Very Short Interview No. 1

I had the lovely opportunity to "very short" interview Tim Wahl, the creator of unBALANCED. He began pursuing the world of business as an entrepreneur at the young age of 24, and he truly exemplifies the spirit of what it is to be an entrepreneur. Here were my questions and his answers:

#1- Is there anything that you wish you had learned/known before beginning to start your path as an entrepreneur?

Tim: When I had my first business at the age of 24, I was not fully prepared for, or aware of, the true cost of operating a business.  Employees pay, payroll taxes, commercial rental space, corporate taxes, marketing, and inventory all are significant expense to any small business, and should be carefully analyzed prior to launching a venture.  I would have started off with a smaller staff, smaller building, and less inventory to start the business if I had to do again, which would have provided more positive cash-flow in the early years.

#2- What are some of the things that you think should be taught in an Entrepreneur class?

Tim: I would stress the importance of salesmanship.  Regardless of the business, one needs to be able to sell their product/service to, not only their customers, but to their employees, partners, vendors, bankers, etc.  It is important that you can convey to all involved, the benefit(s) to doing business with you.  Many entrepreneurs consider themselves to be the "idea guy", but shy away from the Sales-end of things.  A great idea/business concept needs to be sold to the marketplace.

#3- How have your experiences this far shaped you as a person? What should I expect if I ever want to come up with an idea and turn that idea into a reality?

Tim: My entrepreneurial experiences have given me a great hands-on education in a number of areas that have shaped me. Learning the importance of teamwork.  Basic-to-advanced bookkeeping and accounting, that can be applied to ones personal finances.  Leadership skills that were developed. Most of all I would say learning how to deal with challenges and overcome obstacles, that will surely come one's way in life.

What to expect...

Expect that not everyone will share your excitement, or understanding of your venture.  Expect many opinions to come your way on how you should handle your business, market your product, etc. It's important to "consider the source". Many people mean well, but are not always knowledgeable of a particular area. Expect rejection! Expect obstacles! Expect challenges!  Being an entrepreneur is not much different than being an athlete, musician, or dancer(!). A different body of work that goes into it, but same blood, sweat, and tears that it takes to be successful.  Lastly, expect to feel a great sense of accomplishment and pride once you have achieved your goal!

Tim said so many great things during this interview, and I bet it is clear to see the passion and excitement that he has for the world of entrepreneurship. The thing that I loved the most was his answer to my third question, when he talks about how not everyone is going to love or approve of your ideas- but to still power through any obstacles you face to make your dream a reality. The part that surprised me the most was when he talked about how entrepreneurs are not only the "idea guy" (question 2). I never really analyzed the fact that entrepreneurs also must be involved and relevant with every other aspect of the idea once it turns into a business. Overall, this interview really opened my eyes and made me look at entrepreneurship in a new light.