Home » Top 10 Mistakes Made by Entrepreneurs (Full Transcript)

Top 10 Mistakes Made by Entrepreneurs (Full Transcript)

Entrepreneur1: Sure but I think there’s — all I’m saying is there’s a lot of risk in putting something in a category that hasn’t been proven. I mean just based on enough data that supports new investments that haven’t been proven versus going after a category that is already out there and you’re competing against it. There’s always going to be a leader, there’s always going to be an incumbent, I mean that’s just the nature of business. All I’m saying is that at least for me as an entrepreneur, I reside in the latter where I’m not going to take that risk of coming up with something completely different. And you know, be left to kind of cold shoulderish in the marketplace, versus kind of going in with it and replicating something, and then innovating it by out-executing them and, after I’ve reached a certain point.

Entrepreneur4: But I think when it comes to risk sometimes I’m not sure if I understand all the discussion either because, what are you risking, right? There’s an underline assumption that there’s something specific that you’re risking. And I think that people have different aspects of what is worthwhile risking, or what is worthwhile not risking, right? So, if you don’t have a good understanding of what you’re risking, then the discussion becomes very abstract too. And the way I look at it is that you have a certain amount of time on this planet. Tomorrow you can be hit by a truck. And do I want to live my life doing something that I don’t feel fulfilled with? That’s a big risk that you live the whole life and being miserable, right? So it depends a little bit on what it is that you really want to do and what you are willing to risk. And in that perspective I think — I understand that risk is associated with entrepreneurship, but I don’t like the notion, risk is put on a entrepreneur saying that this person is a risk taker.

ALSO READ:   Accenture (ACN) Q4 2014 Results Earnings Call Transcript

Interviewer: Let me move to one more issue of this entrepreneurial character that I think is interesting to discuss. You know, in my thinking over the years about what motivates entrepreneurs, I’ve kind of come with three categories. Change the world, build a great company, get rich. So, what is the — I think all three’s fine. But some people are driven more by one than by other. So how would you describe those three words for yourselves in terms of how would you kind of slot yourself or profile yourself relative to those things? And do you think those are relevant to entrepreneurial motivation?

Entrepreneur1: I mean, I would say, I never did anything for the money. And I think that anybody that walks into an entrepreneurship endeavour to get rich has already failed. And I mean, monetary exits, cash that you make is really, comes after all the hard work, and you can’t even think about that from day one. And if the minute you do, you’re going to start making short-term decisions that are going to go ahead and affect your business decisions that you should be making. So, for me it’s always been about being successful and proving myself that I can do it again and, that I know the formula. And so long as I know the formula, I want to challenge myself for the next opportunity. And sure, the money that comes along is like keeping score. But that’s about it.

Entrepreneur3: I think, the change the world idea or variants on that, like for me, the way I would articulate it personally is sort of be involved with the most interesting things I can be involved with. That’s it. And all the best entrepreneurs I know tend to look at the building of a great company, and the making of a lot of money, as means to the end of accomplishing the goal that they are trying to accomplish. The idea that, I want this to be structured as a company, because a company is the best vehicle to accomplish what it is that I’m trying to accomplish. If there were a better vehicle, I would use that other vehicle instead, but this is the best vehicle, so that’s what I’m going to do. That’s the mentality that resonates most with me and, I think, can get you to the biggest and most exciting places.

ALSO READ:   Vodafone Group (VOD) CEO Vittorio Colao on Q1 2015 Results - Earnings Call Transcript

Entrepreneur4: I think changing the world is such a big term. But I think definitely there’s a part of me that, perhaps, try to contribute, somehow, in my little way. So I think the reason why I think that is important because, I think everyone you’re looking for some kind of meaning or purpose with what you do. That you actually see that what you do has a positive effect. And that I think is important part of my drive. In addition to that, I think it is going back to what I talked about earlier. Working with people that you really care about, working with people that you’re really passionate about, and indirectly that is really building an organization that you take pride in.

Pages: First | ← Previous | ... | 9 |10 | 11 | ... | Next → | Last | Single Page View