How do you know you are an entrepreneur?

Identifying oneself as an entrepreneur often begins with a fundamental question: Do you naturally seek better, more efficient ways to do things in business and everyday life?? This innate drive and a comprehensive understanding of the entrepreneurial landscape can turn overlooked opportunities into successful ventures.? This leads to a significant debate I've often engaged in with my MBA professors at ASU and classmates: Is the ability to be an entrepreneur something that can be taught, or is it an intrinsic part of one's DNA or inherent character?"

It takes some craziness to start a company on your own.? A person willing to give up everything to pursue their dreams.? Quit their job, invest money and time, and put their life on hold to build something they don't even know will succeed.? It's like driving a car at 60 miles an hour while simultaneously needing to change the engine and tires and even give it a new paint job.? You're moving at full speed, with the landscape of your job and stable income quickly receding in the rearview mirror.? As you invest time and money, you're doing much more than just steering; you're transforming the very vehicle of your journey, all without stopping.? This endeavor requires a blend of audacity, fearlessness, and practical knowledge you can't simply pick up from textbooks.? It's about building and rebuilding while maintaining momentum on an unpredictable road.

While some aspects of being an entrepreneur may be inherent, education, like an MBA, can significantly enhance a person's business acumen.? Schooling doesn't just create entrepreneurs; it equips potential entrepreneurs with the skills and confidence needed to succeed.? It's about arming those on the brink with the right tools to realize their vision.? Proper education can transform an aspiring entrepreneur into a skilled business owner.? Looking back, I wish I had done things differently.? I completed my MBA after we sold the company.?? Luckily for me, I had some excellent mentors along the way.

A quest for improvement has always ignited my entrepreneurial spirit.? This became most apparent in leisure settings, like attending concerts or sporting events.? My wife would often be annoyed as I analyzed the crowd, estimating the event's revenue potential from various sources.? It wasn't just about the numbers for me; it was about seeing the potential and exploring how every aspect of these events could be enhanced and turned into a viable business opportunity.? This analytical approach has been the bedrock of my entrepreneurial path.? Every experience was an opportunity to analyze and identify potential business angles.

This ability to see potential business opportunities in everyday experiences has been a critical driver of my success.? This blend of innate curiosity and a constant search for improvement is essential for any entrepreneur.? It's about seeing beyond the immediate enjoyment of an experience and understanding its business potential.? This trait has been a constant challenge and a source of endless fascination throughout my career.

For those who dream of venturing into entrepreneurship, you can start by gaining relevant experience in your field of interest.? This approach allows you to learn and grow on someone else's dime, gives you a deep understanding of the industry, and provides networking and idea development opportunities.? Such a foundation is not just beneficial; it's crucial.? This preparation can make a profound difference when you launch your venture.

Reflecting on how we started Lex Solutio, my partners Dave, Steve, and I were employees at Invzn, a company on the brink of collapse.? We needed to catch up on our paychecks, with little hope for resolution.? In a strategic move, we negotiated our owed salary for some outdated scanners and software.? Starting Lex Solutio was a leap into the unknown with no clients, employees, infrastructure, office, or immediate income.? Yet, what we possessed was invaluable: in-depth industry knowledge, business acumen, unbridled passion, and a pressing need to provide for our families.? Driven by a mix of fear and hope, we were determined to succeed at any cost.? This combination of professional insight and personal drive fueled our journey through the unpredictable realm of entrepreneurship.

We were fortunate to have substantial experience in our field when we launched Lex Solutio.? This experience is often missing for many who try to convert hobbies into businesses.? These ventures frequently need a sustainable model, turning what was once a leisure activity into a burdensome endeavor.? The real challenge is to sustain the initial passion while mastering the intricate dynamics of running a successful business.

It is particularly striking to observe locations consistently hosting several failed coffee shops.? Each year, a new one emerges, seemingly undeterred by the failure of its predecessors.? I often wonder what convinces each new owner that their venture will succeed where others have yet to.? When I inquire about their experience in the restaurant industry, I'm often met with responses like, 'No, I was an engineer, but I love coffee.' This highlights a crucial point: entrepreneurship goes beyond mere enthusiasm for a hobby or craft.? It's fundamentally about a passion for the business world – understanding market dynamics, customer needs, and the art of turning a concept into a viable enterprise.

Entrepreneurship is a continuous quest for better methods and the ability to see potential in every facet of life.? It combines passion, skill, and unwavering dedication to transforming visions into reality.? Entrepreneurs are akin to riverboat gamblers, navigating uncertain waters, willing to roll the dice and risk everything for wealth and recognition.? They are the individuals who arrive first at the office and leave last, consistently ready to improvise, adapt, innovate, and persevere through the day's challenges.? They are the visionaries with dreams and foresight, always reaching for the stars and relentlessly pursuing their aspirations.?

And with a great deal of hard work, significant personal sacrifice, and a lot of luck, they will one day reflect on their journey with gratitude, appreciating their accomplishments.? This reflection includes a deep sense of thankfulness for all the support and assistance received along the way, recognizing that their success was not a solo endeavor but a collective effort, including friends, colleagues, clients, vendors, competitors, mentors, teachers, and most of all, family.