most important skills include the following;

  • Strategic thinking: Entrepreneurs need to be able to identify opportunities and come up with effective strategies to pursue them.
  • Leadership: Entrepreneurs must be able to motivate and lead a team, often in a rapidly changing environment.
  • Communication: Entrepreneurs need to be able to clearly articulate their vision and ideas to potential investors, partners, and employees.
  • Adaptability: Entrepreneurs must be able to adapt to changing market conditions and pivot their strategies as needed.
  • Resilience: Building a successful business takes time and can be challenging, so entrepreneurs need to be able to persevere and bounce back from setbacks.
  • Problem-solving: Entrepreneurs must be able to identify and solve problems that arise in the course of building and growing their business.
  • Financial management: Entrepreneurs need to be able to manage their financial resources effectively and make sound financial decisions.
  • Marketing and sales: Entrepreneurs need to be able to market their products or services and sell them to customers.
  • Networking: Entrepreneurs need to be able to build relationships and connections with other people in their industry and beyond.
  • Time management: Entrepreneurs need to be able to manage their time effectively and prioritize tasks in order to meet deadlines and achieve their goals.

#The10MinuteGuide #Entrepreneurship #Skills #Success

“Start with what you have”: How the Business of Motivation is killing Dreams & Small Businesses.

Where we are today

In a world where the business of motivation has gained widespread currency in entrepreneurship circles, one would be forgiven for believing that entrepreneurship was the Magic Elixir for all of life’s problems, big and small.

However, as anyone who has taken this “Magic Elixir” will tell you; the dream is free and the hustle IS sold separately.

Simply put; it’s bloody hard! Much harder than being stuck in a junior management role, reporting to an a**hole.

And then the bad news…

It costs a lot of money too!

While It is understandable why there is a rush to encourage people to start businesses with what they have, it does however, set people up for failure.

To illustrate my point, think of your body as your business and money as your oxygen.

Now imagine you were locked in a room with “limited oxygen supply” (your start-up capital) and you were asked to go about your professional duties, as you normally would at work. As the day goes by and your oxygen supply continues to drop (because you are using up the oxygen in the room) your performance and the quality of your work gradually start to decline. Eventually, your body will buckle under the pressure of trying to keep you functioning at your best under these strenuous circumstances. In this event, you will notice that you will start developing symptoms associated with oxygen deprivation, Confusion Coughing, a Fast heart rate, Rapid breathing, Shortness of breath, Slow heart rate, Sweating, Wheezing. In the case of your business, these would be cash flow problems I.e. you don’t have enough money for stock and/or day-to-day operations, whatever those may be.

Now, imagine that as you get to the late afternoon, you start to develop more severe “oxygen deprivation” symptoms; you get very dizzy and no matter how much you try, you just can’t seem to inhale enough. In the case of your business, this would be; you are not making enough money to pay your lease, you can’t pay all your staff salaries, your stock runs out so you can’t fill all customer orders and you start to lose customers, and by extension, you start to lose money.

At this stage, your eventual, proverbial death is not only a matter of time, its guaranteed.

A different frame of reference…

Let’s frame this point differently; The reason altitude (height above sea level) is an important factor in sports is because oxygen availability affects the performance of athletes. The lower the oxygen, the worse their performance. Likewise, capital/money availability affects the performance of your business. It isn’t a mistake that franchises have specific capital/money, location, and market requirements. It sis because they know exactly how much “oxygen” is needed and what kinds of “environments” offer this “oxygen”.

You are not the exception, you are the rule!

Inevitably, there are those people who will stand up and say; “I’ve done it, so can you”. These people are usually very influential, “against all odds” successful entrepreneurs, whose success stories make the news, but there are two problems with listening to them.

  1. Successful entrepreneurs are generally very good story tellers which means they often leave out those bits of their stories that prevent them from selling the dream.
  2. The reason these people’s successes make the news or are even news worthy, is because they are the “exception” and not the rule. That is, they are that one person in a million who succeeded against all odds.

This, ironically makes them the ideal person to listen to for motivation and the last person to listen to for start-up advice.

Rather, listen to someone who has successfully built a business by overcoming odds that are similar to yours. Yes, this means that there will be different people for different circumstances, this is why mentorship comes highly recommended because a mentor can help you navigate challenges specific to your business.

At this point, It is also important to point out, generally, we don’t track how much they spend on operating their business in the first 1-3 years of their business’ life, before they start turning a profit. What we will track, is the lumpsum we invested upfront.

Often times, once the business becomes operational, we spend even more money keeping our doors open. Since this money I spent in smaller amounts than the lumpsum invested, we don’t notice it. Reality hits when we are completely broke and we realize that the initial lumpsum invested was nearly enough to cover the expenses of operating a business, day to day, to profitability

Those damned kids…

Furthermore, for Parents & Breadwinners who are entrepreneurs, there is “the demand on revenue” factor; day-to-day financial obligations you have to meet, especially if your business is your only source of income. These obligations will weaken your business and prolong the time it will take you to reach profitability.

In relation to our “oxygen” example above, imagine two more people were added to the same oxygen-deprived room you are in. The increase in the demand and consumption of oxygen (money) would simply guarantee a speedier death, for all of you.

The take-home message

When someone says to you: Start with what you have, they are not giving you Actionable Advice, they are simply encouraging you to get started. Therefore, it is important that you separate motivation from actionable advice.

Starting a business without enough money to get you through your first year or tide you over until profitability is simply suicide.

If you are thinking about starting a business or a side hustle, you need to not only figure out how much money you will need to get you started in business. You also need to know much money you will have to invest in keeping your doors open until your business is making enough money to run itself.  

To learn more about how to Calculate the Cost of Starting & Running a Business, see chapters 8-12 of The 10 Minute Guide to Starting a Business, available here as an ebook.

#Challenge1Million #entrepreneurshiptruth

#motivation #startwithwhatyouhave