Entrepreneurship Traits
Corbin Church teaches Entrepreneurship at BYU in Provo, Utah. He's a successful serial entrepreneur and he shares in this presentation the traits he feels are most important to entrepreneurship.
"If you don't build your dream, someone will hire you to build theirs."
To be an entrepreneur, one must be: Outgoing, confident, passionate, observant, visionary, determined, a good listener, frugal, fearless, tolerant, skeptical and revisit rules
90% of startups fail but why?
Your product is good if you ask 100 people if they would buy. If at least 70 of them say they would then you've got a good idea.
One of the main things entrepreneurs need to be are observant. On his campus at BYU, he noticed too many kids walking around with their face buried in their phones and headphones in. Business ideas come to people who are being observant.
He tells the story of one of his students who appeared on the TV show, Shark Tank. The boy noticed that there was a problem every time he went to the bathroom at night. He would be blinded by the light he turned on just so he could use the toilet! Turns out, a lot of people go through the same thing. So he invented a motion sensing, light up toilet bowl. In just one month, it had $1 million in sales. All because he saw that there was a problem and found a solution. What kind of new things can we see if we were more observant? How can we change our perspective to find more problems to solve?
The journey of an entrepreneur isn't easy. One of the hardest things to do is keep balance in life. Some of the things entrepreneurs struggle to maintain are:
- Family
- Work
- Health
- Spiritual
- School
As entrepreneurs, we marry ourselves to our business. We are passionate and determined to succeed. We spend hours upon hours to make it work out. Well, we spend half of our lives working. 50 PERCENT. Make sure what you choose to do for work is a good one.