Let me preface this blog by saying there is absolutely nothing wrong with a stable career-track job. Entrepreneurship is not for everybody. However, if becoming an entrepreneur or “entrepreneur” sounds like it is for you to continue reading….
Investopedia recently defined Entrepreneur as: “An individual who creates a new business, bearing more of the risk and enjoying most of the reward.” That said, most “entrepreneurs” don’t understand the risk-vs-reward ratio of creating a business from scratch. Instead, Entrepreneur has become a buzz word, a way to garner likes on social media posts or even a strategic online dating profile headline. It is a term of bragging rights, just like we have heard everybody say, “I was a snipper in my unit”. For those that call themselves an entrepreneur – Are you really?
Let me give you my two cents, and I send this with love and encouragement as I only want to see you succeed in entrepreneurship if it is truly your calling as it was mine. Do you have the basics covered? When I mentor fellow Veterans, there are initial questions I ask; What Industry are you in? What is your revenue model? What product or service do you sell? Who is your customer? These are the basics. My Team Sergeant once said, “What makes you high speed?”. The Answer: “The Basics,” I.E., shoot, move, communicate.
I want to see more Veteran Entrepreneurs call themselves Businessmen/women. I want us to truly understand and measure business metrics such as Customer Acquisition Cost and Customer Lifetime Value. I want us to be aware that successful entrepreneurs solve problems and wrap revenue models around their ideas because these revenue models must ultimately generate enough money to run a business and pay your bills. A successful entrepreneur means you are a successful businessman/woman. You are “high speed” because you have the business basics covered.
To be a successful entrepreneur is extremely difficult. I don’t want to sit here and quote a bunch of statistics, but the bottom line is that most will fail. The good news is the entrepreneurial basics are a skill set that can be learned. Just like shooting straight, just like the impressive DNC we see from the Marine Corps Silent Drill team and just like every skill set you’ve ever learned in your service.
You can learn to be a successful Entrepreneur, but it’s not easy, and it takes reps, so start drilling today!
I’m David Johnson host of The David Johnson Show and a successful entrepreneur – but let me tell you I had six years of failure and grinding on the basics before I could claim the title “successful businessman”. On May 5, 2013, I was driving to the hospital to deliver my son with a negative $10 to my name. I write this blog today, July 2020, from Maui, Hawaii. And yes, You can do it too!
Your Biggest Fan,