April 11, 2011

L.A., home of the Entrepreneur

According to the study by the entrepreneurship foundation in Kansas City, Mo., Los Angeles had 620 entrepreneurs per 100,000 adults last year, the most among the country’s 15 largest metropolitan areas.  

With a slow, rebounding economy why not put your efforts into starting/growing your own business? (At least that way you have some control of your career)

Here are 3 tips to consider as an aspiring or current entrepreneur:

Make Logical Decisions, not emotional ones. Be passionate about what you do. Research and understand your industry. Don't be motivated by money. Share and get feedback on your idea to reveal your blind spots. Once the euphoric stage has passed, start moving forward.

The Myth of Risk. Smart entrepreneurs don't take as many risks as you think. They take "calculated risks." Risk is about emotion. Calculated risk is about research, understanding and having great people resources. Decrease your risk factor by building a strong network. 

#1 Attribute: Hard Work. Despite Tim Ferriss' 4-Hour Work Week, successful entrepreneurs don't count hours. Think and work on your business all the time. That doesn't mean you don't take breaks, but having your own business you should equal working more hours than a traditional 9 - 5. If you're not interested in grinding hard, don't start your own business.

Even with a college degree, there's no guarantee you'll get hired. Clarify your idea, then figure out how to monetize it. Simple concept, yet challenging to execute. L.A. is leading the way, so start positioning yourself as a star. 

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