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.