Most people think since they were very good in school they are just not smart enough to be an entrepreneur. They associate being smart only with a high intelligence quotient or IQ. IQ is a measure of how one does on tests or more specifically how well a person can memorize and recall information. Performing […]
Test Smart or Street Smart Read More »
Most people think in a very linear fashion. When they discover a potentially promising investment they look at their income and expenses and say “I just can’t afford it”, and pass up many good deals. Entrepreneurs are not constrained by money and think more non-linearly. When exposed to a promising investment they look at its
Linear vs. Non-Linear Thinking Read More »
Most people believe that money is meant to be spent for articles of instant gratification as a reward for their efforts. These same people usually live beyond their means and fund their lifestyle with debt. They spend their leisure time in activities that have no real value, such as watching sports or reading novels. Entrepreneurs
Money is for Spending vs. Investing Read More »
Most people think that to create personal wealth requires hard work. These same people work hard from 9-5 and get paid for their results. Consider the construction worker or waitress who engages in hard physical labor for their wages. They believe that building wealth is a solitary effort and they crave recognition for the efforts
Solitary Hard Work vs. Leverage Read More »
Most people, when they think about money, think money is what you get when you sell your time. For example, they trade a 40 hour work week for a wage. Entrepreneurs know that money is generated by identifying problems and selling solutions. They understand that money is not earned through one’s labor but through one’s
Work for a Wage vs. Creative Thinking Read More »
Some time ago, I did some research on the role dyslexia plays in entrepreneurship. I came across findings by Sally Shaywitz of the Yale Center for Dyslexia & Creativity that indicate dyslexia is a key attribute of many successful entrepreneurs. Notable figures such as Richard Branson, William Hewlett, Henry Ford, Ted Turner, and Charles Schwab
Dyslexia and the Entrepreneur Read More »
As you might imagine I have the occasion to speak to lots of successful business people and spend much of my time trying to understand what attributes make for a successful entrepreneur. One difference I see is how non-entrepreneurs and entrepreneurs approach education. The vast majority of my friends that have successful jobs working for
An Entrepreneur’s Perspective on Education and Success Read More »
One of the goals of this blog is to help entrepreneurs think about common problems in totally new ways. To that end, I would like to introduce you to Takeru Kobayashi, who as a rookie in 2001 smashed the world hotdog eating record simply by rethinking the problem. Up to that time, the record for
Rethink The Problem Read More »
By far the most common feedback I get from would-be entrepreneurs for not starting a business is related to their fear of failure and not being able to provide for their family. The traditional concept of a person quitting their day job to start a business is no longer valid. I think this concept remains
Number One Reason For Not Starting a Business Read More »
Ignorance can casue you to see things insider cannot. It’s great to be highly familiar with the industry in which you plan to compete, but many times insiders see too many challenges and obstacles and never start a new business. Entrepreneurs with limited industry knowledge sometimes see opportunities because the industry has changed in ways
Ignorance Can Be Bliss Read More »
