Reading: Lesson 3 – Advice for Young or New Entrepreneurs

Description:

Successful entrepreneurs have valuable stories and experiences to share, and they are often eager to share what they have learned. Young entrepreneurs should actively seek advice from others who have found ways to achieve their goals. In this lesson, students will watch a series of short videos in which entrepreneurs share valuable tips, lessons, and advice for success. Young entrepreneurs should identify mentors they trust for advice as they start their business.

 

Time Required:

45 min

 

Required Materials:              

Internet connection, writing instrument 

 

Prerequisites:

Lesson 8.1 – Getting Started

8.3.A – Watch and discuss the following video using the questions below to guide your discussion [10 min]:

Video:(PHP Agency, 3:20 min)

“To succeed at a young age as entrepreneurs and leaders, young people must find mentors, put themselves in situations that encourage growth, and take themselves seriously even in the face of opposition.”

Discussion Questions: Advice for Young Entrepreneurs

1.  What do you think are a few of the most valuable pieces of advice presented by the entrepreneurs in this video? 

1. Find a good mentor.
2. Be around the right people (the people who are living the kind of life you want to live).
3. Put yourself in different environments that push your comfort zone and allow you to grow.
4. Read the right books. (See Appendix A: Recommended Books for the Young Entrepreneur)
5. Take advantage of the opportunities you have.
6. Do something that you love.
7. Work with a sense of urgency. Your time is limited.

 

2.  Can you think of other advice you would give to yourself or another young entrepreneur?

1. Set goals
2. Take action
3. Ask for help
4. Listen to advice
5. Learn from your mistakes
6. Work to overcome your challenges 

8.3.B – Watch and discuss the following video using the questions below to guide your discussion [10 min]:

Video:(TED, 3:46 min) – “Inspired after being asked by a high-school student “what leads to success?” Richard St. John went out and researched the field. Seven years, and 500 interviews later, this is his answer. Its short, and its funny.”   [Warning Some Adult Language]

Discussion Questions: What Leads to Success

1.  After seven years and 500 interviews, what are the eight key factors of success identified by Richard St. John? 

• Passion – “If you do it for love, the money comes anyway.”
• Work – “It’s all hard work. Nothing comes easily.”
• Good – “Practice. Practice. Practice. Get good at what you do.”
• Focus – “Focus yourself to one thing.”
• Push – “Push yourself mentally and physically.”
• Serve – “You have to serve others something of value.”
• Ideas – “Listen, observe, be curious, ask questions, problem solve, make connections.”
• Persist – “Persistence is the number one reason for success.”

 

2.  What steps will you take to incorporate these eight success factors into your life and your business?

 

8.3.C - Read the following article about entrepreneurship and answer the questions below [15 min]:

Article: 7 Tips to Guide Young Entrepreneurs by John Pilmer (entrepreneur.com)

“As the CEO of a successful startup myself, with decades of experience launching prosperous companies, I know what it takes to make it. If I could go back and give my 20-something self a bit of advice about starting out as an entrepreneur, these are the seven tips I’d start with.”

Discussion Questions: 7 Tips to Guide Young Entrepreneurs

1.  Why is it important to choose an interest that you can be passionate about?

1. Starting a business can be difficult. If you don’t have a passion for what you are doing, it may lead to feeling burned out. Also, failures will happen.
2. The author explains, “…failures are most likely to lead to success if you get involved with something you believe in.”

 

2.  How can being honest with yourself help you define your market?

1. Entrepreneurs must be honest about what they can commit to the business. This will help you define your scope.
2. If you’re a startup and still a student, it might make the most sense to start with a narrow, realistic target market.

3.  Do you know anyone that you can ask to be a mentor for you and your business?

• Many communities offer networking opportunities and resources for entrepreneurs.

 

8.3.D – Watch and discuss the following video using the questions below to guide your discussion [10 min]:

Video:(Kauffman Foundation, 3:12 min)

“Starting a business may seem like a daunting task. It is manageable if you simplify things and take steps in a methodical way. “Dave Gilboa and Neil Blumenthal, co-founders and co-CEOs of Warby Parker, share practical advice for early-stage entrepreneurs.”

Discussion Questions: Kauffman Sketchbook - "Visionaries"

1.  What is the difference between taking “leaps of faith” and taking “steps of faith”?

1. Taking smaller steps allowed Dave and Neil to make the daunting task of starting a business more manageable.
2. They explain that their approach was to simplify things and take steps in a very methodical way.

 

2.  How as being “outside the industry” a benefit to Dave and Neil as they started their business.

1. Being outsiders allowed them to look at unconventional ways to solve the challenges they faced.
2. They forged their own past.

 

3.  What was one of the first core values they established for their new company?

1. Take our work seriously, but don’t take ourselves seriously.
2. They wanted to set ambitious targets, but also have fun along the way.

 

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Lesson Recap

 

• Finding a good mentor is one of the most important things a young entrepreneur can do to improve chances of success.

 

• Entrepreneurs should surround themselves with the kinds of people they would like to become.

 

• Accomplished entrepreneurs list passion, hard work, persistence as a few of the key factors for success.

 

• By breaking a daunting task into smaller steps and approaching each step in a methodical way, entrepreneurs can accomplish big things without being overwhelmed.

 

Additional Resources

Article: Natural Born Entrepreneur: Lessons of a Serial Entrepreneur by Dan Bricklin (Harvard Business School)

“Are entrepreneurs born or made? “Both” Says Dan Bricklin, the inventor of VisiCalc and creator of four startups. “Sure, training, talent, and that most elusive component, good timing, are essential. But they are not enough. You need to have a true passion for what you’re doing”. Bricklin describes his formative experiences and lessons he’s learned along the way: Know your true talent, don’t wait to get started, be frugal, and recognize that you are not your business”

 

Article: Top 10 TED Talks for Entrepreneurs in 2014 by Oscar Raymundo (inc.com)

“If you've yet to accumulate enough frequent flier miles to dash off to South America for this global minded innovation conference, you can get inspired at home by watching the following top TED talks of the year”

 

Article: 7 Ways to Think Differently About Fear by Sherrie Campbell (entrepreneur.com)

“To become abundantly successful you must master fear, understand its true purpose and use it to your greatest advantage. When you know fear and how to use it, you will actualize your success.”

Video:– (Jared Nichols, 2:19 min)

“In order for competition to foster innovation it has to be wrapped in a package of cooperation… Competition is good. But competition in context makes things so much better. And in the 21^st century we really have to grasp onto cooperation…as the primary mode of motivation, innovation and moving forward into a viable future.”

 

Article: “The 13 Biggest Failures From Famous Entrepreneurs And What They've Learned From Them” by Belle Beth Cooper (Business Insider)

“This time, we wanted to learn about the darkest moments of successful and famous entrepreneurs and what their lesson has been. Without any further ado and in their own words, here are some of the biggest mistakes and lessons learned from 13 successful entrepreneurs.”

 

Video:(Steve Jobs, 1:13 min)

“Steve Jobs (1955 – 2011) offers hard but honest advice to the young entrepreneur (interview from 1995)”

 

Video:(Kauffman Foundation, 3:45 min)

“Zach Kaplan, CEO of Inventables (online hardware store for designers), discusses how the revolution of digital manufacturing and desktop publishing can impact a new generation of entrepreneurs.”

 

Video:(Kauffman Foundation, 3:45 min)

“Zach Kaplan, CEO of Inventables, talks about how his early education helped shape his entrepreneurial roots and describes how a popular movie taught him an important lesson in entrepreneurship. He then recalls the moment when he had to decide between starting a company and taking a job.”