Starting a business is difficult, and many people who aren’t entrepreneurs don’t understand that. The Tuttle Twins wanted to create a family theater where they put on plays, but they didn’t realize how hard it would be.
Their grandmother, who had experience as an entrepreneur, made them answer five questions: 1. Who are you? This is to make sure you have what it takes to be an entrepreneur. 2. What do you know? This is your skills and talents. 3. Who do you know? This is your network – people you know who have knowledge that might help you. 4. What are your resources? This is how much money you have and any capital others may want to invest. 5. What can you contribute? If the Tuttle Twins want their business to succeed, it has to be different, better, or cheaper. It has to provide value.
Ethan and Emily planned to do their theater in their grandmother’s old dance studio. They needed to clean it up, buy new equipment, get a license, and hire actors. To save money, they got used chairs and Ethan wrote the play, so they wouldn’t have to buy the rights to a play. They cut costs from $23,000 down to $14,000. “I’m very impressed with your creative problem-solving,” their grandmother told them encouragingly.
Fortunately, the play went swell. After the performance, however, another theater opened on the other side of town. The twins were sad, but their parents reassured them that competition was good because it pushes you to make your company better. Ethan and Emily loved being their own bosses and making money, even though being an entrepreneur is risky and challenging.