YE Interview Series Part 1: Josiah Mackenzie, Young Wealth Weekly
Posted on : 28-05-2007 | By : RohailR | In : Entrepreneurship
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This week I’ll be interviewing young entrepreneurs from around the world to give you insight from the brightest and most promising young entrepreneurs today.
Josiah Mackenzie, young entrepreneur and a good friend of mine, and notably the founder of Young Wealth Weekly, an e-magazine for young entrepreneurs, sheds some light on his entrepreneurial past and gives some great advice for entrepreneurs just starting out. Thanks, Josiah!
1) What is your inspiration for getting into business and what makes you get out of bed every morning?
My inspiration is to complete my list of 100 life goals <http://www.josiahmackenzie.com/100-goals/ >. For me, business is a way to accomplish what I want in life and have fun doing it.
2) What was your first venture and is it the one you are most proud of?
My first venture was a web design & programming firm I started in high school. Earning $40/hour can make you feel pretty proud when your friends are working for minimum wage. I’ve been involved in a variety of ventures since then, but that was my first taste of the freedom you can achieve by working for yourself. I feel most satisfied when I’m helping other young entrepreneurs grow their businesses, so I’m very proud of my involvement with Young Wealth Weekly. Currently, I’m working on a book with 2 incredibly talented young entrepreneurs, and am very excited to continue sharing information this way.
3) What else are you working on now?
I’m in the beginning stages of forming an investment company with several partners. In the beginning, we plan to acquire smaller, web-based businesses, but in the future plan on expanding into niche cafes, restaurants, and hotels. There are so many industries I want to be a part of, and I see investing as the only logical way to do this.
4) What advice can you give to up and coming entrepreneurs?
Ideas are worthless. Execution is everything. It’s impossible for one person to do everything, so get a team of good people around you. You probably don’t need funding from the beginning (especially if you’re doing business online), instead rely on bootstrapping and focus on getting sales as soon as possible. Make sure your target customers are willing and able to pay for the product you’re offering. Get started now, and learn as you go.
Related posts:
Ideas are hardly worthless. You can’t execute _______ – you first have to have something to fill in the blank.
Great advice on bootstrapping at startup. One big pitfall with many (most) entrepreneurs is they like to spend money on infrastructure and not on sellable goods.
Good read, thanks