Are You an Entrepreneur? Can You Spot One?

  • Posted by
  • on June 13th, 2009

I rarely get interviewed but when I do I get asked about being an entrepreneur.

This morning I had an in depth interview from a fellow stocktwit and it was a lot of fun. Of course I got asked about the key aspect of being a successful entrepreneur or some key insights.

I am not sure how to define entrepreneur and maybe I am getting better, but I sure wish I was younger. Young people just make great entrepreneurs. Of course you can get better with age, but you can always hire wisdom. Lack of fear and responsibility are just too important. Entrepreneurs are selfish. They have to be. It’s easier to be selfish if you are younger.

The best BUSINESS I ever was a part of was Pro-Innovative Concepts and by all measures we had NO clue what we were doing. We had a fantastic product , had some luck and than we made EVERY mistake in the book. Because we were young it was a freaking blast the whole way through. The business is still around today almost 15 years later.

Making the laundry list of mistakes we made 15 years ago would not be a blast today. I am just too old and surly.

I like to use the game of RISK as an example when I am talking about or to entrepreneurs starting their businesses. Monopoly and Risk are by miles the best board games ever invented. I love paying Monopoly with the kids and look forward to really getting into Risk with them.

I think the way to spot a budding entrepreneur is to watch them play Risk and/or Monopoly. The entrepreneurs keep the integrity of the game but change the rules, sometimes drastically.

The lawyers and accountants READ the rules and make you play by them.

I have played the game of risk hundreds of times and have never won from starting in Europe. I generally pile into a few corners of the globe and work my way out while everyone kills themselves in Europe and Asia…much like real life.

There are only a few Michael Dell’s and Bill Gate’s. The rest of us have to pick our battles.

As big and broad as Facebook is today, it started out as a niche social network. Today, Facebook is in the center of the map and has to fend off everyone with ambition.

Think about the game of Risk as you start your business. You don’t have to be all things to all people. Solve a problem and do it better than everyone else. Make sure you have a passion for what you are selling because it is just damn hard and 99.9 percent of the time takes more money and more time than you ever imagined.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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