Entrepreneurship in the Age of Millennials | Dr Peter Kash | TEDxRAIUL

Summary

This inspiring speech highlights the power of entrepreneurship, emphasizing the importance of taking risks, being in the right place at the right time, and executing ideas. It contrasts the slow evolution of products like the suitcase with wheels to the rapid rise of modern startups and the millennial entrepreneur. The speaker emphasizes overcoming rejection, learning from failure, and using success to give back through social capitalism. The speech also celebrates the success stories of figures like Steve Jobs, Oprah Winfrey, and Sara Blakely, encouraging the audience to embrace challenges, remain proactive, and give back to society once successful.

Takeaways

• 😀 Entrepreneurship is about execution, not just ideas. It's about taking risks and making things happen, even in the face of failure.
• 😀 The journey from landing on the moon to creating a suitcase with wheels took longer than expected, showcasing how innovation can sometimes be slow despite human ingenuity.
• 😀 The rise of Millennial entrepreneurship is significant, with billions being invested in startups and many companies reaching a billion-dollar valuation.
• 😀 In the past, wealth was often inherited, but today, many of the richest people started with less than $25,000, illustrating the power of entrepreneurship and self-belief.
• 😀 Millennials tend to have more jobs in their careers than previous generations, and they often manage larger teams, demonstrating a shift in how business is approached today.
• 😀 Women entrepreneurship is growing rapidly, with over 12 million women-owned businesses in the U.S. alone, contributing trillions in revenue.
• 😀 Social capitalism, where successful individuals give back to society, is a powerful concept, with examples like Oprah Winfrey and J.K. Rowling.
• 😀 Rejection is a natural part of entrepreneurship, and turning rejection into motivation is essential for long-term success, as demonstrated by figures like Steven Spielberg and Sara Blakely.
• 😀 Failure is not the end but a learning experience. Many successful entrepreneurs, including those at Apple, Pixar, and Home Depot, faced rejection before they succeeded.
• 😀 The concept of 'social capitalism' emphasizes the importance of giving back once you've achieved success, creating a cycle of generosity and support for others.

Q & A

Why did it take three years after the moon landing to create the wheels on a suitcase?

It took three years because innovation often requires time to adapt and execute, even when the idea seems obvious in hindsight. This delay highlights how entrepreneurship isn't just about thinking of ideas, but about executing them effectively.

What is the main difference between millennial entrepreneurship and previous generations?

Millennial entrepreneurship differs mainly in the number of jobs millennials have in their careers and the size of the teams they manage. Millennials tend to have 12 to 15 jobs over their careers and manage significantly larger teams, averaging 120 employees, compared to previous generations.

How has the landscape for women entrepreneurs changed over time?

In 1970, women owned 400,000 businesses in the U.S. Today, that number has grown to over 12 million, with women of color controlling $630 million in revenue from 5.5 million businesses. This shows significant growth in the number of women entrepreneurs and their impact on the economy.

What does social capitalism mean, and how is it exemplified by successful entrepreneurs?

Social capitalism is the concept of using wealth and success to give back to society. Entrepreneurs like Oprah Winfrey, who has given away cars and millions for education, and Sara Blakely, who shares her wealth through charity, exemplify social capitalism by using their success to create positive social change.

What is the lesson about rejection mentioned in the script?

Rejection is not a reason to give up but a motivator to keep pushing forward. Successful entrepreneurs like Steven Spielberg and Stephen King turned their rejections into fuel for success, showing that perseverance and resilience are key to overcoming obstacles.

How did Steve Jobs’ journey demonstrate the importance of perseverance?

Steve Jobs’ journey exemplifies perseverance through multiple rejections, including not having enough money to create the first Mac and being fired from Apple. His eventual return to Apple and creation of Pixar demonstrate that failure doesn't mean the end, but a new beginning.

What is the significance of the 'ABC's of business' discussed in the script?

The 'ABC's of business' refers to the idea that those who get A's work for B's, and B's work for C's, where C's are the entrepreneurs who own businesses. It highlights the importance of creating your own path rather than following the traditional route.

What does the script say about the importance of equity in business partnerships?

The script emphasizes that in business partnerships, while everything doesn't need to be equal, it should be equitable. This means fair distribution based on contributions, and entrepreneurs are encouraged to negotiate for an 'earn-back' if they feel their value isn't fully recognized.

How does the story of Home Depot's founders highlight the value of perseverance?

Bernie Marcus and Arthur Blank's journey demonstrates how turning negative energy from being fired into action led to the creation of Home Depot, a company now worth billions. Their perseverance turned adversity into opportunity, highlighting the importance of staying proactive.

What does the script suggest about success in entrepreneurship?

The script suggests that success in entrepreneurship isn't about being perfect or successful 100% of the time. Instead, it's about making progress and learning from failure, as illustrated by the success rates of soccer players and their free-kick statistics. Success is about getting it right once, not every time.