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How do you define “entrepreneurship”? “be entrepreneurial”?

I was recently asked, “what is entrepreneurship?” and “what does it mean to be entrepreneurial?” I’m curious how you’d answer those questions. Before reading on, take a minute to think about it. Hold onto that thought (write it down, if you can, before you move on).

I don’t remember my exact words but I said something similar to:

Entrepreneurship is commercializing a solution to a problem using resources effectively and efficiently. Being entrepreneurial means the active commercialization of a solution while consuming resources effectively and efficiently.

From Merriam-Webster, entrepreneur is:

“one who organizes, manages, and assumes the risks of a business or enterprise.” (Merriam-Webster, 2018) Entrepreneurship is the noun incarnation while entrepreneurial is the adjective version.

BusinessDictionary.com defines entrepreneurship as:

“The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.” (BusinessDictionary, 2018)

Then, you have Harvard Business School (HBS) who uses the definition from Professor Howard Stevenson:

“entrepreneurship is the pursuit of opportunity beyond resources controlled” (HBR, 2018)

Let me parse out my definition to see how I got to it:

  • “commercializing”: The heart of an entrepreneur’s endeavor is making money and doing so at a scale that optimizes this.
  • “a solution to a problem”: Every innovation, idea, product, service should be in pursuit of addressing some problem. HBS’s Stevenson refers to this as opportunity. In layman’s terms, it’s “sale”.
  • “using resources effectively and efficiently”: I admit that this does not have to be a part of the definition. As I sat thinking about the definition I gave, there’s no rule to use resources like this. Entrepreneurs and startups can spend and drive up their burn rate all they want without a firm grasp of returns. That, of course, is not a smart way to build a business. Nevertheless I included this at first because it’s where my mind goes. There’s limited resources either money, time, or people.

Then, there’s the distinction of being an entrepreneur vs. being entrepreneurial. I look at entrepreneurs as the real risk-takers. They’re typically who I would also call the founder(s). Being entrepreneurial provides a broader stroke for those who do not take the initial plunge with the risks involved. However, there’s still a pursuit in commercialization, innovation (problem solving), and resource-consciousness.

Go back to those definitions you thought about at the beginning. Why’d you define those questions like you did? I’m curious – can you share your definitions in the comments below?

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Welcome to the New Entrepreneurial Ninja

Welcome to the new site for Entrepreneurial Ninja and Daryl Lu (one and always the same). As you can see, the site has been restructured quite a bit. In short, I migrated from Blogger to WordPress on the backend. The cost for WordPress is higher as I am now hosting the site through Siteground where prior, Blogger was self-hosted and free.

Blogger was always a “good enough” blogging site. However, it lacked flexibility. This was apparent after working with WordPress for several companies. One of the primary areas I wanted greater flexibility was in formatting pages that were not blog posts. To this, you’ll see more updates come down the line starting with my My Story page. Then, I will redesign my homepage and so on.

As my roles continue to flex and adapt (as any good Ninja does), my digital presence must also flex and adapt. WordPress will allow me this flexibility.

All of this was spurred by the recent acquisition of the company I was building, Burner Rocket. I am unsure of what my long-term plans are. Building a new company from the ground-up is enticing. However, after 6 years of doing this with multiple companies, taking a break could provide some relief. Or, I can continue taking the plunge with another early-stage company. In any path I choose, I will have my personal mission to guide me – “to change the lives for the greater through entrepreneurial endeavors.” Whatever step that is, it will be a step.

I’ll keep you in the loop of whatever that next step is. Till then, enjoy the new look and feel of Entrepreneurial Ninja.

– Daryl, Entrepreneurial Ninja

 

Side note: For those looking for a similar migration from Blogger to WordPress, there are a few things to pay attention to in particular:

  • Retain link structures to assume search engine rankings/ equity
  • Most posts, media, etc. will transfer easily between Blogger and WordPress, but formatting may be off depending on the WordPress theme used
  • Page links will likely be broken due to the page structure defaulted by Blogger. As such, redirects will be needed
  • Changing from Blogger to WordPress will require updating DNS and nameservers – typically on the domain provider. The change may take several hours to propagate
  • Here’s a great walk-through of how to migrate from Blogger to WordPress from wpbeginner
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Reflecting on 2017 for Entrepreneurial Ninja (Blog)

Happy new year! As is customary for so many, the new year calls for reflections and resolutions. Naturally, this means reviewing 2017 in the year of this blog.
Top posts from 2017:
Post from previous years that were still popular in 2017:
2017 was a productive one for me with 104 posts published. I’m going to start out 2018 publishing once weekly. There’s been a lot of changes at work, and I think there are good entrepreneurial posts upcoming. However, I want to focus creative resources for this first part of the year.
Stay tuned for great things ahead!
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With the New Year Comes Worry

