Week 0 Masterclass Why Entrepreneurship Part 1
Summary
TLDRThe speaker, originally a biomedical engineering student, never intended to be an entrepreneur but found themselves on this path due to a desire to stand out academically. With a family history in business, they were nudged towards entrepreneurship without realizing it. They leveraged their hobbies and talents, such as playing multiple instruments, to earn money by teaching guitar. Despite initial success, they faced challenges and were pushed by their father to seek better opportunities. This journey sparked a curiosity about customer behavior and business strategies, inadvertently leading them into the world of entrepreneurship.
Takeaways
- 🎓 The speaker never planned on being an entrepreneur but found themselves in that role through a series of events.
- 🧬 Initially, the speaker was studying biomedical engineering, influenced by their family's business-centric background.
- 🎼 To enhance their master's application, the speaker sought to demonstrate initiative and began earning money through their hobbies.
- 🎸 The speaker's passion for multiple instruments and performing arts led them to start teaching guitar to others.
- 💼 The speaker's father encouraged financial independence, offering small amounts of money for chores and pushing for self-employment.
- 🤔 The speaker's entrepreneurial journey began out of curiosity and a desire to maximize their time and talents effectively.
- 📈 The speaker's teaching business grew to three batches, providing a modest income and prompting further reflection on business practices.
- 🔍 The speaker became curious about customer behavior, pricing strategies, and the reasons behind customer retention and attrition.
- 🚀 The speaker's father's dissatisfaction with their current earnings pushed them to think bigger and explore more scalable business ideas.
- 💡 The speaker's story illustrates how entrepreneurship can emerge from a combination of necessity, curiosity, and a drive for self-improvement.
Q & A
What was the speaker's initial career path before becoming an entrepreneur?
-The speaker was studying biomedical engineering before becoming an entrepreneur.
Why did the speaker decide to start earning money?
-The speaker decided to start earning money to show colleges that they could do more than just study, and to avoid always having to ask friends to pay for them when going out.
What was the speaker's family background in relation to business?
-The speaker's family was business-centric, with a history of entrepreneurship from the great-grandfather to the father.
Why did the speaker's father give them only 500 rupees and not more?
-The speaker's father wanted to teach them the value of money and encourage them to work and earn it themselves.
What was the speaker's first attempt at earning money?
-The speaker's first attempt at earning money was by doing chores and tasks around the house as assigned by their father.
How did the speaker's interest in hobbies and talents influence their entrepreneurial journey?
-The speaker's interest in hobbies and talents led them to start teaching guitar, which became their initial entrepreneurial venture.
What was the turning point that made the speaker consider entrepreneurship?
-The turning point was when the speaker started to analyze why people reacted differently to their guitar lessons, and how they could improve their service.
Why did the speaker's father push them to do better than just teaching guitar?
-The speaker's father believed that teaching guitar was not a sustainable or scalable business and encouraged them to think bigger.
What was the speaker's reaction to their father's insistence on finding a better way to earn money?
-The speaker initially felt irritated because they were already earning some money, but they eventually recognized the need to explore more scalable business ideas.
How did the speaker's curiosity lead to the development of their entrepreneurial skills?
-The speaker's curiosity about customer behavior and business strategies led them to experiment and learn more about entrepreneurship without initially realizing it.
What was the speaker's situation when they had three batches of guitar students?
-When the speaker had three batches of guitar students, they were making some money but realized they couldn't scale their teaching due to time constraints and the need to also focus on their studies.
Outlines
🎓 Unexpected Entrepreneurship
The speaker begins by sharing their unexpected journey into entrepreneurship, which they stumbled upon without initial intention. Despite coming from a family with a strong business background, the speaker was studying biomedical engineering. They felt the need to do something more to stand out for their master's applications, which led them to explore earning money through their hobbies and talents. They were particularly interested in music, dance, and theater, and considered how to monetize these passions. The speaker also discusses their father's influence, who encouraged financial independence by not providing pocket money easily, pushing the speaker to find ways to earn money themselves.
Mindmap
Keywords
💡Entrepreneurship
💡Biomedical Engineering
💡Hobby Enthusiast
💡Curiosity
💡Monetize
💡Pocket Money
💡Teaching
💡Business-Centric
💡Masters
💡Curiosity
💡Batch
Highlights
The speaker never planned on being an entrepreneur, but it just happened.
