Having co-founded two companies and helped nonprofits get off the ground, entrepreneurship has become a default niche of mine, especially the social kind. I’ve also had countless conversations and consultations with aspiring entrepreneurs and over my brief career have seen a lot.
When I speak in business classes to university students, they usually like to ask questions about finding venture funding or ways to make a big PR splash. While capital raises and media mentions can be a part of any new business and may help a new concept find success, to me, they’re not as important as these three things that every entrepreneur needs:
A first follower
This may also be a business partner, but whether equity is split or not, every entrepreneur needs someone who believes in his or her idea and will come alongside them as they begin to grow the business. More often than not, entrepreneurs are leaders, but without followers, leaders don’t exist. Derek Sivers explains this concept perfectly in this short video on why the first follower is important to any movement.
A cheerleader
Entrepreneurship is hard. Depending upon the size of the venture and what’s required, starting a business can mean long nights, early mornings, stressful days, and very hard years. I saw a quote the other day that might size up any entrepreneurial journey: “Entrepreneurship means living a few years like most people won’t in order to live the rest of your life like most people can’t.”
During those first few years, when doubts cloud your mind and rejection is the norm, you need someone to cheer for you. A friend, a spouse, a parent – it doesn’t matter who. You need someone who won’t be giving advice about the business model or tell you to get a real job. You need someone who roots for you to succeed.
A customer
Think this goes without saying? Think again. A customer is someone who pays you for what you offer. It may take a while before you find one and get that first check, but without a customer (or many, hopefully), you won’t have a way to make money to keep the doors open. So as you set off to create something cool that people want to talk about, be realistic and make sure there are people out there wanting to pay you money for something.
What else do you think every entrepreneur needs? An office? An iPad? A staff? Weigh in below.
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Sam, you’ve hit it on the head, especially the stuff they don’t teach in those business classes (well, except the customer part).
to add a thought, try putting the customer’s absolutely BEST interest at the top of EVERY decision you make. when you do this, you start building a company that cares – one that doesn’t just churn out product to make some money (for you). but one that churns out something that enriches people’s lives. the ROI will follow. in turn, you build something sustainable that delivers lasting value.
sadly, they don’t really teach that in business classes either.
keep up the great writing. entrepreneurs also need people like to you to remind them to keep truckin’!
adrian
Thanks for weighing in, Adrian. Wel put – keeping the customer’s interest at heart (especially over short term financial gain) is a great way to building a brand that lasts a long time and that people tell others about.
If that’s anyone’s goal as an entrepreneur (to build a company that lasts a long time), then having that idea about customer service is a great way to get there.
“You need someone who won’t … tell you to get a real job. You need someone who roots for you to succeed.” This is probably the most difficult person to find, your *true* cheerleader.
Also, I would suggest trying to keep up with technology and the cool new tools that will help you be successful. For example, I just signed up with Square so I can accept credit cards. There is significant research that shows that small, local businesses can increase revenue significantly by accepting credit cards. But traditional CC processing is bulky and expensive. I’m psyched that, when I’m selling Irish Car Bomb cupcakes at the Franklin Brew Fest on St. Patrick’s Day, I’ll be able to swipe credit/debit cards on my iPhone (and the fee is only 2.75%).
Kristin:
You’re right! Knowing what tools are out that there that can help you compete as an entrepreneur is very critical. Staying on top of trends and the latest digital or social tools can give an entrepreneur some great leverage.
Thanks for sharing!
(def) need: “is something that is necessary for organisms to live a healthy life. Needs are distinguished from wants because a deficiency would cause a clear negative outcome, such as dysfunction or death.” wikipedia
Curebit had a ‘need’: “Curebit, the Y Combinator friend-referral startup that got busted over the weekend for stealing code and design work from web megashop 37signals, has been caught stealing again, this time from an independent musician.
The startup used music from Random Rab, a San Francisco-based electronic artist, in its demo video.” -http://venturebeat.com/2012/01/30/curebit-random-rab/
Curebit “needed” to cover its ass: “There is no valid way to rip off people’s designs and have it be ok. Not ‘We’re small;’ not ‘We’re A/B testing.’” -@dhh
However, one ‘need’ I don’t see addressed is ingenuity, creativity, and integrity. Ingenuity would have given Curebit a better vision. Now funded, Curebit’s leadership forgot that people invest in people. Integrity is the backbone of one’s character. They can’t be trusted, and why should they? Creativity is an act of trust. Copying is a hater of both.
With all of the attention on youth, money and glam of having a startup, it’s as if cheating in college has leaked into the innovation pool. All great when it’s your parent’s money you’re ‘stealing’ when cheating on an exam. But 37signals is completely bootstrapped firm, with profits, and have evolved the web for the better. Because of 37signals, millions of people are learning to develop who may never wanted to before. Inspired by Apple, they have made the web more beautiful to live, work and play.
Being African American, I could add three other needs that are already privileges for the majority of people in startups. Much of which I’m documenting here: http://www.quora.com/Osandi-Sekoú/Diversity-in-Technology.
In closing, the definition of ‘need’ is clearly subjective and in this article contextually geared toward motivation. However, I’d love to see the raw version of what goes before this list. The real needs of entrepreneurs. It should look a lot more like blood, sweat, integrity, and brains. And it wouldn’t hurt to have your own ideas in between a pair.
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