Episode 50 Are Entrepreneurs Born or Bred

by Michael Crane | Dec 12, 2022 | Business Conversations, Podcast | 0 comments

Are entrepreneurs born or bred? It is often said that leaders are either born or bred, but what about entrepreneurs? In the United Kingdom, many successful entrepreneurs come to mind, such as Sir Richard Branson and Sir Alan Sugar. Meanwhile, in the United States, the likes of Elon Musk, Bill Gates and Jeff Bezos are some of the most remarkable entrepreneurs. As an entrepreneur, it's important to be confident in your abilities and take the initiative to make your dreams a reality.

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Are entrepreneurs born or bred? We have heard this saying many times about leaders. Are leaders born or bred is a more familiar statement to hear. Entrepreneurs fall into the same category of questions. In the United Kingdom, can you name an entrepreneur?

Yes, most people go to Sir Richard Branson or Sir Alan Sugar, leaders in their field, no doubt, in the United States of America, we sometimes hear many more people named as remarkable entrepreneurs. For example, the likes of Elon Mush, Bill Gates and Jeff Bezos.

Index:

What would you do differently
Being there growing up with his family
Health Impact when working in the business and not on the business
A Franchise type business – one large upfront payment
A Distributor type business – A monthly payment
Conclusion

What would you do differently?

Without a doubt, our guest today, Gareth, states one of his all-time grand statements, “Don’t take advice from someone who you wouldn’t take criticism”.

And the second biggest lesson would be associated with time management, no matter how much money you have or how large or small your home is, it doesn’t matter. What does matter is how we use our time to be efficient and purposeful in what we are going to be doing in our career or otherwise.

Working hard is not always working smart and one thing Gareth would change is to choose a career with fewer hours and have the use of technology at his disposal to be time efficient. And therefore, allows him to enjoy life instead of working long hours like so many other business people in his network.

Being there growing up with his family

He was blessed to have the time to create memories that would last a lifetime. Now that his daughter has moved away from London, he wants to continue to be able to see her no matter where she should be. Thanks to the latest technology, he no longer has to spend all his time working long hours – it does the work for him so that he can spend more time with his family. With this confidence and assurance, he can now proudly look forward to many more years of making memories with the family.

He mentions he didn’t go into business to work 15 hrs a day. He went into business to work for a company that didn’t need him as much as it did in recent years. Therefore, giving him time to spend with family doing more important things.

Health impact when working in the business and not on the business

Life is short, and we need to use our time wisely, ensuring we can meet our financial responsibilities without needing to head to the A&E department with anxiety or even worse. As a confident businessman, he believes there is more than one way to improve efficiency within a business.

Technology should be the first step in the process, but don’t forget the power of people. We all have limited hours in the day, so it’s important to make sure that we use them wisely. With the right strategy, we can make the most of our time and achieve our goals.

A franchise-type business – one large upfront payment

A franchise typically is a type of business where you pay one large upfront payment. In return, you receive a set of processes and branding and so much more to implement and build your business efficiently in the shortest time possible. The key reason a franchise is a good bet versus a new start-up is that you get the tried and tested processes of the things you need to do that work straight out of the gate.

A distributor-type business – A monthly payment

A distributor-type business is not a franchise in that you pay one large upfront payment. This is the type of business whereby you get all the efficient processes associated with a company for a tiny monthly fee. This type of business offers a less risky opportunity than shelling out a large upfront payment.

There is usually no lengthy sign-in period, and you should get all the systems required to get up and started immediately to grow your business opportunity.

Are Entrepreneurs Born or Bred: conclusion

When you start a business, you should do your due diligence on the venture before spending lots of time and money. Secondly, think about the target market and if there is enough scope to build a successful business. If it is a product-based business, the products must be in everyday demand and supply must be available to avoid delivery delays.

Ideally, you must ensure you have sufficient inventory of your products without breaking your operational cash flow.

Risk management is key to your business’s success.

About Michael

Michael Crane

Entrepreneur, Business Owner, Presenter

Michael has built and runs a successful business for the last twenty years. He’s learned many lessons—some of them the hard way—and he’s met and talked with many other businesspeople. He’s sold thousands of products and learnt the one hundred and one things needed to run a thriving business. Now he’s bringing this knowledge and experience to educate, motivate and inspire other entrepreneurs.