If you're seeing this message, it means we're having trouble loading external resources on our website.

If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked.

Main content
Current time:0:00Total duration:2:30

What advice do you have for someone wanting to be an entrepreneur?

Video transcript

so what advice would I have for someone who wants to be an entrepreneur so everyone's path is different so take anything I have to say with a grain of salt but you know a lot of folks think of entrepreneurship is hey I have a new idea for a business whether it's a restaurant or a new technology company a new social network whatever it might be and they they put a lot of emphasis on the idea itself and I think most entrepreneurs will tell you that a lot more depends not only on the idea but the execution of the idea and really just how ready is the world is the market for your idea and so my advice would be especially if you're early in your career try to build as many skills as you can and to be an entrepreneur you have to be a little bit of a jack-of-all-trades sort of know your finance know your accounting know your marketing and you don't have to know it necessarily academically but know what intuitively pay attention to how other people are doing it think about your strategy and wherever your area of interest is if it's to start a restaurant get to know that business really really really well work at a restaurant at all levels if your goal is to work in tech work at some tech companies get to know that really really well get to know not just the technology not just the product management not just the design but the sales aspect of it get to know the management aspect of it and the whole time that you're building yourself up that you're working in industry and learning these various skills make sure that you have some time to fiddle the best entrepreneurial ideas that I've seen are the ones where folks get to know a space well through their craft and then they have an idea and then they're able to have a little bit of time to test out that idea not only build it not only prototype it but put it out there somehow and see how the market responds and if the market is responding very favorable if people are saying wow I want more of this how can I get it then I think you're on to something and all of those skills that you would have built up over those many years not only will they help you execute on the idea but they'll help you convince other people that you're ready to execute on the idea which is maybe just as important potential investors people that you need to co-found your venture with and also you know my last point is know what your weak points are as you experience all of these dimensions of starting a business if you know that hey maybe the marketing isn't my thing know that and then you could find someone who's good at it who can compliment you if your psyche okay I like the entrepreneurial side but scaling up a business isn't my cup of tea find great operators who can help you scale it up so that's my two cents take it all with a grain of salt
Careers brought to you with support from Better Money Habits® Powered by Bank of America® Bank of America, N.A. Member FDIC. Equal Housing Lender. Investment Products: Are Not FDIC Insured, Are Not Bank Guaranteed, May Lose Value