Identifying the Entrepreneurial Spirit
Have you ever searched online for a solution to a problem, found a thread where someone identifies the exact issue, and then scrolled through countless “same problem” or “me too” responses? Eventually, someone posts “Resolved” or “Fixed.”
That individual is the entrepreneur—the problem-solver with the answer many seek. However, giving away such solutions for free can be a missed opportunity. There’s a distinction between charity and business: contribute to charity, but charge for business.
If you have a solution that others need, how you choose to share it can determine your entrepreneurial success. A friend of mine, a successful entrepreneur who earned $12 million last year, always emphasizes: “Charge for EVERYTHING.”
The Value of Services in the Black Community
In the Black community, the expectation to “hook a brother/sister up” is prevalent. I’ve learned that once you start offering discounts or free services, it’s challenging to revert. If you have a service with a set price, maintain that price for everyone. Either clients can afford it, or they can’t. Never waver, because if you don’t value your services, others won’t either, and word will spread about the deals you offer. It’s crucial to address this mindset first.
My Entrepreneurial Journey
My name is Kevin Ross, and I am a CEO. I founded The Industry Dot Biz, a music industry trade publication. When I started, there were few Black-owned businesses like mine, and those that existed were dwindling.
Through The Industry Dot Biz, I’ve launched other ventures. Once you create one business, it can lead to another, and so on. The possibilities are endless. Identifying a need, understanding your passion, and envisioning your future are critical questions to ask before starting a business.
The Freedom of Entrepreneurship
I’ve been in business for 30 years and wouldn’t have it any other way. Entrepreneurs often operate within their passions, leaving little time for politics or events unless it’s part of their role. This freedom is a reward that no award can match.
Once you learn how to run a business, you can start, stop, or pivot to another venture. I recommend this approach because around the seven-year mark, you might tire of your current business.
You’re not dependent on corporations or paychecks or layoffs but on enjoying what you do. As the saying goes, if you love what you do, the money will come.
The most significant earnings come when you don’t have to share profits. Interestingly, all my close friends are also entrepreneurs. I have a group of about ten Black men with whom I regularly discuss AI and tech trends.
We share information and have enriching conversations. Entrepreneurs are a unique group, often misunderstood.
Adapting to Changing Times
The rules of the game have changed drastically. Mentors were once older and more connected; now, younger mentors are valuable because they have their finger on the pulse. To the younger generation, “legacy” can imply being outdated. I’ve seen many broke legends and many wealthy next-gens. The advantage is that technology doesn’t discriminate; with a laptop and an internet connection, the world is at your fingertips.
Passion Over Profit
Not everyone can be an entrepreneur, especially if the focus is solely on making money. Without passion, this approach is unsustainable and often leads to failure.
I started my business out of frustration. I was tired of being fired from radio jobs, moving to unfamiliar cities, and living out of a suitcase. Many DJs experience this early in their careers.
After moving to Los Angeles—a place I’d wanted to live since childhood—I started my business. After about five years, I realized I didn’t enjoy radio.
I did it because I could, not because I wanted to. This is a common experience for many in their 9-to-5 grind. For me, radio was a job, not a career. There’s a difference.
Radio? Not So Much
I love music and the industry, but I wasn’t a radio guy. Being mistreated by a station in LA toward the end of my career turned out to be advantageous. I wrote about my experiences to relieve stress, but it became the best thing I ever did. There are no coincidences; it was destiny calling.
I emailed a letter titled “Radio Fax” to some industry friends. Unbeknownst to me, they forwarded it to others who resonated with my message. A magazine was born—that was 30 years ago and I retired from radio in my early 30s. That’s my story; what’s yours?
Signs You Might Be an Entrepreneur
Are you an entrepreneur? There are tell-tale signs. Here are a few:
1. You Enjoy a Hobby You’re Very Good At
What we spend our free time on often reflects our passions.
For instance, you might be a Blues music aficionado. Many people worldwide share this interest. Starting a podcast or blog about Blues music could be a fulfilling venture.
Perhaps you enjoy assisting older adults with shopping, companionship, or transportation. Caregiving is challenging, and many are willing to pay for such services.
If you love making cheesecakes and experimenting with recipes, and people look forward to your creations, this could be a business opportunity
2. People Ask You to Do Your Hobby and Offer to Pay for It
If people are consistently asking you to do something you enjoy, and they’re willing to pay for it, this is a strong indicator that your hobby has entrepreneurial potential.
Take, for example, a friend of mine who made cheesecakes. His coworkers loved them so much they began asking for custom creations like Peach Cobbler Cheesecake or Lemon Cheesecake. Eventually, they were willing to pay for his cheesecakes every weekend. This is how hobbies can naturally evolve into businesses.
3. It Doesn’t Feel Like Work
When you’re passionate about something, it rarely feels like work. Think of actors who often express gratitude for being able to work in a field they love. They endure long hours on the set because they enjoy the craft. Similarly, entrepreneurs who pursue their passions often find joy in the journey, even when the work is hard.
4. You Can Spend Hours Doing It
When you’re doing something you love, time seems to fly. You look up, and hours have passed without you noticing. This is a sign you’ve found your calling. Whether it’s creating art, writing, or designing, the ability to get lost in your work is a hallmark of entrepreneurial passion.
5. You Feel at Peace When Doing It
Your passion should bring you peace and contentment. Whether it’s baking, painting, or crafting, this activity should make you feel relaxed and fulfilled. If you’re happiest when you’re immersed in this work, it could be the foundation of a successful business.
6. It Feels Like a Natural Fit
Sometimes, the things we’re good at come so naturally that we overlook their value. Others may be in awe of your talents, but you might take them for granted. If there’s something you excel at effortlessly, it might be worth exploring its potential as a business.
7. You’d Quit Your Job to Pursue It Full-Time
If you could sustain yourself financially by doing what you love, would you quit your job in a heartbeat? Many people are afraid to take this leap, but those who do often find freedom and fulfillment they never imagined.
8. The Highs Are Worth the Lows
Entrepreneurship isn’t without its challenges, but the rewards far outweigh the struggles. The highs are incredibly satisfying, and the lows are rarely as bad as they seem. Passion can help you weather any storm.
9. Childhood Passions Resurface
Think about what you loved doing as a child. Often, these interests hint at the things you’re naturally inclined to do well as an adult. Whether it’s drawing, writing, or fixing things, your childhood hobbies might hold the key to your entrepreneurial journey.
10. You’d Do It Regardless of Money or Opinions
When you strip away the fear of financial instability or the opinions of others, you’d still want to pursue this passion. That’s when you know you’ve found something worth building a life around.
Start Small and Test the Waters
It’s wise to start your entrepreneurial journey gradually. Test your ideas during evenings or weekends before fully committing. This allows you to refine your craft and build confidence without taking unnecessary risks.
Are You Ready to Become an Entrepreneur?
Entrepreneurship isn’t for everyone, but if these signs resonate with you, it might be worth exploring. Remember, passion is the key to long-term success. Build something you love, and the rewards—both financial and personal—will follow.
What’s your entrepreneurial story? Share your thoughts in the comments—I’d love to hear them!