Jessica Mah, as a young entrepreneur to watch that inspires other entrepreneurs, and Karen Rands, as a venture catalyst that works with entrepreneurs to chart their path to success, they hosted an interesting radio show on Feb 20th to discuss the 10 Ways Entrepreneur Reveal Themselves as Amateurs. The list is derived from their direct experience as well input from other entrepreneurs and advisors through linkedin, twitter, and direct call-ins on the radio show—listen to the lively exchange.
The List of 10 Amateur Entrepreneur Characteristics:
Type 1: All ideas, no implementation.
Type 2: Lots of ideas and half – baked implementations.
Type 3: Lots of ideas, lots of implementations, and absolutely no focus.
Type 4: Doesn’t know what he (or she) Doesn’t know, so doesn’t get help in key areas
Type 5: Innovation with no practical knowledge of the market. Suffers from Build it, and they will come syndrome.
Type 6: No Planning and therefore no Financial Strategy or budgeting. Suffers from Ready Fire Aim syndrome, they underestimate what it will take in time and money to succeed
Type 7: Can’t build teams, be a leader of the people, set the vision so good people (and investors) will follow. At early onset this can be clear, but sometimes comes later through the infighting and autocratic nature of the CEO
Type 8: Beginning a company out of necessity, not passion. So won’t be able to sustain the blood, sweat & tears it takes to succeed
Type 9: Not Willing to Hire the Proper Expertise. This could relate to legal, financial, research, marketing, strategy, and development expertise….wastes time and money with DIY. Or does hire, but doesn’t listen
Type 10: Not knowing what the cost of money is…difference between cost of revenue generation, loans, equity and when you should focus on which type for company growth.
Must be a sales expert, if you can’t sell it, no one will be able to.
Importance of Being Profitable
Know your talent and your strengths and seek to compliment them
Validate your marketplace and get started, adjust and tweak to make the business and go to market stronger.
Finally we concluded with the 3 things entrepreneurs can do to overcome the amateur antics that threaten their success as entrepreneurs:
- Proper Planning – know the stages of your business, key milestones to reach, and the actions needed to reach them
- Build Good Teams – Draw from the expertise and experience of others to be directly apart of your team or as advisors to help you realize what you don’t know, and get it done faster
- Maintain Focus and be Consistent – Planning and Teaming helps with this
Be sure to make plans to attend the SE Private Equity Conference April 14th and 15th
Check out these investment websites: www.kugarandholdings.com, http://www.launchfn.com, www.nbai.net, www.kyrmedia.com, www.myvirtualangelworld.com, and www.GetInvestorMoney.com
Listen, Learn, Enjoy and Share with a Business Associate!
About the radio show Guest:
Jessica Mah (www.Jessicahmah.com/blog) is an up and coming young entrepreneur that has only recently made the Inc Magazine’s list for college entrepreneurs to watch. Jessica Mah was interesting to listen to as she shared her experience as a successful entrepreneur since her first internet business at 13 to her current role as a leader and influencer among young entrepreneurs while computer science student at U.C. Berkeley. Through speaking engagements and side projects, she has been teaching young people how to get a jump-start in entrepreneurship and their future careers. As a life-long geek, Jessica has found great pleasure in leveraging her entrepreneurial experiences and programming expertise towards helping other young people. This past year, Jessica was featured on PBS Biz Kids to teach young people how to bootstrap their first entrepreneurial project. She’s excited to be collaborating with blogger and author Cal Newport on a book aimed at helping teenagers explore their passions outside of the classroom.
Jessica writes about entrepreneurship, education, and life on her blog at http://jessicamah.com. This is actually how I came to know Jessica. She posted a very interesting blog entry titled the: Why 99% of Entrepreneurs Fail: Because they don’t do anything Somebody commented on it on Twitter, I clicked through and found it very insightful. I agreed with her 3 items, added one on my blog www.entrepreneurblogspace.com and then requested additional input from others in blogsphere.
Karen Rands is the President of Launch Funding Network which has provided needed services, resources and access to capital to entrepreneurs since 2003. She also runs the Network of Business Angels & Investors, one of the most active angel investor groups in the southeast. They are in their second year of coordinating the SE Private Equity Conference as a way to bring together a larger group of investors and entreprneurs to be economic architects….creating jobs and creating wealth.