This just in – I’m worried. In my head, I actually said it, “This just in – I’m troubled.” This is a more personal post. (Arguable to say all of my posts are personal posts.)
I’m staring at the new year. Then, I’m staring at the work in front of me at SalesWise. Then, I stare at the glimpse of a life I aspire to achieve. Then, I stare at the reality. In many ways, they’re all in conflict. They’re not wholly exclusive from one another.
I’m thinking about the life I aspire for, but it comes at a substantial cost today with no promises of the future. How do I build a company worth a damn, and still meet (let alone exceed) the expectations of others around me?
I’m worried. I’m troubled.
Coming soon is my birthday. But more importantly, there is time passing by that I also realize is shared with others, like a girlfriend. I can sacrifice some of my time, but at some point, I am now expensing others.
Life won’t slow down. As much as I want to do certain things, visit certain places, build a certain life, it all comes with costs – opportunity costs.
Wanting to be an entrepreneur, and being one are completely different things. Right now, I want to be one since I am working for someone else’s company. I’m building the wealth for another. I’m forgoing much of the risk of being an entrepreneur. Though, I’ve also compromised. I’m forgoing, perhaps, much more security (money) than a larger corporation.
The great part is that the new year is full of decisions that have to be made, and they’re all my decisions. I’ll have to make many decisions soon. They’ll have big ripple effects on the future. They may even dictate if I should ever be an entrepreneur again.
I said it before, and I’ll say it again – I’m worried.
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Rules of Writing

As I thought about how to start this post, I wanted to say, “I’m not a writer”. Except, I write – a lot. It’s fair to say, then, I’m a writer. I wasn’t always a writer, and I can’t comment if I’m good or not. I can say, however, that I am always improving.
Take this forum of “The ‘Rules’ of Writing” from StackOverflow. It’s fun to read what advice others give for effective writing. Here are some of my favorites:
  • Show, don’t tell. This one hits home perhaps because of my former online dating profiles. Yes, I said it. Too often, people state they’re “nice, like to travel, funny”. It’s incredibly generic and easy for anyone to say this. Instead, a well-written profile and accompanying pictures say much more, concisely, and accurately.
  • Give yourself permission to suck. Maybe I do this all the time? J Point is that when you relinquish the need to be good, let alone perfect, you get to write. You get to post. You become a writer.
  • Write, don’t edit. I adopted this perhaps 150 posts ago – write the post completely, and let it sit. Then, revisit day(s) later and only edit then. Too often writers can get stuck thinking of ways to rewrite what was just written before getting the full idea out.
  • You have to read, and read all the time. Effective writers (and entrepreneurs) are constantly curious – always learning. They’re always reading and soaking in the world. Reading (learning) provides perspective which provides creativity.

In general, you just have to write. In many cases, constant practice is better than trying to be perfect. Constant practice leads to better writing.

Give writing a try. Give curiosity a try.
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What Should You Stop to be Successful?

I’m reading Marshall Goldsmith’s What Got You’re Here Won’t Get Your There, and early on, Marshall talks about the importance of what gets stopped. We often hear of the successes of others. As Marshall points out, though, there are many reasons why successful people succeed. What is oftentimes just as important (if not more so) and is not talked about is what successful people STOP doing.
What entrepreneurs may stop, for example, is down a path that would not yield successful outcomes. Successful startups are known for their successes; rarely for their failures or what they do to shift their focus.
Marshall writes how people try to change habits and create great processes. This can be challenging, however, with several steps required. Instead, folks could be better off by focusing on small things to STOP doing. Oftentimes, this is just enough to create noticeable, positive results.
When I read all of this, I think about self-awareness, being comfortable with the uncomfortable, and making small changes for sustainable effects. Case in point: I hate vegetables. I really do. However, I realize the importance of eating vegetables for their nutrients. To change this, many people think about the need to make big changes – start eating a lot of vegetables.
For me, I realize what I really want to do is to be open to eating vegetables – not be scared off by them. For me, I’m indeed adding a vegetable a day as part of a “30 Broccoli, 30 Days” challenge – consuming broccoli florets daily for 30 days. I’m not going for a lot because I know me well. Meanwhile, the goal here is not to be a vegetarian or to even start eating a lot of vegetables – that just wouldn’t be me (read: hardly sustainable). Instead, I want to STOP ignoring vegetables on my plate (or throw them away ?).
I want to be a better writer. I realized early on how often I use “so” in my writing. Now, I’m aware of this and am limiting (“stopping”) how often I use the word. I am also working on STOPPING filler words in my speech. I’m not trying to improve how I speak by taking speaking courses or studying a thesaurus. Instead, I’m stopping what I feel is not productive for effective speakers.
Think about yourself. Think about what you want to improve. Think about what you want to STOPrather than what you want to do.
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Book Review: Inner Game of Tennis

