Friday Mar 31, 2023
Entrepreneurship | Becoming an Entrepreneur
The Visionary Chronicles Podcast
CHRONICLE: March 30th, 2023
"When something is important enough, you do it even if the odds are not in your favor..."
Wisdom from Elon Musk
ENTREPRENEURSHIP | Becoming an Entrepreneur
To become an entrepreneur, most think first of risk vs. reward. However, they must first align and define many principles, strategies, and cultural questions before putting pen to paper, then money to ideas.
Being an entrepreneur is not for everyone, and certainly not for those faint of heart. I know, having personally built a brand from scratch, it can put “dog years” on your career but also provide valuable experience only being an entrepreneur can provide. It has significant up-and-down cycles, rewards, and benefits, but it mostly takes a toll on you personally and professionally.
I should also preface what being a “true” entrepreneur is and what it is not. A “true” Entrepreneur starts from scratch, finds creative ways to find support, and leans heavily on internal strength, knowledge, faith and humility. What an entrepreneur is not is when they start with enough cash to support the long-term “potential,” has significant resources to provide for daily needs, and has taken risk off the table. There are many of these companies, and the hit rate with both is roughly the same. The former has learned to be resourceful, while the latter has learned to use resources. Both are business owners, but only one is an authentic Entrepreneur.
What are the questions to be asked and answered?
Becoming an entrepreneur involves defining a well-thought-out plan, represented by the following questions which need to be answered.
- Do I have definitive Goals?
- Is my Strategy clear?
- Can I Execute my Plan?
Within these questions are several more areas which need further thought. Within the scope of Goal setting are;
- Aspirations
- Probability of Success
- Risk Tolerance
For Strategy, the following need to be defined;
- Clear Path Forward
- Profitability and Growth Potential
- Sustainability
- Growth Rate
On Execution, many areas will determine your success or eventual failure;
- Resources
- Infrastructure
- Skillset of Founder
As you can see, many areas must be defined long before you question risk vs. reward. Most people know the answer, but most need help understanding what it takes to lessen the risk portion of the formula for long-term success.
Determine your path forward, your Strategy's reliability, and whether you can execute the plan.
Each is equally important, but all are part of a vital puzzle that must be put together before venturing into vast ocean of Entrepreneurship.
Stay True, Stay Authentic, be Different, and be Great!
Enjoy the Journey!
Bryan Smeltzer, President
LiquidMind Inc.
#TheVisionaryChroniclesPodcast
#TheVisionaryBrandBook
@LiquidMindsite.com
@BryanSmeltzer.com
© All rights reserved, Bryan Smeltzer, 2023
Bryan Smeltzer is a consumer products business executive and entrepreneur. He has held executive-level roles in business development, product, and marketing with some of the world's most prestigious brands, including; Oakley, TaylorMade, Adidas, K-Swiss, and Schutt Sports, among other international brands. He also founded a men's apparel brand, successfully running a profitable business for ten years, eventually selling to a VC firm.
He also hosts a Podcast called The Visionary Chronicles, and recently finished his first bestselling book, The Visionary Brand, The Success Formula Behind the World's Most Visionary Brands, and recently received the prestigious Readers Favorite Award for BEST Non-fiction, Marketing Genre book.
He is also a member of the Board of Advisors at UCI's BCIE along with their New Venture Program, an Innovation Advisor at the UCI's Applied Innovation program at the Cove, a Mentor/Advisor to UCLA's Price Center Venture Accelerator Program, and a Mentor/Advisor at the San Diego Sports Innovators Accelerator (SDSI) center.
Bryan currently oversees LiquidMind Inc., a global brand strategy firm that partners with both start-ups and established id to large-cap consumer brands to empower their businesses to think different, be different, drive a passionate culture, and execute relentlessly.
You can contact or follow him at;
Comments (0)
To leave or reply to comments, please download free Podbean or
No Comments
To leave or reply to comments,
please download free Podbean App.