1. You’re not going to win the pitch contest – even if you win it
Shark Tank is great entertainment. It’s the perfect reality TV format. Entrepreneurs, fresh with enthusiasm and ideas vs. hostile moneyed elites tearing their dreams asunder for the entertainment of the viewing audience. America loves a good fight, and Shark Tank delivers the humiliation and put downs that make great television. But the link between it and actual reality is tenuous at best.
“But there are winners,” you protest, “Checks get written.”
Do they? We had the privilege of participating in an event where some of the contestants of Shark Tank came out to meet the faithful who were dreaming of following in their footsteps.
Podcasting is a great way to learn and be inspired. It’s a new use of technology that hearkens back to the original social medium, storytelling.
If you have an interest in entrepreneurship, tech, leadership, business, creativity, or just learning and expanding your mind, here are 100 podcasts that can help you bring your best to all you do.
Pick out a few to start with, then get ready to listen and learn while you’re in the car, on the treadmill, or during your morning commute.
Student loans aren’t just negatively impacting you financially; they’re also hurting your chances of starting a new business, research finds.
Entrepreneurship is significantly hampered in parts of the country where residents carry more student loan debt, according to a recently updated study by researchers at Pennsylvania State University and the Federal Reserve Bank of Philadelphia.
For the study, student loan debt across the United States was analyzed by county and compared with small business creation in those areas. Researchers discovered that between 2000 and 2010 a one standard deviation increase in student debt reduced small businesses in those counties by an average of 14 percent.
Entrepreneurship is a process and not a goal; a journey, not a destination. Being a successful owner requires you to think about the future and manage the present at the same time. It means you need to take concrete steps to secure that future as early as possible while being willing to change your plans as opportunity dictates.
One of the first things you need is a plan. You should take the time to develop a formal business plan with realistic financial projections, but any plan that maps out your objectives and gives you a way to measure your progress toward them is better than no plan. Just as it’s difficult to build a house without blueprints, it’s even harder jumping into business without an idea of where you want to end up. The beautiful thing about plans is you can fix them if they’re not working. Without a plan, you’ll be left wondering what happened.
I attended an entrepreneurship summit recently, where I was asked to help select and distribute an interesting award. Attendees were asked to write down something inspiring they learned at the summit and the best entry would win.
The majority of attendees entered the same mantra from an earlier speaker: Start before you’re ready. However, only one attendee went the extra mile and described what that principle meant to him. He applied the knowledge and was named the winner.
I was impressed by that because, of all the so-called entrepreneurs in the room, he was the real deal.
Thinking about this, I decided to look at my own entrepreneurship efforts (some successful and some not) to see how the “Start before you’re ready” mantra could apply to me. Here’s what I learned:
You have to be confident to be an entrepreneur. Not 100 percent of the time, but it takes confidence to leave the security of a steady paycheck every week for the uncertainty of entrepreneurship. We know the stats about business-failure, which is why that confidence and fearless attitude are so important.
Too often, however, entrepreneurs use that confidence to cover up what they are struggling with inside. They don’t want to admit or show any weakness. They think they can “work it out” or that those struggles will magically go away on their own. They don’t want the outside world to see in cracks in the armor.
Entrepreneurs are frequently thought of as national assets to be cultivated, motivated and remunerated to the greatest possible extent.
Entrepreneurs can change the way we live and work. If successful, their innovations may improve our standard of living. In short, in addition to creating wealth from their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society.
The following are six reasons why entrepreneurs are important to the economy.