Studying biomedical engineering and the realization of the need to do something more for master's college applications.
The speaker's family background is business-centric, but they chose a different path initially.
The idea of using personal talents to earn money was sparked by the need to demonstrate more than just academic achievements.
The speaker's deep involvement in hobbies and the arts, which later became a source of income.
The lack of pocket money and the father's insistence on earning money through work.
The initial reluctance to teach guitar, followed by the decision to do so as a way to earn money.
The transition from earning a small amount of money to teaching guitar and the realization of its potential.
The father's dissatisfaction with the speaker's earnings and the push for better opportunities.
The speaker's curiosity and the beginning of entrepreneurial thinking without realizing it.
Observations on customer behavior and the impact on business decisions.
The challenge of managing three batches of students and the need to find a more scalable solution.
The realization that entrepreneurship was not a planned path but a series of curious explorations and adaptations.
The importance of understanding customer reactions and class dynamics in shaping business strategies.
The speaker's journey from a student with a curious mind to an accidental entrepreneur.
Transcripts
[Music]
why entrepreneurship like right what was
your purpose what was your goal how like
so so guys you know I want to tell you I
never planned on being an entrepreneur
it just happened I know it's a very
cliche line like everybody says the same
thing that you know what I never thought
I want to be an entrepreneur but it just
happened but you know I kind of
understand why they say it now what
happened was I was studying biomedical
engineering in even though my family is
all into you know they're all hobby
enthusi not hobby enth they are all uh
um what is that they're all business
Centric all of them like from my
great-grandfather to my grandfather to
my dad but you know it's something where
you know it's like a superpower that you
you know you have but at the same time
you don't exercise to get it out you
know so I was just doing it I was just
studying biomedical engineering I was
like yeah you know what I'll just do
this and to a point where I was when I
was finishing I thought you know for my
masters colleges aren't going to take me
in if I just say I just study and I
don't do anything else so you know I
have to do something more so I was like
why not show them that you know I I was
earning little money by doing something
different so that's where it started so
I'm a huge Obby Enthusiast I play
multiple instruments I sing dance act do
theater love art and craft all of that
stuff so when it came to trying to make
money I thought how could I use my
talent to be able to make money out it
now um my dad he never gave me pocket
money even though he could it was not
that we came from a very uh not a good
family he could give me how much I
wanted but I didn't understand then why
he said no he used to only give me 500
rupees and that is to beg him and ask
him Dad please give me some money all of
my friends are going out and they're
having fun and I'm here doing nothing I
have to and they feel bad for me and
they pay for me that was that was
literally my situation everywhere I went
so I used to be like I don't want to do
that and my dad's like okay do something
you work and see how you can earn money
you think it's easy to get 500 rupees so
I was like okay I mean if you're saying
that okay fine I'll do it so he told me
clean the room you know read your Bible
or don't make your mom angry I give you
30 rupees for every you know everything
you tick mark on the form and believe me
guys I was so desperate for a few days I
actually stuck with it and I earned some
money but it was not enough you know it
was like it was like I'm I'm slogging so
much for nothing so I was like you know
I wanted to think something different
and that is where the Curiosity came in
you know I was like how can I maximize
my time doing that suddenly um I thought
why not teach the guitar because I'm
good at it and a lot of people came and
asked me can you teach and that time I
was like oh no no I don't want to teach
and all so then I was like okay yes
please come I'll teach you so I went and
I got them home and I started teaching
them it reached a point where I got
three batches and now I have money right
I have money not a lot but enough and my
dad was like this is not this this is
not good enough you think I'm going to
do this for the rest of your life and I
was like not really but then my dad's
like this is not good enough you need to
do better he kept pushing me I kept
getting irritated because see first of
all I'm getting something but it's not
good enough you I was like what do you
want from me so so uh anyway so then
what happened was even I thought you
know there's a thing where I need to
figure out something else um I then
generally I started getting really
curious because I started realizing you
know that these people used to come when
I to change the price how they used to
react what were the reasons they didn't
want to stay long for my classes why did
they leave I was doing all this without
thinking it's called entrepreneurship I
was just doing it because I was doing it
you know I was just having a curious
mind uh it reached a point like what I
said I had three batches in my classes
and uh having having three
batches um I didn't have the band to
teach anymore I was studying as well as
I had to do all of
[Music]
that
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