" An Entrepreneur's Thoughts"

This was published in the February 1985 edition of Entrepreneur Magazine. 

          Being an entrepreneur and being in business for yourself may seem to be the quick and easy way to fame and fortune, but it can be frustrating.  An entrepreneur must have a great deal of tenacity. 

          I felt quite comfortable starting my entrepreneurial venture.  It involved marketing, franchising, and automobiles.  I had a BBA and MBA in marketing, I had franchise experience and I had been an automobile dealer.  I even took the Entrepreneurial Test and scored 93%.

          I had an idea that I had played with for more than ten years.  It was quite unique, and it took me the first eight years to get the concept to a workable point.  I then spent all my spare time for the next two years working on market research and developing the concept. 

          At this point I was convinced that the market for my concept was virtually unlimited.  I felt it satisfied the largest unfilled consumer need in this country.  I was all set.  I went to work full-time with the project in order to fund it. 

          I worked with banks, accountants, venture capitalists, the SBA, and investment companies.  No one ever questioned the concept.  Typical comments were, “This is fantastic and it will work, but it does not meet our criteria.” or “The economy is just too bad.”  It was just too unique. 

          For financial reasons, I had to work out of my home.  I find this frustrating because I don’t have the office equipment or secretarial help that I am used to having available.  There is just too much to do and too little time.  I hate lunchtime and nighttime because I can’t get a hold of people and have to quit working. 

          Most frustrating is the attitude of some friends, neighbors, and relatives.  To some of them, I am just someone who is out of a job and doesn’t have anything to do all day except sit home and watch soaps on TV.  This is very frustrating because I have a strong work ethic, and I know I do more in a day than most of them do in a week.

          I have now been full time on the project for eight months, and it is not off the ground yet.  Money is running out.  My banker tells me to get a job because I have given it “my best shot”.  My wife is concerned about money, and that creates more pressure. 

          Is it time to quit?  No way!  Somebody has to do it and I’m that person. 

          And I do know that when the project is a success, people will look at me and talk about how I “hit it lucky.”

 

Terry O. Lee

 

 Business Fits by Terry Oliver Lee is available on Amazon as an e-book or a paperback. http://BusinessFits.com