On Entrepreneurship

By Mi Bakal

On Entrepreneurship

We often talk about what are the necessary traits to be a successful entrepreneur or inventor. Here we will explore 3 things that are NOT needed to be a successful entrepreneur.

 

In her book "Invent it, Sell it, Bank it", Lori Greiner discusses of three traits that she believes are not necessary to make one successful in entrepreneurship. A successful inventor doesn't need:

 1) A business backgroung.

Though having a business background (be it a degree in Business Administration or just practical experience in operating a business) is impressive, when it comes to entrepreneurship you could come up with a good product and bring it to life even if you only had a background in, say, litterature.

In Lori Greiner's own words, "a business background can be helpful to inventors, but you don't need it".

 

2) Overhead.

Overhead refers to ongoing expenses of running a business. At the beginning of a startup, it is crucial to avoid unnecessary expenses such as hiring staff, renting luxurious offices, etc. 

The author puts it this way: "you will make much more money if you remain frugal even when your invention starts to succeed and your business begins to grow".

 

3) To be unwilling to accept failure.

 It's a learning process. There are always opportunities to learn. To be successful, one has to figure out what seems like a failure and be smart enough to turn it into a lesson for future success.

Oftentimes, "what looks like a failure is often an important milestone on the path to achievement".

In the end., all you can do is try and make the best out of the experience... and don't forget to have fun in the process!

 

Until we chat again...

 xoxo,

Mi Girl



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