Are You an Entrepreneur?
Working for someone is easy. You show up every morning and do what is expected of you. You get a paycheck at the end of the month for your efforts. That’s it. There are benefits, you have the resources of your organization behind you. The ground work has been done already, all you need to do is slot into the system, keep your head down, and work away.
Your social group will be impressed with your job title. You will fit in just nicely to conversations with new people you meet that center around where you work. Fantastic.
For most people this is really attractive. Security and stability is their priorities. Regular income is what floats their boat. That’s fine, everybody is entitled to be happy in their lives. However, for some people the above is a vision of hell. These people are the dreamers. Their brains are constantly thinking up new ideas. They are not afraid to let their imagination sweep them off their feet. They love the thrill of not knowing where the next paycheck will come from. They rather be broke right now with the chance of making millions in future than having a reasonably respectable salary. They don’t need to impress others by talking about the multinational that they work for. The are just up for the challenge.
Are you one of these people? Are you an entrepreneur?
To make a comparison, working for somebody else is like living in a modern city. You have roads, running water, communications and electricity. Not to mention buildings, fast food, public transport, police and many other things that we all take for granted.
On the other hand, entrepreneurs are the trailblazers who founded the city. They built the first shelter, organized the first road, set up the local political system etc. Everyone who lives in the modern city owes it to the original founder. Everyone who works for a large business owes it to the original entrepreneur.
It’s all well and good saying that you have the entrepreneurial spirit. Are you prepared to learn the skills needed to be a trailblazer? You got to be able to hunt for yourself, find water, build improvised shelter, navigate without sat nav. As you can see, it’s a different skill set than modern living. Likewise entrepreneurship requires a different skill set than working in a large organization. You must be prepared to adapt both your workstyle and your lifestyle when you become an entrepreneur.
Here are some questions that if you answer yes to them all you can safely say that entrepreneurship is the path for you.
Are you prepared to live below the poverty line until your business takes off?
Are you willing to fail ten times to succeed once?
Are you willing for your friends to criticize you and your business?
Are you willing to argue your case with your spouse during the difficult start-up period?
Can you cope with 4 hours sleep a night?
Are you prepared for people to reject you and you business?
I’m sure there are many more questions. Please add any other questions that people should ask themselves before embarking on their entrepreneurial journey in the comments.
Hello Mr. Byrne,
I came across your writeup through Linkedin start-up group. I was working for a financial engineering company before I lost the job in October 2009. I have been searching for jobs since but to no luck. After being unsuccessful for 3 months, I re-evaluated my personality and what I would like to do. To my surprise, I understood that even though I had lost the job, I was not sad about losing the job. I was not very happy in it. Yes, I was sad about losing the source of income. My hours were wicked. I wanted to do something that could give me the freedom to choose my hours. I hit upon the idea of developing a website and running it. Whether it becomes a hit or not, only time will tell. From my end, I can put in honest work. After deciding on this course of action, I have found myself often wondering if I could pull it off. The next day, however, i would be very confident. Is it normal or is it that entrepreneurship is just my cup of tea?
Your input will be very valuable. Thank you.
Best Regards,
madhura
Yes! This hits on all cylinders! We need more financial risk-takers to get into, and rejuenate, the business world. We NEED entrepreneurs. Thanks. This is a great read!!!
Do you care what others think of you?
Great post. I would add “could you do a little of everything (specially things that you might not like) for some time?”. In a new company you’ll need to do a lot of things and you won’t have, for example, someone to buy staples or going to bank to pay bills for you.
I think it is normal for entrepreneurs to have doubts. However, the entrepreneurial spirit eventually kicks in and they overcome them. I believe that most of the time things don’t go to plan. The important thing is how you adapt what you are doing in order to get things back on course. Anyone else feel this way?
One of my favorite blog posts of all time by entrepreneur Dharmesh Shah highlights some surprising facts about entrepreneurs. Definitely worth a read.
Here it is:
http://onstartups.com/tabid/3339/bid/10561/12-Facts-About-Entrepreneurs-That-Will-Likely-Surprise-You.aspx
Great blog Feargal!
Your thinking and support is fabulous for the precent of folks who really “have what it takes”!
There are some wonderful opportunities to cultivate the skills needed to become a succesful entrepreneur, too depending on where you live. (we are fortunate here in Oregon as we have committed leaders and organizations that support Entrepreneur development) TiE, OEN, OTBC, NedSpace, MIPO, and other groups that live within academic environments both community college and university.
I would like to also suggest that individuals who have lost jobs need to go through a very careful evaluation process before they commit to becoming a Business Owner or CEO, as that is very different than having entrepreneurial ideas and inclinations.
As a Vocational Counselor supporting many brilliant professionals of various industries, I have seen many professionals look at both consulting AND business startups as alternatives to employment. Although this can be the perefct next step for the right people, it can also be catastrophic and expensive for those that are really not suited to it. I recommend working with a local entity (free) either academic institute, advisor, SBA program, etc… before making the commitment to proceed in that direction. Another great step would be to talk to some VCs (casually, not as a pitch) to do some early viability education. How would YOU survive the submission/rejection process, how to prepare, etc…
Again, fabulous work, I am not here to discourage, just to provide some guidance and caution.
Rachel
I spent the last 28 years working for a fortune 50 company. Six months ago I was laid off due to short-term cost cutting. I always wanted the security of working for a company. I never wanted to deal with the financial uncertainty of being an entrepreneur. I have changed! I realize there is no security in having a job working for someone else. They control the “remote control” over your life. They can “change channels” whenever they want, and then you are out on the street.
Now that I am happily and successfully in business for myself, I am looking for business-minded people to join me – people that answer “yes” to all of these screening questions:
1. Are you interested in an opportunity for earning significant income doing work from which you can never be laid off?
2. Do you consider yourself an entrepreneur?
3. Have you ever owned a business, or seriously considered starting a business?
4. Would you consider an opportunity that can provide financial security for the rest of your life, if it’s not a job as an employee working for a company that offers a guaranteed salary and benefits?
These are the questions that help me find people who are are not mentally imprisoned within the “job paradigm” – the idea that many of us had imprinted into us by our parents: “go to college, get married, get a job working for a good company, then retire on the pension/401K”.
Heard this phrase used in an old movie on the tele the other day.
‘If you got what it takes, sooner or later someone will take what you got’
Thought it was quite appropiate for those who have the drive and conviction to see an idea through to the end.