mind of an entrepreneur

AoL 030: The Importance of Having the Mind of an Entrepreneur with Joe Albano

The economy changed as we knew it in 2008 after the recession hit. It made jobs much harder to find. No longer was just a resume going to cut it – especially if you wanted a job that paid more than minimum wage.

2008 was also the year that Pat Flynn lost his job and started his long journey to making SPI what it is today. Personally, I’m glad that he made that decision because without him, there would be one less voice out there promoting entrepreneurship – especially lifestyle entrepreneurship and passive income.

I graduated grad school a year later in 2009. The only jobs I knew at the time were internships and teaching in grad school. That’s why, when I got out, I was sort of lost. I knew I what I didn’t want (to be in a large corporation or a dead end job), but I wasn’t quite sure what I wanted.

It eventually occurred to me within a month or so after graduation that I wanted to get my career started with a startup because I had gotten my focus in Entrepreneurship.

That eventually happened (a couple of times) and now I’m finally doing what I went to grad school for! 🙂

However, not everyone can make that transition as easy as many of us millennials can. There are some people that are still struggling with making the transition from the plan they had before the recession. Some lost all their retirement and are forced to do menial jobs to get by. Others have just kept pushing along in a job that might no longer be providing for them at a level they were used to.

Even I questioned what was going through people’s heads when they couldn’t see the writing on the wall when I started networking in late 2009 and early 2010. Why not just start their own thing instead of waiting for someone to give them something better?

That’s also what this session’s guest, Dr. Joe Albano, thought when he started running into people who were trying to run a business with the thought process of an employee. They were waiting for their business to be given to them. Long story short, he ended up switching the focus of working with large businesses to small and medium sized ones just because he knew how much of an impact he and his company could make if he helped from the ground up.

In this discussion, we chat about that passion about working with small businesses, what it takes to make a successful startup, what’s the difference between an employee mindset and entrepreneurial one, and why new entrepreneurs don’t need advice as much as they need support.

If you’re the type of entrepreneur who’s struggling to find success with your business, or just want to know why your peers don’t understand why you’d want to pursue a business in the first place, I think that this chat will help you straighten a few things out.

SPECIFICALLY, YOU’LL FIND OUT MORE ABOUT:

  • How Joe’s older brother played an influence in Joe being interested in starting his own business.
  • Why he feels that, as a Baby Boomer, it was a good decision to embrace entrepreneurship early in his career.
  • Why he made the transition from working with big companies to working with small to medium sized businesses.
  • Why he loves helping people look more at the human side of companies vs the management side.
  • What Joe’s definition of an entrepreneur really is.
  • Why he believes that the employee mindset no longer works in today’s world.
  • What’s the first steps he recommends for your new startup.
  • What Joe suggests to those who are running out of time to do all the different jobs to get their business started.
  • Why he believes that many new entrepreneurs need less advice and more support.
  • What Joe’s capacity is when working with college students.
  • An update in what happened career-wise to one of our early hosts, Jonathan Ridge.
  • Why it’s important that you learn to manage your own career.
  • …and MUCH more.

Right click here and save-as to download this episode to your computer.

ITEMS and PEOPLE MENTIONED IN THIS EPISODE:

SHOW NOTE EXTRAS:

Become an Entrepreneur by a guy that’s new to me by the name of Aleksander Vitkin

How to be an Entrepreneur by The School of Life

A Day in The Life of an Entrepreneur by Aleksander Vitkin

Career Advice on Becoming an Entrepreneur by Richard Branson

The Top 10 Mistakes of Entrepreneurs by Guy Kawasaki:

Thanks for Listening!

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Cheers!

Millennials as Entrepreneurs Part 2 of 10: The Power of the Trend Setter

The world of the Millennial is already upon us. It’s really ours for the taking. Those who have realized this have already started doing so.

 

Just look at Chelsea Krost. I didn’t even know she existed until a week or so ago. And what does she do? She talks about the characteristics of Millennials as a whole. Yeah, there’s plenty of us who do this – but wow – she’s been on shows like Good Morning America, Today, and Tyra. I mean, for a person in their early 20’s, she’s doing great!

