Three things I learned from being an Entrepreneur
Taken from a speech I gave at my Toastmasters Club in May 2012
While working at an advertising agency in New York, I noticed that clients would pay big money for the agency to perform statistical modelling on their media campaigns to help determine which advertising channels were generating the best ROI. The costs for such statistical analysis ranged from $5,000 to $25,000 depending on how many hours the project required. Of course not every client or small business out there can afford to pay for such work. And that’s when the light bulb went off and I thought to myself – why not sell advertising data analysis tutorials online.
I can market them to all types of marketing professionals. Since I know how to do the analysis, I can create video tutorials using sample advertising campaign data analysis and sell them on the web. So after 5 months preparing for launch, and about $5,000 spend on startup cost, I quit my job and launched my business.
The business was not a success, but I want to tell you about three things I learned from giving entrepreneurship a shot. The first is, there are lots of companies that like to hire employees who have an entrepreneurial spirit. When an employer sees that you have launched your own business, they know that you are a candidate who is driven, can multi-task, and is self motivated. And these traits are a good thing.
Second, being an entrepreneur teaches you new skills. Specifically, skills related to marketing. Ever written a press release before? Run Google paid search ads, blog, produce a website, send an email blast? Well you will have to in order to raise awareness about your product or service.
And finally, actually launching a business, even though it resulted in failure, removed two little words in my head that would have haunted me forever. Those two words are ‘what if’.
In conclusion, companies seek candidate with an entrepreneurial mindset. Being an entrepreneur helps you develop new skills. And lastly, I think Theodore Roosevelt said it best – “It is better to dare mighty things, even though it may result in failure, than to be like those who neither enjoy nor suffer much because they know not victory nor defeat”.