Daily Archives: October 2, 2010

What does it mean to have your own box… I mean business.

Two weeks ago, I was at the Young Entrepreneurs Unconvention, hosted by The Entourage, a community for Australia’s… young entrepreneurs of course. And Yes, you did read the name correctly, the event was clearly unconventional. Even if my main goal was to get some contacts for my thesis, my hidden aspiration was to find some inspiration and drive. And, oh boy, I did. This day was packed: amazing speakers, networking sessions, pitching competition…
But clearly I don’t want to rant about how great the event was because you wouldn’t care.
There is only one thing that came in contradiction with what my personal view of being an entrepreneur was, and it was actually what two of the speakers were all about. Jack Delosa, who heads up the Entourage, is one of Australia’s top entrepreneurs (he’s younger than me!) and is mentored by Domenic Carosa who was Australia’s youngest publicly listed CEO at 25 and is now running an investment fund focused on high growth internet companies.
Basically, their credo was: you have to start with the end in mind. In other words, entrepreneurs make the most money out of exiting a business. Most of your work should revolve around making your company scaleable and saleable. In any way, you usually end up outgrowing the business or getting outgrown.
You do have to agree that it is somewhat hard to accept when you want to start your business… Your great idea… Your passion… Your little baby, for which you have been spending so much time and money. You are bound to get quite emotional right?
Maybe it’s ego (you have to have some to go through all the hardships), maybe it’s just being an idealist. It’s just actually a problem that a lot of entrepreneurs face. It even arises as early as the point where you have to start delegating. Even if you know you have to get rid of everything that doesn’t generate income and is wasting your precious time. And even if selling doesn’t necessarily mean you’re not in charge anymore, it is still hard to know when you have reached that selling point.
In the end, maybe all you are left with, as Siimon Reynolds (who is as much a respected marketing expert as a fantastic speaker) says, is the fact that you are making the future of the world and having bigger balls than everyone else.
What do you think?