Week 0 Masterclass Why Entrepreneurship Part 1

Summary

The 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

00:00

🎓 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.

Keywords

💡Entrepreneurship

Entrepreneurship refers to the process of designing, launching, and running a new business, which typically starts as a small business, such as a startup company, offering a product, process, or service for sale or hire. In the video, the speaker explains that they never planned on being an entrepreneur, but it 'just happened.' This reflects a common narrative among entrepreneurs who often find themselves in business due to a combination of passion, opportunity, and necessity rather than a premeditated career path.

💡Biomedical Engineering

Biomedical engineering is an interdisciplinary field that applies engineering principles and design concepts to medicine and biology for healthcare purposes. In the script, the speaker was studying biomedical engineering, indicating a background in a field that combines engineering with medical and biological sciences. This academic foundation likely contributed to their analytical and problem-solving skills, which are crucial for entrepreneurship.

💡Hobby Enthusiast

A hobby enthusiast is someone who is deeply interested in and passionate about a particular hobby or pastime. The speaker describes themselves as a 'huge Obby Enthusiast,' engaging in multiple instruments, singing, dancing, acting, and theater. This passion for hobbies is significant as it led the speaker to explore ways to monetize their talents, which is a common path for many entrepreneurs who turn their hobbies into businesses.

💡Curiosity

Curiosity is the desire to learn or know more about something or someone. In the context of the video, the speaker's curiosity about how to maximize their time and earnings led them to explore different ways of making money, such as teaching guitar. This showcases how curiosity can drive innovation and entrepreneurial thinking, as it pushes individuals to question the status quo and seek new solutions.

💡Monetize

To monetize means to convert a non-monetary asset or resource into currency. In the script, the speaker wanted to use their talents to 'make money,' indicating a desire to monetize their skills. This is a key aspect of entrepreneurship, where individuals find ways to generate income from their passions, ideas, or expertise.

💡Pocket Money

Pocket money is a small amount of money given to children or young people by their parents or guardians, usually for personal spending. The speaker mentions not receiving pocket money from their father, which pushed them to find ways to earn their own money. This situation is a common catalyst for young entrepreneurs who learn the value of money and the importance of financial independence early on.

💡Teaching

Teaching is the process of imparting knowledge, skills, or values to others. The speaker started teaching guitar to others as a way to earn money, which is a form of service-based entrepreneurship. This highlights how teaching can be a viable business model for those with expertise in a particular field, and it also demonstrates the speaker's adaptability in turning a skill into a revenue stream.

💡Business-Centric

Business-centric refers to a focus on business activities, operations, and strategies. The speaker mentions their family being 'business-centric,' suggesting a background that values and understands business principles. This family influence likely played a role in the speaker's entrepreneurial journey, providing an environment that encouraged business thinking and practices.

💡Masters

A masters is an advanced academic degree that typically requires one to two years of study beyond a bachelor's degree. The speaker mentions considering a masters in biomedical engineering, indicating a pursuit of higher education. This educational background is often seen in entrepreneurs who leverage their specialized knowledge to create innovative solutions or businesses.

💡Curiosity

As mentioned earlier, curiosity is a driving force behind innovation and learning. The speaker's curiosity about customer behavior and business operations led to a deeper understanding of entrepreneurship without formally recognizing it as such. This highlights the importance of curiosity in the entrepreneurial journey, as it leads to exploration, experimentation, and growth.

💡Batch

In the context of teaching or training, a batch refers to a group of students who are taught together. The speaker mentions having 'three batches' of students, indicating a growing business as a guitar teacher. This term is significant as it shows the speaker's progression from an individual teacher to a small business owner managing multiple groups of students.

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