Learn From Successful Entrepreneurs Who Have BTDT (been there, done that)

by Millionaire Mommy Next Door on July 27, 2009

in Be Your Own Boss,Book Review,Interviews

Brian was tired of making other people wealthy. He no longer felt in control of his earnings as an employee. One day not too long ago, Brian Schwartz told his wife that he wanted to quit his 9 to 5 job and become his own boss.

Brian, the primary bread winner for his family, had never been an entrepreneur before. His astute wife put him to a test — she told him he could quit his job, after he interviewed 50 entrepreneurs.

The vast majority of small businesses fail. Why? And what does it take for an entrepreneur to succeed? Brian discovered the answers to these questions and more by asking those who have BTDT (been there, done that). Armed with a list of 13 pertinent questions, Brian met with over 50 entrepreneurs. I was one of them. Brian’s end result? An army of role models and mentors, a 245 page biographical encyclopedia, his wife’s blessings, and a new business that he is already turning into a franchise.

Recently, I turned the tables and interviewed Brian. Our ten minute discussion comes in two video parts:

In Part One, I ask Brian:

  • What was your motivation behind launching 50 Interviews?
  • Did you quit your job after publishing the book?
  • From everything you learned through your interview process, what was your most surprising finding?
  • Do you think successful entrepreneurs are born or made?

(Email subscribers, you’ll need to click here to view the video on my blog page.)

In Part Two, Brian responds to these questions:

  • Among the 50+ entrepreneurs you interviewed, what characteristics do they share in common?
  • What do you see as the biggest barriers confronting a wanna-be entrepreneur?
  • Upon publishing 50 Interviews, you quit your own job to become an entrepreneur yourself. Have you encountered challenges that you didn’t expect?

(Email subscribers, you’ll need to click here to view the video on my blog page.)

Brian’s book, 50 Interviews: Entrepreneurs, provides a short background about each business owner, then provides each entrepreneur’s answers — in their own words — to the following questions:

1. What was your initial start-up cost and source?
2. How long was it until you reached a positive cash flow?
3. Did you use a business plan?
4. What was the genesis of your business idea?
5. What is the vision of your company & the community you serve?
6. What is the passion that it fills for you personally?
7. Where do you see yourself and your company in ten years?
8. What were your biggest challenges? Looking back now, is there anything you wish you had done differently? What do you know now that you wish you’d known sooner?
9. What aspects of ownership are the most rewarding? Any unexpected rewards?
10. What do you attribute your success to? Luck, timing, someone who helped you?
11. How do you attract and retain the best employees? What is the most important attribute you look for?
12. Can you recommended any training or resources such as books, classes or websites? Do you recommend an MBA?
13. What slogan do you live by? What might your tombstone say?

The collective — yet very diverse — wisdom contained between the covers of the book 50 Interviews: Entrepreneurs is a godsend for any aspiring new business owner. If you are thinking about ditching the 9-5 grind for a business to call your own, spare yourself a few time-consuming and expensive hard knocks.  Order a copy of the book 50 Interviews: Entrepreneurs by Brian Schwartz.

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