Check out my PowerPoint on investing in real estate. I recently partnered on the purchase of the BB&T Bank headquarters building in Winston-Salem and I continue to look for good opportunities in real estate.
When I created the foundation, I was hoping for the type of project Oak Grove did here, which brings students together and uses their creativity.
Seth Godin and I are in agreement that risks can be considered as opportunities. If you fail, even dozens of times, you are still in the game and you have an opportunity ahead of you. As a pilot as well as an entrepreneur, I understand that risks need to be appropriate for what you’re doing. I’m a big believer in exploring and trying out new things – it’s what entrepreneurs do.
When I graduated from the Air Force Academy in 1988, I never dreamed that one day I would be a successful entrepreneur joining the Air Force Academy Endowment Board of Directors. I look forward to working with the board to raise awareness and educate the graduates to make sure the treasured opportunities offered to the young men and women of the Air Force Academy are preserved and enhanced. It is these opportunities that will help mold them into the best military leaders possible as well as the great citizens our country needs to lead us into a dynamic future.
Starting a business isn’t just about capital. You also need to be prepared psychologically and be fully committed to making things work, finding better ways of doing things and learning from your mistakes. You also need to sell the right product/services to the right market at the right price and time to succeed in business. These variables are the reason behind many failed businesses. Although you can learn how to become an entrepreneur, not everyone is cut out for entrepreneurship. If you don’t know where you stand as an entrepreneur, here are 3 important questions to ask yourself.
1. Am I really passionate about the product/service I want to sell?
Passion is a very important trait for successful entrepreneurship. If you aren’t passionate about the product/s or service/s you are selling, you will have a very hard time selling anything. It’s worth noting that real entrepreneurs aren’t solely driven by profits but by their belief in the product/service they offer. When you are passionate about what you are selling, you have an easier time convincing other people to buy. Passion is infectious. You also don’t get as tired when your work revolves around your passion. It is therefore crucial that you get into business only after you have found a product and service you are really passionate about. If your answer to the above question is yes, entrepreneurship is right for you.
2. Am I risk tolerant?
This is another crucial question you have to answer if you want to find out if entrepreneurship is right for you. This question is important because entrepreneurship is all about risk. Nothing is constant in entrepreneurship. There are always risks you can’t foresee or control. It is important as an entrepreneur to be one of those people who aren’t afraid to venture into the unknown with an open mind ready to learn. Although passion is crucial, you have to back it up with risk tolerance to be able to pursue your dreams without the fear of failure. If you are waiting to engage in a business that guarantees success, entrepreneurship isn’t for you. Although it is wise to do thorough research, there is no guarantee of success in business. If you are a risk averse individual, entrepreneurship may not be ideal for you.
3. Am I a good decision maker?
If your answer is yes, you have a very high chance of becoming a successful entrepreneur. If you don’t have an idea whether you are a good decision maker or not, you can ask others or take some time to analyze and see if you have made more good decisions in your life than bad ones. For instance, do you borrow money often? If your answer is yes, you probably aren’t a good decision maker when it comes to financial matters (especially if you have a stable job). Good decision makers live within their means. You can also ask your siblings and friends whether or not you are a good decision maker. If you get more positive answers than negative ones, good for you. Entrepreneurs are constantly called upon to make tough decisions, often quickly. Considering the decision making process becomes more complicated with time, you must feel confident about your ability to make good decisions before you start your journey as an entrepreneur.
Do you think entrepreneurship is right for you, based on these questions? Do you think there are other factors that should be considered before making the decision?