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Becoming an Entrepreneur Ain't for Everybody!

What makes a great entrepreneur

Whether caused by economic times or the seeming low cost of entry, especially for technology-based businesses, it appears that more and more folks are setting out on the entrepreneurial path.

And they are coming from every conceivable socio-economic class, gender, age (both young and old) or ethnicity.

For many middle managers cut loose by the tough economic times of the last five years or so, it has been their only choice, with a glut of candidates on the market for far fewer jobs.  For some Baby Boomers it has become a necessity to offset severe losses in their "nest egg" driven by the same economic conditions.

But entrepreneurship ain't for everybody.  Despite how easy it might be to start a business, one of my favorite phrases (and the subject of a previous blog post) - "because you can, doesn't mean you should!"  Becoming an entrepreneur has never been easier.  Making your entrepreneurial endeavor a success may never have been harder, with more and more folks attempting it, creating a lot more market "noise" to climb over.

So, how do you know if entrepreneurship is for you and that, because of your background or experience, you don't have odds stacked against you from the outset?  It takes some very honest self-evaluation. To help you, here are some indicators that you might have a real problem succeeding as an entrepreneur.  Be honest with yourself. The more of them you can relate to, the more you ought to consider just continuing your job hunt:

You're not much of a self-starter and don't like to work hard.
To be an entrepreneur, you have to able to fly out of bed in the morning and get yourself motivated to create and build your business.  Additionally, especially, in the early going you will, probably, need to be working harder than you ever have in your life, just to make things happen.  You will need critical talents of passion and perseverance and a strong work ethic to succeed as an entrepreneur.

You've never managed people or projects.
This is a big deal. Many folks, who have worked in large corporations, have never really had the opportunity to manage anything.  They've pretty much been "worker bees," for most of their career. Now, because you haven't had the opportunity, doesn't mean you can't do it, but it does mean you're going to have to learn some fairly challenging tasks, both "on the fly" and "on your own nickel," if you become an entrepreneur.  Because, to become even moderately successful, you will need to be able to manage deadlines, deliverables and people to deliver your product or service.

You're not good at the "focus thing."
Do you have a lot of started, but unfinished projects, either at work or at home?  If you do, this a big red flag.  Maybe you have a problem with the "focus thing," or an inability to complete stuff.  Either way, focus is a critical skill that will be absolutely necessary for entrepreneurial success.  Without it, potential success will be difficult to achieve.

You're risk averse.
Now entrepreneurs don't have to be "Mississippi gamblers," but there are risks involved. If you don't like to take risks, if that's simply not part of your make-up, and this applies as much to the rest of your life as it does to the financial part of it, entrepreneurship might be something you think twice about.

Remember, when you embark on your own start-up, you are totally dependent on yourself and the resources you have at hand.  You are your own "safety net." That paycheck that you used to get every two weeks will only come to you if you have done the things necessary to generate the revenue to pay it.

That's the risk, and you could end up burning through all of your resources without achieving success.

You have a million ideas and plans, but have never executed on any.
Basically, you're a "dreamer." Big ideas are just that...ideas. It not only takes good plans to make ideas happen, but painstaking attention to the detail of execution. Now, I know you've read about all the successful entrepreneurs who were "dreamers," who came up with the "big idea"-  the Bill Gates', Steve Jobs', Larry Page's and Sergey Brin's, Mark Zuckerbergs' - but they were able to execute on them, early, and that brought in investors who helped them to grow and fulfill their "big dreams."

You think that becoming an entrepreneur is the "road to riches."
As we noted in the previous indicator, there are entrepreneurs who hit lottery-like numbers with their success.  But they are few and far between.  Some entrepreneurs, achieve good success, with more than a comfortable living.  For most, however, it's no "road to riches."  They struggle through some good years, some not so, but, in the main, keep things going and growing. The important thing is they know that they are "driving the bus," providing for their family and maybe creating something that wasn't there before.

And that's mostly, what entrepreneurship is about - controlling your own destiny and creating something that wasn't there before, that you can make some money at.  And above all else, it's not just another job. When's it's all said and done, though, it ain't for everybody!

"The Entrepreneur's Yoda" knows these things.  He's been there.  May success be with you!

Do believe anybody can become an entrepreneur? Please share your thoughts in your comments.  It can help another entrepreneur.

If you like this post, by all means, share it with your networks and colleagues.

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2 COMMENT(S)

2014-04-15 14:26:25 by Beverly

Good stuff!

2014-06-05 15:36:52 by Barney Greenbaum

This post leads us to the franchise model, taking a halfway step .Your in business for yourself but not by yourself . It's still not for everyone but allows for mitigating some risk as well as unlimited earning potential for your hard work..

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