Recently in Lifestyle Category

I've had several discussions just recently with groups of 1st year MBA students.  They're coming to the end of their first year, either heading for or still seeking just the right internship opportunity, and already anticipating activities and priorities for their second year.

Many are among the new leadership of GEA, Entrepreneurial Solutions, and other organizations.  I also spent some time reviewing their personal statements - one-pagers that they prepare to introduce themselves to their fellow classmates as they enter the program, or prepare to explain what brought them to Leeds; what they hope to gain from their MBA experience. Almost always they state something about being an entrepreneur or about gaining entrepreneurial skills to guide their career direction. And yet many seem to struggle with the question "Will I or Will I not be an entrepreneur?"

I'm constantly amazed by the spectrum of projects in which they're engaged, opportunities that they're exploring, the breadth of their interests, and the creativity of their ideas.  However, I often pick up on a sense that they are struggling with a fundamental decision about whether or not they can be an entrepreneur. When I dig deeper it seems that the decision takes on a larger dimension - that the decision is not just about taking certain courses, but that it carries with it the weighty, either/or decision to commit to the entrepreneur's life.

In a way it causes certain students to self-select a path away from entrepreneurship.  The reasons are many: Some don't have a good idea, and feel that's a non-starter; some are not sure they can take the financial risk. (Student loans, anyone?) Some are not sure they have the leadership skills.

The irony is that virtually all student state as the reason for choosing the Leeds School included the strength of the entrepreneurship program, the reputation of the Leeds School and its Deming Center for Entrepreneurship, Boulder's reputation as an extraordinary community of entrepreneurs, and students' repeated, collective statement that they want to gain the skills and experience to build a career in an innovative company. (See also: "Intrapreneurship.")

I usually launch into such conversations with the observation that every few years the press reminds us that the average age of a Silicon Valley start-up CEO is about 42. The majority of those new entrepreneurial founders have gained extensive business experience and deep domain expertise; they've demonstrated management and leadership skills, and have built extensive professional networks prior to starting a company. It's true that there are notable exceptions, and every year we have some really promising businesses that are launched by our graduates.  But it is important for students to understand that there are alternative paths to entrepreneurial opportunities. It's a shame to see any student opt out because of misconceptions about the multiple paths to becoming and being an entrepreneur.

I want our students to understand that entrepreneurship is a mindset.  That the skills that they can acquire from our courses and from mentors and from their experiences in entrepreneurial companies can be applied effectively in many different settings.  And that those who have acquired those skills and experiences will be well equipped - perhaps many years after they graduate - to be more alert to identifying their own opportunity or to be invited to join a team that is forming around an opportunity.  And they can then be confident that they have the skills to assess, to plan and to succeed in pursuing an entrepreneurial opportunity.

In Part II of this series, I'll mention how an education in entrepreneurship lends itself to the entrepreneurial mindset and lifestyle, and what happens when knowledge and passion intersect.

Great news for all entrepreneurs to kick off 2010:  We now have it on good authority that caffeinated coffee is the ultimate new health food--no joke.  If coffee has been the fuel of choice for the 24/7 entrepreneurial lifestyle, according to WebMD, it's now OK!
What's more, my own anecdotal evidence suggests that knowing about the health benefits of coffee may be one of the most effective sales tools available.  I'm continuously meeting with people to tell them about the Deming Center for Entrepreneurship, about the extraordinary talent pool of our students, and to convince folks of the excitement and value of our work here and at the Leeds School of Business.

Typically I've relied on eloquence and compelling reasoning (feedback invited), and most of my meetings take place over coffee; all too often the person with whom I am meeting orders de-caf, or tragically passes on coffee altogether.  When I ask why, I find that mostly misimpressions of the effects of coffee on health are to blame. When I then share the good news, enabling them to shed those negative feelings of guilt and concern, the years of self-sacrifice, I'm almost always successful in closing the deal--and almost always over a pot of freshly brewed. Conversion!

Try it out--and best wishes for your entrepreneurial adventures in 2010.

DISCLAIMER:  The WebMD article speaks for itself.  The writer disavows any claims or representations of offering healthcare advice.  All you have to do is take a look at him, a long-term 4 to 6 cup a day caffeinated coffee drinker, and draw your own conclusions.  Just don't hurt his feelings.