 

As it was eluded to in the last post, there are some that will really have a hard time coming to terms of our demands as a generation. Millennials have a completely different value structure than those that came before us.

 

However, we’re here and we’re creating a lot of change early in our career.

 

Case in Point? Look at Today’s Fashion

 

Have you ever actually paid attention to what people are wearing? Like, just looking at what they wear? Is it new? Is it old? Is it something new to look old?

 

If you’re like most people, you’ve probably thought about it at least once in your life and laughed and said, “I wouldn’t be caught dead in that!”. And even then we question whether or not we’re behind in fashion.

 

Personally, I’ve found myself thinking this more and more. And the more I think about it, the more I realize that it’s almost not worth bothering about what you wear.

 

If you look at what makes Millennial fashion unique… you might think of all kinds of different things. Let’s look at glasses, for example. It would seem that predominant style is thick black frames. However, thin seems to be still in as well. Or heck, you might even see something from the 60’s (You know the ones with the little corners with gems or designs peaking out of the corners? Yeah, I’ve seen those around too!).

 

Or heck, let’s look at pants. Who would have EVER thought that leggings would come back as hard as they have. Oh man. If you were to tell my early college self that those would be coming back, I would have thought you came to the future with Marty McFly.

 

And now, not only are high school and college kids wearing them – but their parents who probably wore them originally in the 80’s and 90’s are wearing them again – even after the originally said “Never again!”. Lol.
We’re setting the trend.

Other Successful Industries Have Started Catering to Us

 

The Baby Boomers, obviously, were the last generation to set the trend. As discussed in the last post, much of what we do today is based on their principles and values. That’s not bad, but it’s not necessarily great either. I would like to believe I have a work ethic similar to what Baby Boomers would expect everyone to have. However, at the same time, I think much of what’s wrong with Washington is that those in power want to keep the lifestyle they’re accustom to and they’ll gladly take money from lobbyists to do so. (Check out Generation Zero about this.)

 

Millennials – we’re not like that so much. There’s so much of a difference between Baby Boomers and Millennials that I believe right around 2020 – there’s going to be a HUGE shift how everything is run.

 

Many Industries have already seen the writing on the wall and are totally skipping over Gen Xers and their tastes and going straight to us. A big part of that is because we’re larger than the Gen Xers as a demographic. However, we also have more disposable income as a whole. Most Gen Xers are already in midlife and have to worry about putting houses over their families’ heads. There’s other reasons why they haven’t been counted, and you can refer to this column here for that info.

 

To survive, major conglomerates will have to change their tune. For example, today, Comcast sells things for convenience. The larger a bundle you have, the more you’ll save for more channels. This caters to the Baby Boomer audience. For the most part, they don’t want to mess with the technology to get their entertainment fix.

 

On the other hand, if you see what’s been trending in popularity, it’s all about On Demand. Whether that comes from Comcast is up to them. Why? Because us tech savvy Millennials are, (as we explored last post) all about “Me!”. We don’t care if we get our entertainment fix is from Netflix, Roku, Apple TV, etc.

 

Think about it. Do you think there are more cord cutters in the Millennials or the Baby Boomers? Comcast sticks to simple and possibly outdated tech for the Boomers (who really needs a landline?). At the same time they’re transitioning to On Demand for Millennials. That being said, they better work on that price structure a little more to keep us around!

 

 

Mind The Gap

 

So really, rather or not companies would like to complain about how much we’re different than X’ers and Boomers is not the point. The point is, again, we’re setting the trend. They can’t help but figure out what keeps our interests if they want to survive the big change.

 

But they’re at a disadvantage. Why? They have to higher millennial consultants, like Chelsea, to tell them how Millennials minds work. You and I, on the other hand… we have the upper hand. We are millennials.

 

So, in the comments below. I want to know about what kind of trends you’re starting with your friends and other people you have some influence with. Something as simple as a new app you’re using or a new website you’re following that you’ve shared. Then, I want you to think on whether or not they think of you as the source of particular new things in their life.

 

If you can do that simple exercise, you know that you’re adding value to someone. You are a trend setter.

 

Also, stay tuned for next week’s post in which we’ll be exploring the reasoning on how there are so many types of potential business out there.