TES 007 - Your Most Important Decision as an Entrepreneur

— Summary —

In this episode, we begin to dive into the three phases of business life or product life framework. This is the process that we use to take a product and business, and bring it to life. In a previous session, we talked about the concept that there are three phases that every product or business must go through: Think Up, Get Up and Reach Up phase.

The first phase Think Up has three stages Decide, Ideation and Model. As opposed to popular belief idea doesn't come first and there are a whole lot of decisions and choices that come into play before an idea is generated and turned it into reality.

When we decide on the correct choices, we're going to start to come up with ideas and because we're coming at it as an entrepreneur, we take on the identity of an entrepreneur first. After taking the identity of an entrepreneur, you can go through the most difficult path to reach the destination and this destination comes as the result of the "WHY".

There may be more but these are the four major categories of "Why" for entrepreneurs with examples of real entrepreneurs. They are:

1.     Passion-Driven
Peter Diamandis: A passion driven entrepreneur who creates business around his personal passions. He's got incredible things related to exploring space and his efforts will affect how we live our lives.

2.     Purpose-Driven
Elon Musk: He's driven by his purpose to find a cleaner way of living by capitalizing on electrical energy. He is involved with a lot of new technological developments.

3.     Money-Driven
Donald Trump: He is driven by the bottom line—the money. Being driven by money doesn't matter because you create jobs, products, services for serving society and community.

4.     Transformation-Driven
Steve Jobs: He revolutionized and transformed several industries like music and communication