Very Short Interview No. 1

For this interview, I had no idea who to interview. I asked my friend Meredith Adams, who is President and co founder of a club her at UF called IA LEAD. To my surprise, she listed her mother, father, uncle, and everyone in her family as a entrepreneur. I had so many options, but decided to interview her mother, Peggy Adams. 

Peggy is a mother of two and was a fashion designer for children's clothing for decades and also, an author. She is well experienced in the field and is very wise. What makes her an entrepreneur is her fashion design for children's clothing was all created and designed by her! I asked her the following questions: 


1. What did being an entrepreneur mean to you? The opportunity to utilize and enhance my creative ability, develop my business skills, and still be a stay at home mom.

2. What do you think I should learn in my entrepreneur class? 

       

    a) No idea is stupid! Follow your passion, however, be sure to always remember that the  

        business aspects are REALLY important or you won't have a solid business, no matter

        how fantastic your idea is...  

     b) Do thorough research about your idea before jumping in.  Try to be honest with yourself  

         and look at the good, the bad, and the ugly!

     c) Hire a professional to develop a realistic, unbiased written business plan. As you grow,  

         continue to review the plan and revise as needed.

     c ) Most businesses fail early on because they are undercapitalized and/or have poor

          inventory control. Be sure to set up a reliable inventory control system and establish    

          how much capital you have to invest in this venture, as well as how much money you

          are willing to risk losing.

   

      d) Be realistic about how much time you will need to devote to your new baby! This is a

          very important aspect of your business plan. Identify a point of no return- when it

          doesn't make sense to continue.

  3. What do you wish you had been taught in school before setting your own path as an

     entrepreneur?  The importance of a solid business plan, recognize the fact that your first loss is always your best loss, and never go into business with your best friend. 

Could not have interviewed and gained valuable advice from such an experienced and wise person. I know if I were ever to go into business or create my own company, I know her advice will be taken into each step I go along. Now I know that there is more to entrepreneurship than just ideas and making it big, but the business side and that failure happens to everyone.