Yeah, This Entrepreneur Stuff is NOT EASY!
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 is in your blood please continue reading..
One definition of Entrepreneur is: “An individual who creates a new business, bearing more of the risk and enjoying most of the reward.” In my humble opinion most entrepreneurs don’t fully understand the risk-vs-reward ratio of creating a business from scratch (at least not in the beginning). 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 used for bragging rights and to sound cool. 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... Just like "The Basics" we learn in the Military - 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. In my next blog I will discuss the types of entrepreneurs and how I chose my path forward -- or how my path chose me. Not every entrepreneur will reach the likes of the Elon Musks of the world, AND THAT'S OK.
Becoming a successful entrepreneur is extremely difficult. I don’t want to sit here and quote a bunch of statistics, but the bottom line is 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 - Master your craft and learn the metrics you need to measure to be successful.
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.
Your Biggest Fan,
Connect with me at: David@PromotionBoardMedia.com