In this Expert Insight Interview, Frumi Rachel Barr discusses entrepreneurship. Frumi Rachel Barr is a strategic advisor to CEOs and their teams. She has a passion for guiding leaders to create fabulous cultures, and she did so with her own company, Scaling for Growth.
This Expert Insight Interview discusses:
- The one thing you shouldn’t do if you want to become an entrepreneur
- Testing the viability of your idea
- Making sure you have the entrepreneurial mindset
Sometimes people have different ideas of what entrepreneurship is, or at the very least, different expectations. Perhaps, since the pandemic, with all the changes that happened in the world, more people are considering going out on their own or doing something entrepreneurial.
When you first begin to think about starting your own business or being an entrepreneur, the one thing you shouldn’t do is take your terrific idea and ask your mother if it will work. Many people will tell entrepreneurs that their idea is terrible, including their own mothers.
Testing the Idea
Anybody who is considering being an entrepreneur first needs to test the viability of their idea. Many people have good ideas and spend a lot of time chasing down rabbit holes, hoping that their idea will work, and relying on other people’s opinions.
When you tell a real entrepreneur that their idea is not a good one, they’ll just try all the harder to prove that it is. Therefore, as an entrepreneur, it is vital to test whether the idea is indeed good, whether it’s a product or a concept. Once you’re sure that the idea is good, find your product-market fit and get started.
Perhaps the most important yet often overlooked component for being a successful entrepreneur is an entrepreneurial mindset, which requires a lot of grit. So, the first part is figuring out whether you have a product or service that people are prepared to pay for, and the second part is your mindset.
You need to be honest with yourself in answering the question of whether you actually have the grit to go through the ups and downs of running a business.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.