Smolker Letter No. 10 “Entrepreneurship Is A State of Mind” (A Father’s Letter, dated September 21, 2012)
Smolker Letter No. 10
Entrepreneurship Is A State of Mind (A Father’s Letter, dated Sept. 21, 2012)
by Gary S. Smolker
September 23, 2012
September 21, 2012
Entrepreneurship is a STATE OF MIND.
An entrepreneur observes, comes across an opportunity (by accident or by design), recognizes the opportunity and seizes the opportunity.
That is what it is to be an entrepreneur.
It takes a lot of drive, ambition and self-confidence to do that.
You may substitute the words “courage” or “willingness to take risks” for the word “self-confidence.”
It takes a certain personality type to be an entrepreneur.
Being an entrepreneur doesn’t mean you will succeed in business, nor does it mean that someone who is able to lead a business to success at one point in the life of the business will be able to continue to lead the business to success in another point in the life of the business, nor does it mean that a person who is successful under certain conditions will be successful under other conditions.
In order to succeed the entrepreneur needs to have a host of talents, skills, abilities and good luck (be in the right place at the right time). It helps to love what you are doing and it is necessary to be committed to what you are doing. You probably need to be single minded.
Last night (September 20, 2012) I attended a fascinating lecture on “The Life of Business and the Business of Life” at the Huntington Library in San Marino, California.
The speaker spoke about the life of Andrew W. Mellon and fleetingly mentioned the life of his father Tom Mellon.
According to the story told by the speaker, Andrew Mellon spent the first 70 years of his life acquiring and accumulating a fortune. He spent the rest of his life planning and giving away his fortune. The two high points of his life were purchasing 20 or so priceless masterpieces from the Hermitage Museum in Russia for $7,000,000.00 (sever million dollars) through the Russian government, setting up, endowing, creating, and making gifts of his collection of paintings to the National Art Gallery and putting in motion the creation of the National Art Gallery in Washington, D.C.
The speaker attempted to make the point that Andrew Mellon went from spending all his time in business to spending all his time in “life.”
However, at the end of his life, Andrew Mellon was prosecuted for tax fraud.
Andrew W. Mellon’s purchase of that collection of masterpieces from the Hermitage Museum’s Collection is considered the greatest art coup of all time.
To be continued.
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To: Gary Smolker <email@example.com
Sent: Fri, Sep 21, 2012 3:24 am