Hey, CWK Fam! Can you believe my LinkedIn Learning course, Entrepreneurship Foundations, has been taken by over one-quarter million learners! 288,000 to be exact. To celebrate I’m answering all of your questions about entrepreneurship on this episode of Coffee With Kim.
This episode is for you even if you have no interest in entrepreneurship because a trend called intrapreneurship is the next wave in the workforce! Intrapreneurship is thinking and acting like an entrepreneur within a larger corporation. Intrapreneurs bring fresh ideals and strategies because they know following ‘the way we’ve always done it’ isn’t going to cut it anymore. If this sounds like you, learning how to think and act like an entrepreneur will help you immensely.
P.S. We’re keeping the intrapreneurship party going with Jason Feifer and Mauro Porcini, who are joining us over the next two weeks. Be sure to RSVP for their CWK sessions!
I often get asked if there is a difference between an entrepreneur and a business owner? The answer is absolutely, yes.
A business owner is someone who is in charge of decision making in an established business. For example, the owner of Post Cereal didn’t start the company but is now in charge of keeping it running. On the contrary, an entrepreneur starts the business from scratch and is involved in the day to day running and management of the business. They’re performing more tasks than assigning.
The difference is distinct but both the owner and entrepreneur possess qualities like being forward-thinking, growth-minded, strong strategists.
It can be hard to know when to consider taking on partners or investors as an entrepreneur. Here is my personal rule of thumb. Only take on partners when you feel there is a critical need that can’t be solved by outsourcing, hiring, or getting a co-partners.
Think of partnerships like marriage. Your entire – business – lives become tied together. Are you ready to marry them? Can you just date? Be exclusive? Hire them to do consulting work?
In order to protect your assets in a marriage with a prenuptial agreement and you protect your assets in business with a contract. It’s hard to think of an escape route when you’re already stuck. Ask the hard questions first. Come up with solutions before the problem happens, and put it in writing in your initial contract. ‘How do I protect my business and partners for the worst case scenario?
After a decade of entrepreneurship, I’m still trying to settle the question of work-life balance. Someone once gave the advice to think of it as a 3-legged stool with family, work, and mental health as the pegs. If one is wobbly the other two should be sturdy. If two are out of wack then your stool is going to come crashing down!
Beat the crash by being proactive. Ask for help and plan ahead as much as possible. For example, if you know Q4 is going to be busy, let your family know what areas you’ll need help keeping under control. Also, planning your days ahead and time block your calendar with tasks versus having a running to-do. You’ll stay organized and get more done.
05:34 Entrepreneur vs business owner
09:20 How to include partners & investors
17:15 The 3 legged barstool of balance
20:47 How should student’s prepare for entrepreneurship
23:50 If you started over what would you do differently
31:05 Storytelling & pitching your business
1.) You should check out this episode “Entrepreneurship & More” With Kim Kaupe
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