Are You Really an Entrepreneur?
Written by Bernard Lunn / May 7, 2009 7:00 PM
/ 38 Comments
This post is part of our ReadWriteStart channel, which is a resource and guide for first-time entrepreneurs and startups. The channel is sponsored by Microsoft BizSpark. To sign up for BizSpark, click here.
This is one post/chapter in a serialized book called Startup 101. For the introduction and table of contents, please click here.
Google the phrase "Are you an entrepreneur?" and you'll get a lot of help thinking through what should be the first question you ask before starting a new venture. Because entrepreneurs are a busy bunch, we've compiled a top 10 list right here.
Our Top 10 List
- You're always looking for opportunities. This is almost the definition of an entrepreneur. Every pain point is an opportunity.
- Are you prepared to work long hours, every day, for an indefinite period of time? Ahem, let's dispel illusions. Put down "The 4-Hour Workweek"; it is a myth that the author spun to sell books (so that he could work 4 hours a week).
- Good Health. You cannot answer "Yes" to item #2 unless you are blessed with good health and the discipline to maintain it in tough times.
- Do you have a unique service or product? Most entrepreneurs have a pocketful of ideas, many of them viable. But they suffer from the "kid in a candy store" dilemma, not knowing which to choose. The trick is choosing the one that really is a winner and having the discipline (see item #9) to ignore all the others.
- Are you willing to make short-term sacrifices for long-term success? There will be long periods of time when everyone around you questions your sanity, and on all normal metrics (hours worked and stress endured vs. material rewards gained), they would be right.
- Honesty and integrity. You often have to be able to work with people without the protection of legal contracts. It is the essence of moving fast, and you often simply won't be able to afford a lawyer. So, you have to work with people who have honesty and integrity. It is hard to do that unless you have honesty and integrity yourself.
- You're dreaming miles ahead while focused on what you're doing right now. The entrepreneur is an odd mix: part dreamer, part brutal realist and pragmatist. You should focus first on today and, secondly, on the big picture, and ignore the rest. Today is about the immediate stuff that you have to get done to stay in business, to deliver projects to clients, to collect cash, and so on. The big picture is about looking at what the world might look like 10 years from now and then building towards that. We cannot know what will happen next week, month, or year. The medium term is totally unknown. However, many long-term trends are fairly clear, even though the timetable is unknown.
- Are you self-confident? You will almost certainly be going against odds that would make most people run away.
- Discipline. This relates to many of the other traits mentioned in this checklist. You will need discipline to maintain your health (item #2), so that you can work hard (item #3), so that you can focus on the one product or service you have chosen and ignore all temptations (item #4).
- You're prepared to say, "I don't know, but I'll figure it out." Entrepreneurs have to be generalists. They may know one thing very, very well. But they also have to know enough about almost everything else to occasionally do those things themselves, and have the judgment to eventually hire the right people to do those things.
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Comments
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I'm thoroughly glad to see that I match up to all these points - not that I need positive reinforcement from anyone about what I am ;)
Too much to learn before being a real boss.
Much like leadership, I wonder how many of these characteristics can be learned and/or taught.
OK, I raise my hand as present and ready.
I had to laugh at number 5. I think that one was the hardest to deal with. The hell with them then...
Number 11 - you need to be connected and an excellent networker.
Good article.
Good point with #3. Never considered it as a trait, but it actually is a key determinant if you can go the distance.
Two more things I would add to the list are 'Are you resourceful and can survive with little?' Matters very much building companies in this environment. I believe the those personal qualities of the entrepreneur also reflects on the company that he/she builds.
Very cool list btw.
I really do think having or the ability to generate a network is important.
If you can't pick up the phone and talk your angles/opportunties with a complete stranger (usually another businessman), then you are wasting your time.
This sort of fetishization of the entrepreneur is so...tacky. And it ignores the fact that being an "entrepreneur" in the sense that's accepted in the web industry requires PRIVILEGE. You can't do it without access to education, money, and social capital.
(by the way, social capital is the difference between a PhD student making $22k/year and a high school dropout making $22k/year at McDonald's)
11- Know when to say "no".
I know a lot of times you want to attack and chase down all opportunities, but sometimes you need to take a step back and make a decision one which road is worth taking.
PatrickC
http://www.simpleleap.com
I'm going to have to agree with Elliot from Comment 6, and work harder on my #9. Good article.
