I get a lot of emails and letters from aspiring entrepreneurs and intrapreneurs (just like you) with questions on various subjects regarding the startup of a business. And some of them are REALLY good.
So I’ve decided to pull out a few of the more interesting topics and answer them on my blog every now and then. Who knows? Maybe it’s something you had wondered about as well.
This week’s question reads, “Your companies were all so different in nature and market. For those entrepreneurs who are launching their first companies, they might feel safer in an area they have had some exposure to or previous experience with. What do you think? Is this contrary to the definition of a true entrepreneur?”
That’s a great question, and the answer is NO. Building a company in an area that fascinates you or where you have a tremendous amount of experience not only goes right along with the definition of a true entrepreneur, but it’s HIGHLY recommended.
Look at it this way…if you have a deep interest in antiques and have spent a large portion of your life collecting them, does it make sense to open a Thai restaurant? Sure, your area may need a good place for Thai food and maybe it’s a slam-dunk to make money, but are you really going to be happy spending 18 hours a day there? In fact, if you’re spending that many hours at your business, it’s quite likely that it owns YOU, instead of the other way around. My Business Acceleration Intensive weekend is where I work with only a HANDFULL of CEOs to flip THAT story around.
When choosing what kind of business you’d like to start, go with something you have a tremendous amount of expertise in or feel extremely passionate about. Make sure it’s so
interesting that you’ll want to devour every tidbit of information on it. Because if it’s not, it’ll get really old, really fast.
Now, sometimes I followed this rule and sometimes I didn’t. When I started Corporate Computing, it was an area I knew a lot about. When I started planetU (in line at Starbucks in Chicago), I had only half the expertise and half the solution to the problem–my partner had the other half. And when I started Artemis Ventures, I had a passion to help startups, but I didn’t know how to be a venture capitalist.
But I’m a bigger risk taker than others. You may not be. That’s why I suggest going into an area that you really enjoy. Think about your hobbies, your passions, the things you like to read about, talk about, and search for on the internet. Find something you love, dig for a problem, come up with a solution, and you’re in business. And the best part? Going to work every day won’t be like “going to work” at all!
To your amazing and IMMEDIATE 7 Figure Success,
Christine Comaford, 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author of Rules for Renegades