One of our assignments in Entrepreneurship class at GWSB MBA program was to conduct an interview with an entrepreneur of our choice. This was an individual project, so we had to find a worthy candidate on our own and to interview him/her. To make it easier, we were even given a set of questions which could be used to kick off the conversation. Of course, we were also free to ask our own questions as we see fit in the situation.
It would be easy for me just to talk to on my friends or acquaintaces who have or have had their own business in the past. But I opted for something off the beaten path. Here is slightly edited and abridged version of the interview I had with my entrepreneur. I think, there are some lessons to be learned for many of us from this exercise.
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On a leisurely Sunday afternoon I had a chance to interview a person who I consider one of the most remarkable entrepreneurs I have met. Even so, I know for a fact that you have not heard about this person, as her name has not hit the limelight yet. This “yet” part of her relative obscurity was very significant, because I had a unique opportunity to be the first one to take an interview with her and get some interesting insights, and some new perspective on the things I consider familiar.
Although I believe that in due time this entrepreneur’s name will hit the news headlines and receive recognition for her bold and innovative ideas, I will always keep the honor of being the first one to discover, and break her name to the general public in this interview that is offered to you now.
As we have certain level of familiarity with this person, I was able to get to the crux of the matter without too much introduction. So here are some of the answers I have received to the carefully selected in advance questions. The answers to many of the questions may seem a bit too succinct to you, but I will explain the reason for it a bit later.
I. Question: What is your definition of an entrepreneur?
Answer: Entrepreneur is a person that has his or her business. Also, it is someone who does something different.
Q: Do you consider yourself an entrepreneur?
A: Yes, because I do a lot of business.
Q: What is the best thing about being an entrepreneur?
A: To do planning for your business and be in control of it.
Q: What is the worst thing about being an entrepreneur?
A: Getting the business ideas blocks. You know, like the writer’s block.
Q: What would be your advice to a potential entrepreneur?
A: You have to be always open to the possibilities. Look for the business opportunities. Also before you start any business you have to find what are the needs or wants of people. Sometimes you will find that the wants are silly. But hey, it could be your opportunity.
II. Q: What event do you consider as a major milestone in your life as entrepreneur?
A: For me such event was when I started to receive my allowance from the parents.
Q: And how exactly did this event affect your decision to become an entrepreneur?
A: I realized that I had certain freedom now to get the things I wanted. But most of the things were out of my reach. I realized that I needed to find the way to make significantly more money to be able to afford them.
Q: Why did you decide to go into your own business instead of someone else’s?
A: I already said that I like to be in control of my own business. Besides, no one would hire me anyways…
Q: How has your education helped you in launching and growing your venture?
A: It’s ventures, not just one venture. As for education, I am still working on it. I have many more years to be a student. Also, my classmates sometimes give me ideas about what needs and wants they have and I think of the ways how I can help meet those needs.
Q: Are you enjoying what you are doing, that is, how are you having fun in your entrepreneurial activities.
A: I am having fun in everything I do. If it’s not fun, I would not do it.
Q: How do you define success in entrepreneurship?
A: I think that money is a good measure of business success.
Q: What lead to the success of your business.
A: Hard work. I also don’t have real competition.
Q: What do you see as the future of your business?
A: I am looking to expending my customer base. I also plan to have a cool website for my business, to reach more customers with more products.
III.
Q: Did you or do you have a “mentor”?
A: I have a mentor. This is my dad.
Q: What is your perception of how others see you personally and professionally?
A: Personally: Goofy. Professionally: Creative.
Q: How would you like others to see you?
A: Creative and smart.
So, this was the recap of our conversation with the entrepreneur. It’s probably time to disclose the identity of this remarkable person.
Actually, instead of going to one of my many acquaintances who are business owners and proven entrepreneurs, I chose to interview my own 11-year old daughter. Some might argue that she does not really have much to share due to her young age and home-grown nature of the business she has ventured so far. I can see that point. But I believe that the things she is missing on the experience side, are well-outweighed by the natural instincts and unblocked openness of her mind and, yes, — innocence of her perceptions.
When you grow up and have your own business, you can often get blindsided by the pressures of running that enterprise. Those pressures are often mundane, like doing all the required paperwork, and staying compliant with all the regulations governing your business niche. Also, sometimes those pressures can be depressing, when you are just trying to make the ends meet and stay afloat, whether due to economic downturn or multitude of other reasons. Those pressures may eventually lead to losing the sense of the “first love” that you had when you just started on your entrepreneurial path.
That’s why I think that some of the insights, even though they do not seem to be profoundly revolutionary, give you a reminder and a good re-fresher on some intrinsic values of being entrepreneur.
I would like to emphasize just a few personal takeaways from this conversation too. These are just highlights of what is important for entrepreneurs regardless of age:
- The need for freedom of self-expression and self-reliance. This was related in the answer to a question what is the best thing about being an entrepreneur: “Plan and be in control of it.”
- Importance of enjoying what you are doing. Having fun in the process. This will definitely keep your creative juices flowing.
- Finding out the needs and wants of potential customers and meeting those needs, instead of just having some grandiose idea that does not solve anyone’s problem, or meets anyone’s desires.
- And yes, entrepreneurship is about doing business, so making money in the process still seems like a reasonable measure of entrepreneurial success.
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This was the interview I submitted, and as I mentioned, some of the ideas may seem too simple. However, I received a validation for the approach I chose very quickly. We had to turn in this interview before the class when we had a panel with four entrepreneurs at GWSB MBA. I had a post about it -Meet Serial Entrepreneurs just recently. If you watch the video, you will find at least some answers from the seasoned entrepreneurs that echo, even if a bit differently worded, my daughter’s responses. So don’t despise the small beginnings and look for the opportunity to learn something new from less expected sources. And this is the lesson our business school professor tried to bring home to us from the first lecture – Entrepreneurship is Everywhere.
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) and ask for introduction of some of those perks or their derivatives into your company. I know it’s a risky business to ask for perks in this economy, but many of those things are actually implemented in some companies. Admittedly, higher levels in organizational hierarchy get juicier pieces of that benefits pie. But hey, it’s worth trying to push some of them down the “food chain” for the benefit of more people in organization. Because, as we know from theory and reality of life, satisfied happy employees usually make better employees, which is ultimately good for the company’s bottom line too.
