Joining host Wes Mathews on this week’s episode of Entrepreneur Intel is a founder who has been on the Inc 5000 list several times, and is currently educating the next generation of entrepreneurs. Our guest is none other than President of Bauer and Associates, and Founder & Entrepreneur-in-Residence of Inc Magazine's Inc. Young Entrepreneurs, Dan Bauer!
Wes and Dan sit down to dive into the work of Inc’s young entrepreneurs, and the skills that are essential to any entrepreneur. Dan shares the importance of hiring the right people, the need to not fall in love with your first idea, and how to encourage organic interactions between clients and employees.
Takeaways:
- As an entrepreneur, it’s important to stay fluid with your ideas. While you may be drawn to your first idea, an overfocus on it can be restrictive. Pivoting from an idea you love to one you like, but can fall in love with works quite well.
- When you consult with clients, it’s important to have the right employees. Hire and train slowly, but don’t be afraid to fire fast. One wrong employee can cause multiple clients to leave.
- There are four main components of entrepreneurship to keep in mind. Entrepreneurs need to be focused on gaining knowledge, having the right perspective, building a strong network, and developing a strong brand.
- While there have been previous entrepreneurship training programs aimed at students, they often left out key elements. Programs that were run by colleges had too much of an academic focus, and others are too tech focused.
- For students planning for their future, becoming an entrepreneur should be on their radar. Many employers are less focused on pure academic accomplishments, and successful business acumen is desirable.
- A good leader is one who has strategies and frameworks for employees, but still allows them to work organically with clients. Allowing for that organic element creates stronger bonds with clients.
Quote of the Show:
- “It's the second or third iteration of it [an idea] that really hits the sweet spot.” - Dan Bauer
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