I just finished the book the Inner Game of Tennis by Timothy Gallwey. It’s a classic – expressing the key to developing mental fortitude using tennis as the vehicle.
The Inner Game of Tennis by Timothy Gallwey
I was intrigued about the book after Tom Brady cited it as a key reading for him in developing mental strength. This was cited in an interview after Brady orchestrated the largest comeback in Super Bowl history, coming back from 28-3 to defeat my Atlanta Falcons 34-28.
Being a competitive athlete (less so on a team these days and more in “self” settings) and an entrepreneur, developing mental strength is an ongoing practice. The pressure athletes like Tom Brady and great entrepreneurs face on the brink of failure (listen to any number of episodes of NPR’s “How I Built This”) is astonishing. Being able to keep going and overcome obstacles and have ­grit is hugely interesting to me.
Without further ado, here are my main take-aways from Gallwey’s Inner Game of Tennis:
  • Self 1 vs. Self 2. Gallwey points out the inner battle between the mental (Self 1; read: mind) and the “human” side (Self 2). A good illustration of this is when striking a ball with the racket, the human body and brain are smart moving in a way to strike the ball. However, when the ball is not struck well, a player can be frustrated – yelling at himself to strike it better. From here, the player’s mind (Self 1) is now in control with much focus on how to strike the ball which only motivates the player to keep thinking too much about how to strike the ball. This prohibits the natural learning process of the body & mind (Self 2) to make the right adjustments.
  • The “natural self” (Self 2). Gallwey points out how each person is the perfect version of himself or herself. However, the mind gets in the way trying to be “better”. The natural self, however, knows how to improve. Gallwey points out how young children learn how to crawl, walk, talk by themselves. Children’s minds do not interfere and try to teachthe body how to walk. Instead, the body moves, learns, adapts, and tries again.
  • Reviewing the self. As a tennis instructor, Gallwey used to instruct his clients how to swing. Most of the time, however, players would already know what they would need to do. They still did not do it. Then, Gallwey instructed players to watch their reflections in how they strike the ball. The players watched and realized how they should swing their rackets – it was not any different from what instructors had said. However, this gave clients the ability to self-assess and visualize the proper way of swinging. No other coaching was needed. Their movements would improve on their own.

I appreciated Gallwey’s book identifying Self 1 and Self 2. Unsure if there were many more take-aways that others would get out of the book. However, my focus points were about the need to bifurcate the mind from what the player (the true self) knows what to do. Overthinking is all too common which can paralyze the player.

In everyday practice in the business world, this appears when I, especially, can get caught up in how to perform sales calls. I know what I need to do, but developing and sticking to specific scripts makes me overthink. This, then, prohibits a natural conversation with prospects.
Check out the book, and see what you pick up. I’m sure you will also focus on Self 1 and Self 2. However, there may be other lessons from the book that resonate deeper than the concept of the bifurcated Self.
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Entrepreneur Interview (pt 1) – A Grammy Award-Winning Sound Engineer

For fun today, I decided to speak to a friend who is a Grammy-award winning sound engineer and producer. He’s freelancing working with some incredible talents including an artist who boasts more than 300 million records sold. Given he works in Atlanta, he’s now taking on sound engineering work for the many film and television series. Needless to say, he’s quite successful. I’ll keep his name hidden for now, but wanted to share with you a few of his insights as to why he enjoys freelancing vs. working with a record label and the like.

So why do you freelance?
Love the freedom, hate the insecurity.

Any lessons or advice for others who are looking to freelance, too?
“Weather the storm: think long-term.”
He continues, “Think in-terms of years, not months. You can’t look at the financial status on a year-to-year basis. There will be months that go real well, but there will be months with no money.”
“In some industries, you don’t know what your good months or bad months are. It can go year-to-year.”
Reflecting on the unpredictable nature of freelancing (and perhaps very much associated with the music industry), “No way to predict it”. He points out how even this August, he can’t definitely say he’ll be able to take a vacation.

It doesn’t stop there…
“Even though you work for yourself, you’re at the whim of your client.” This is an important note a lot of people forget about when they toy with the idea of going solo. Being a freelancer or a CEO of your company does not mean you are truly your own boss. The people who pay you is ultimately who you must be accountable to.
“You have to make yourself available to them, or else they’ll go to the next person.” He laments how competition is always there ready to fill a position should he not be able to do the work. For his clients, they still need to produce music to be relevant. Thus, they’ll go to someone who can/ will do it.
“In some ways, you have more freedom and less freedom. Does give more flexibility on a day-to-day basis. But this also depends on the non-9-5 job.”

