The First Question Entrepreneurs Must Ask

questionYou are the entrepreneur of a very important enterprise – your life. Entrepreneuring your life is a process. It’s a journey to a destination.

You design the life you want and find your path to get there. A good opportunity is the vehicle to take you down that path. Entrepreneurs know that a good opportunity provides a reasonable return for the risk assumed.

A lot of people are surprised at the first return the entrepreneur must worry about. So many prospective entrepreneurs ask the wrong question when looking for an opportunity.

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This involves a business, but you could apply the same thinking to a career. The wrong question to ask first is:

How do I make money?

The question you should ask is:

What problem can I solve?

If you find enough people who have a problem and the money to spend to correct it, you may have found your opportunity.

The first return is societal

So the first win for an entrepreneur is actually a win for his or her customers. You won’t be successful if you don’t solve a problem for enough people.

It’s a societal return. A group of people, the entrepreneur’s customers, get a problem solved. The first return that entrepreneurs create is a return for others.

An attractive vision

This first return is what helps entrepreneurs with another group of essential stakeholders. We saw a great article awhile back over at the Harvard Business blog. Stew Friedman said, “Serve others and others will want to serve you.”

We love it!

He’s talking about leadership in general, not just entrepreneurs. He says that people who talk about their own achievement don’t inspire action in others.

Action is inspired by talking about how you are helping others. So the lesson here for us entrepreneurs is this:

If you want to attract an inspired group of people to work with you on your vision, talk about how you’re helping others.

People want to feel like they’re part of something bigger – bigger than them, bigger than the company. They want to feel like they are making a difference in people’s lives.

As an entrepreneur, you must communicate how your organization does that – how do you make a difference in people’s lives? When you do that successfully, your employees will become more engaged in the success of your business. That’s bigg success!

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Thank you so much for reading our post today. Please join us next time when we ask, “Is change really dead?” Until then, here’s to your bigg success!

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  1. […] Something blue Finally, we come to the final good luck charm at this wedding of resources: something blue. One of the best resources you can bring to your start-up business is customers that are blue in the face. […]

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