‘Adapt and Learn Quickly’ Entrepreneur Q&A with the CEO of Book in a Box

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For this Entrepreneur Q&A we’re joined by the founder of Book in a Box, Tucker Max. Tucker started his career as an author before founding a few different startups and actively investing in several others. He spoke about failure and success with us last year and recently came back onto the podcast to give his view of entrepreurship in 60 seconds. You can find the full transcript below:

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Breaking Biz:

How do you identify a real business opportunity?

Tucker Max:

A real business opportunity is where people are willing to pay you for what it is that either you’re doing or what you’re selling to them. Figure out how to give people something they wanted that they didn’t have before or solve a real problem that people have that they’re willing to pay for. That’s how you identify a business opportunity, everything else is just details.

BB:

What skill or ability is most important for an entrepreneur and why?

TM:

That’s a tough question, I think probably the most important thing is being adaptable and being able to learn quickly. An entrepreneur is someone who’s taking something that doesn’t exist and turning it into something that does exist and that requires the ability to change directions, to think of new things and to learn from your mistakes and shortcomings so you can change and adapt to the situation.

BB:

You know someone who wants to start a business but fears leaving their job. What do you say to them?

TM:

Stay at your job.

BB:

Are there people who start a business for the wrong reasons?

TM:

Of course. I would say a huge portion of the people that are starting companies now are doing it because entrepreneurship is cool and not because they either have a good idea or care about the idea. If you succeed it’s fine but it’s the reason most entrepreneurs fail.

BB:

What are the most important lessons you’ve learned?

TM:

You need to make sure that you understand why you’re doing what you’re doing and you need to manage your emotions. You can’t control your emotions, that’s a myth. You can understand your emotions and you can manage them, and I think most entrepreneurs don’t and that’s one of the big reasons companies fail. They make emotional decisions without realising that’s what they’re doing.

BB:

What’s the best part of your job?

TM:

I take a lot of enjoyment and pleasure from creating something new that adds to the world, and I think that’s what we’re doing.

 

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