Bright Star…

One of the things that I am most interested in is entrepreneurship. I love reading about young people who have thought of a marketable idea, focused it and executed their product.

I’m not sure what it is about business, but I find it absolutely fascinating. After having spent five years at university studying economics, I now view everything from a different perspective. Even if it’s just going to a new restaurant, I think about little nuances that can be changed to instantly enhance the idea or business.

One of my favorite websites is smart company, although not my usual online haunt, it does have a lot of inspiring interviews with young entrepreneurs. It usually provides a lot of detail about how the person’s idea or business came about, what mistakes they’ve made and new products they are introducing. It’s really good to see how entrepreneurs think and go about their business.

Having spent a fair amount of time with people who run their own companies and researching others, there are few key things that successful ventures have in common:

• They focus by doing something that they truly enjoy and are passionate about. If you don’t like you service or product, how could you possibly sell it to others?
• Successful ventures were not built on the basis of making a lot of moolah. If that is your goal, perhaps you might like to grow a money tree. Following on with my first point, money will often follow your passion and dedication.
• There are no mistakes, only lessons- Often when starting something on your own, there will be a few mistakes. Each might feel like a quake, but really it could be a tremor if you allow yourself to take something positive from the situation. When you are starting out, you can’t possibly know everything. Mistakes will happen, it’s just how you handle them that matters.
• Talent is fantastic, but drive is also important- All the talent and skill in the world won’t help you write a business plan at 8 pm after a long day at work. It can’t make you work the extra five hours a day it might take you to build something of substance. Talent and skill can be honed, but if you’re lazy and lack drive, your talent won’t count for much.

Please note: These are not from my experiences they are merely things I have learnt from others along the way. I don’t pretend to follow these religiously, however they are things that I like to remember when focusing on my own projects.

Are there any budding moguls out there? What lessons can you impart on the group?