More Takeaway Points to Consider
* At www.alterpreneur.co.uk, Hilary Osborne writes on May 16, 2005:
Less than a quarter of business owners set up their firms in order to make a lot of money, with almost two-thirds seeking more control over their lives, according to research from insurer More Than.
Of 1,000 owner-managers questioned for the Health, Wealth & Happiness report, just 3% said they hoped to emulate high-profile entrepreneurs like Richard Branson.
Instead many were motivated by a lifestyle change--60% said they went into business in order to get more control over their lives and 54% said they did so in order to be happier.
* Some entrepreneurs can run the company--Henry Ford, Edwin Land of Polaroid and Michael Dell are good examples. Other entrepreneurs are managerial train wrecks. When Jay Walker founded priceline.com, he immediately hired a CEO. "The architect does not usually stay around to manage the building," Walker told me. Whereupon he violated his own dictum and burned through $360 million trying to start a cockamamie auction-based online grocery business called WebHouse Club.
* John Peterman, proprietor of the deliciously wafty J. Peterman catalog told me:
If something fails and it destroys you, you should have been a nine-to-fiver. To be an entrepreneur, you can't be afraid of failure.
* Ultimately, to be successful, your better mousetrap must fulfill a need so obvious or create a want so powerful that buyers and investors will line up the day it is introduced to be the first on their block to get in on the action. Brill's Clear card--if he can pull it off--should do that.