Thursday, September 25, 2008

You've got to read this one!

Stolen from Tim Stearns' great newsletter "E-Action" - copyright 2008 Lyles Center, Fresno State

Entrepreneurship is NOT about you. And that applies to its champions too.
(but that turns out to be what makes it work and what makes it so much fun!

So how I can help YOU today??

read on, please!

Success as an entrepreneur:

Why it’s not about you

"Looking across the living room of his expansive flat in Hong Kong’s tony Victoria Peak neighborhood, Peter Hamilton spoke in the calm, slightly world-weary voice of a man who will never again worry about earning a living.

“The ones who made it,” he said softly, “are the ones who weren’t in it for the money. The fortune-seekers couldn’t sustain their passion through the hard times—and there were hard times.”

A transplanted Brit who launched a Web production company in Hong Kong in 1995, Hamilton was one of a handful of Internet entrepreneurs in the island colony who enjoyed a multimillion dollar payday after his firm was acquired by a company that later went public on NASDAQ.

What entrepreneurship is not
Peter Hamilton is not alone. In interview after interview throughout Japan, Asia, and North America, successful entrepreneurs told me the same thing, in different words and in different languages: “It’s not about the money.”

What, then, is entrepreneurship about? Exploiting a market opportunity? Fame? Fortune? Proving yourself? First, some tips as to what entrepreneurship’s not about:

  • Entrepreneurship is not about you.

  • It’s not about you getting rich.

  • It’s not about you proving something to the world.

  • It’s not about you struggling to overcome the odds.

Rather, entrepreneurship is about you helping other people to achieve their goals. [emphasis added/nk]

This is obvious when you think about it. Business is all about satisfying customers, right? Well, to satisfy customers, you need to help them save money, solve annoying problems, experience more satisfaction or pleasure, or earn a better living.

Put simply, in order to succeed as an entrepreneur, you must help other people.

What entrepreneurship is
Entrepreneurship, therefore, is about helping other people achieve their goals. It’s not about you. Successful entrepreneurs focus on others. Take Derek Sivers, for example. As the leader of a successful touring band, he needed a way to make his CDs available to fans everywhere, all the time—not just at concerts.

BBut Derek and his group were unattached to a major label, and big sellers like CD. Now and Amazon required bands to have in-place agreements with large distributors. What was a hard-working, independent musician to do?

Derek decided to set up his own modest online sales channel, and soon friends from other bands were asking for help selling their music. Within a couple of years, the store, renamed CD Baby, was distributing the work of more than 90,000 artists. To date, it’s paid out more than $70 million to the 200,000 independent artists it now represents. Derek focused on helping others.

Successful entrepreneurs like Derek undertake ventures that benefit many people. My personal theory (completely lacking empirical evidence) is that ventures are successful to the degree that they generate social benefits. I’m no fan of Microsoft’s products or business practices, but who can deny that the company enabled personal computing for a billion citizens? (Too bad Apple missed its chance to make that contribution—we’d probably all be a much mellower bunch.)

Success as an entrepreneur isn’t about you—it’s about helping others achieve goals you care about."

Damn straight, Peter. My 2nd favorite Guy-Kawasaki-ism: "Make meaning." That's what real entrepreneurs do; that's how they think. That how we all should think.


Blogger Tim Clark said...

Thanks for featuring my post. I've just codified "It's Not About You" in a new Clark's Rule, about which I'll write more on October 8.

Cheers! Tim

2:40 PM  
Blogger DrOptimism said...

Thanks, Tim! (but thank Tim Stearns for finding this gem.)

Be sure to link your Oct 8 post.

PSU = Penn State or ??

7:09 PM  
Blogger Tim Clark said...

PSU stands for Portland State University, Oregon's largest university by student count. It's located in downtown Portland--an "urban" university where many of the students work, a good number of them full-time.

I love your blog, by the way. Keep it up!

10:50 AM  
Blogger DrOptimism said...

Thanks - I look forward to that post going viral! (Do you have a direct citation for it?)


(and, yes, I know PSU... maybe we need to conspire about some sort of NW conclave! Maybe themed round "What Entrepreneurship is REALLY About"?)

10:54 AM  

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