What’s more specialized for you in the music industry [versus a “normal”, non-entertainment industry]?
He continues highlighting the importance of servicing his clients – “Always there to serve the artist.”
In fact, he cites how professionals in the industry are “really only as good as your recent work.” This dictates your relationships and reputation.
As such, he points out the importance of network and having uncompromising work quality – “Letting other people know what you do, and you’re available to work with them. When you accept a job, you put in 100% effort to make sure the end-product is the best it can be.”
“Some people, work towards the budget – ‘small budget, small amount of work’.” However, when his name is attached to it, it’s his reputation.
“Compromises affect reputation.”

Any recommendations for people to do when they listen to music? Anything you want to point out so listeners know what or how else to appreciate music?
“Listen to music for enjoyment.”
He reflects how it’s his job to listen to the “snare for 10 minutes”. He’s putting a puzzle of rhythms, acoustics, instruments, and the like into a “cohesive, single” song. It’s a lot of hard work that he pores over, and hopes everyone listens and enjoy the artistry.
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De-Risk for Investments

I was talking to a Producer and Director recently who is starting out his business. He’s got his business set up, and is seeking investors for a film. He’s got the script. He’s ready to go. Except, the investors want him to slow down. The investors wanted to “de-risk” the investment. New to being an entrepreneur, the Producer shared the nuances he wasn’t quite prepared for.
  • Expected Returns – SaaStr states that a 10% return on the totalventure capital (VC) fund is good while aiming to earn its total VC fund in profits is the goal. Understand what the goals of the investor(s) are, and have the model to illustrate goals can be met with even conservative achievement.
  • Legal Collateral– The Producer was shocked to learn how much he had to spend to validate the authenticity and originality of the script. Investors are looking at legal terms and insurance to not only cover risks of copyright infringement, but also the leveragability for greater valuation.
  • Long-Term Strategy – Are you a one-hit wonder? Do you have the creativity to be adaptable? Are you thinking big? Focusing on the now is good, but investors are looking for big returns. Long-term value creation enables bigger returns.
  • Traction– One of the “shticks” about Atlanta investment is how stingy investors can be. In the Valley, ideas can be funded pre-revenue. In Atlanta, the companies that garner investment are largely post-revenue. For the Producer, he had to collect and display written interest from film festivals. On “Shark Tank”, entrepreneurs can show letters of intent or purchase orders (POs).
  • Business Plan – The Producer lamented the pain of creating a business plan. Having never done one before and without a business degree, he sought help from others. However, many could not show him “good” plans. Business plans can be rare outside of startups seeking investment. However, they can be immensely helpful in thinking about the business holistically, not just about this “great app idea”. The business plan forces the entrepreneur to think of the risks and the opportunities – sometimes, it can show the opportunity isn’t as big as he might think.

I share these, too, because I’ve heard a lot of ideas from wantrepreneurs. Then, there are others who start out, and then fold up shop only months later. They weren’t prepared. Most investors are savvy as they should be with their money. So, it’s no surprise what some common de-risk factors included, and how important wantrepreneurs and new entrepreneurs should consider when starting out.

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What to blog, or what not to blog? That is the question.

I recently received a question from an entrepreneur about how to start blogging. He saw me posting last week at a conference, and shared how he’s always wanted to write. However, he wasn’t sure how. One of the questions he asked was about blogging at a “personal” level or at the “company” level. I’m interpreting this as if he should blog on the company website about company interests, or on a personal blog about personal things (company interests, too).
As always, I’d say, “it depends.” Though, he added that his goal was for his company to succeed – “whatever leads that way would be great”.
Knowing he’s new to blogging and has a direct motive to help the company, he should write on his company’s blog about his company’s interests for a couple reasons. First, it’s clear he wants to grow the company’s presence and brand first. Given he’s the CEO, his personal brand will be tied to the company at this stage anyways.
Second, starting out blogging is simple. The difficulty is being consistent. It’s important for him to start very focused with his company’s blog with a dedicated cadence and focus. A personal blog (like this one) is great to develop personal branding and attract followers to the grander purpose.  Again, being the founder and CEO, his company will be tied to his personal brand anyways.
Even if his personal brand was very strong today, he’s starting out a blog. If he was a thought leader, he would still be starting this from the ground up. In this way, I still suggest writing for the company, and share his posts with his network.
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