Part 3 of our Lessons From Richard Branson looks at being a businessperson vs. being an inventor / creator
I was never, ever interested in becoming a businessman or an entrepreneur. My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them.
I was interested in creating — creating things that I could be proud of and so, you know, I was interested in being an editor of a magazine, things that I could be proud of, and so, you know, I was interested in being an editor of a magazine, but in order to be an editor of a magazine I had to become a publisher as well.
I had to pay the bills. I had to worry about the printing and the paper manufacturing and the distribution of that magazine.
Many entrepreneurs start out because they have a passion for creating – whether it is inventing a new product or dreaming up a new service that has never existed before. Unfortunately, while most new entrepreneurs are great dreamers, they are not good executors or businesspeople.
At the end of the day you will have a family to support and bills to pay. Not many people can afford to live a life of simply creating new ideas and not working to commercialize them. To be successful you need to understand the business side of your industry.
Becoming a businessperson is usually a step outside the comfort zone of most new entrepreneurs and might take some getting used to. You might consider taking a course offered by a local organization on small business management. Many local government organizations also put on free seminars for new business owners.
You need to create a business plan, a marketing plan, and then go out there and hit the streets selling. There is an old expression that “nothing happens until somebody sells something.” Being creative is not enough to be a successful entrepreneur – you need to convince people to spend money on your creations and make enough from it to support your lifestyle.
If you are not business minded enough and do not want to learn how to be, find someone who is. Get a partner who can handle the business side of working with customers, partners, investors, media, and other stakeholders to make sure that the business runs smoothly and the money comes in.
Otherwise your chances of success drop dramatically and your creations will not have the opportunity to improve the lives of people as you hope they would.
Evan Carmichael
