Entrepreneurship. Rhonda Abrams

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       Version 1.0

       One concept that has taken hold in the development of certain products is the “minimal viable product.” The idea is to quickly get a product to market, and later make improvements based on the experience of actual customers.

       Clearly you don’t want a minimally viable product for a medical device or automobile. But in some categories, such as online services, mobile apps, and personal electronics, consumers are willing—even eager—to pay for version 1.0.

      ■ Fail cheap. Try to keep your financial losses from a failure as minimal as possible. One way to do this is to start “lean”—try new things with the least amount of investment, to test the concept. The idea is to launch the “minimal viable” version of whatever you’re trying. Remember, it doesn’t usually have to be perfect to test a concept.

      ■ Fail with integrity. Character matters. Even if you fail, there’s a very good possibility that people who worked with you before—even invested in you—will be willing to team with you again in the future. But that’s possible only if you’ve proven to be a person they trust and respect. If you’ve failed because you are dishonest, because your word is not reliable, or because you cheat, then your one failure is likely to become permanent failure. Experienced and intelligent people will forgive your failures if they’re honest attempts to accomplish something.

      Keep in mind, an unexamined failure is just a plain failure. You’ve got to learn from your mistakes and failures to grow.

The Advantages and Challenges of Entrepreneurship

      It seems cool to be an entrepreneur. Movies are made about young entrepreneurs, portraying them as contemporary heroes. Being an entrepreneur seems exciting. The possibility of becoming fabulously wealthy is enticing. It seems easy to create the next big thing.

      Yet, as in all things in life, there are advantages and challenges to entrepreneurship. And it’s wise to understand both as you consider becoming an entrepreneur.

Advantages

      The advantages of entrepreneurship fall into three general categories: personal, professional, and financial.

       PERSONAL BENEFITS

      Many people focus on the financial rewards of being an entrepreneur, but much of the payback that people get from their entrepreneurial ventures is personal, increasing the possibility that you’ll derive greater satisfaction from your working life than you would as someone else’s employee.

      First and foremost is the ability to do something that interests you. You almost certainly will choose to start a business in some field that attracts your attention. It may not be “sexy” to others—perhaps you’re finding a new way to crunch data, to manage mobile networks, or even to improve cleaning supplies—but it holds interest for you. It’s a great personal benefit to have the opportunity to do something you have a passion for, rather than spending the majority of your waking hours performing tasks in which you have little real interest.

      Next, you get to create something of your own making. Being able to make something from nothing brings tremendous satisfaction. It can be something as simple as a food truck or a corner bakery, even being a self-employed consultant, but the idea of having created a job and a business yourself is highly rewarding and empowering and will give you a tremendous sense of pride.