Logical continuation of the previous post, and right to the point. Thank you for this great series.
Good post. My image of ideal entrepreneur mental model is based on Arnold Schwartzenegger's Terminator character in Terminator 2.
Sent from future to change course of history, adapts & shapeshifts, and refuses to die. Exactly what an entrepreneur wants to be. :)
Brief explanation is here: http://bit.ly/ahiad
3 more requirements:
- You know how to market a product or service
- You know how to sell a product or a service
- You know how to get the invoices paid
I remember a comment on Lulu once "There are millions of us out there trying to make a million", so does this mean we are born or made?
Oh and boy am I number 4!
Thanks all.
One thing I realized after posting is that the first two posts have focused on how hard it is at the expense of emphasizing how great it can be. Not the money bit, the buzz you get when a team is really firing on all cylinders. It has been described a "zone", similar to what athletes get to. Plus the ability to control one's own destiny and not have other people make choice for you.
The kind of "are you sure" soul searching and preparation that the first two posts have focused on is irrelevant for the type of entrepreneur who cannot imagine ever doing anything different. They are also irrelevant for the happily-employed-so-I-can-work-just-enough-to-have-lots-of-fun types who look at this stuff and go..phew! But there are lots of people who fall in between those two extremes. And the changes in the economy (secular as well as cyclical) mean that more people will need to learn entrepreneurial skills. Some people grow up in entrepreneurial families, with discussions around the dinner table about business. Other people grow up in families where the baseline expectation is a job for life with bennies - and they may need to revise their expectations.
What a great list! Spot on, too. And thanks for debunking the 4 hour work week myth. When I hear wannabe entrepreneurs talk about emulating the 4 hour work week I know why they're wannabes, rather than real entrepreneurs. And it's not just that real entrepreneurs work long hours - it's also that entrepreneurs are passionate about their work and would rather spend their time building great companies than working a mere 4 hours and spending the rest of the time doing other stuff.
Life can't be more exciting as being entrepreneur! Often too exciting but the best not to waste time in your life!
All the points are right!
I passed. The 5th one is the best one though!
I teach Entrepreneurship at a New Jersey University as well as consult with numerous startups and small businesses. Most small businesses are NOT entrepreneurs. They started a business because they have a subject matter area of expertise as opposed to understanding Opportunity Analysis, Customer Segmentation, indentifying the problem to be solved for the customer, etc.
There are 3 bodies of knowledge that exist:
1. I know what I know
2. I know what I don't know
3. I don't know what I dont'know!
It is the last that defines a real entrepreneur.... when a person recognizes that they need to be aware of the I don' know what I don't know... they are onn the path to being a truoe Entrepreneur.
Dom C
Do I have all 10 traits?
"I don't know, but I'll figure it out." :)
Great compilation. An entrepreneur must be willing to take risks as described in #5.
Above all, an entrepreneur must have faith in their own ability to make decisions. It's way too easy to second guess yourself and get mired in possibilities and concerns.
I think this is great! I'm an entrepreneur and reading this has reminded my I have some things to work on lol!
It is really a nice article. All point are remarkable, mostly 6(Honesty and integrity) and 9(Discipline).
Thanks, It is great article.
Yes! Great post!
Everything I do for my baby http://www.insphyre.com fits into this category! I can see the big prize in the future, and I'm taking the small steps to get there!
Here is one trait that was a surprising omission from the "Are you really an entrepreneur" list:
Can you build a team and delegate?
Most creative entrepreneurs are cursed with too many talents and think they can do everything (raising hand). Unless there's clear plan to build a team and delegate, you've just build a JOB, not a business (so not an entrepeneur). Worse, you can't quit.
So...
Btw, that's the essence of the Four Hour Work Week, and not being unwilling to work as this article states.
This is so true of most. There are also some hidden rules that you need a bit of luck.. but I know most people will contest that one.
Post 9: you are my inspiration keep at it. Its that kink of mouthing off that’s gonna hurt you wallet, and we all know that’s the only place that hurts you capitalist asshole. Sucks for you that I the one that came up with the idea.
sorry I meant elitist not capitalist
Hmmm, some good points to consider. My father is a know-it-all type of guy. In fact, it frustrated him that we didn't care too much about what goes on under the hood of the car. But the car is only one of the million things he understands. He's a true entrepeneur.
But he was addicted to work too, and I saw how it burnt him out, slowly took his wife away from him and alienated his children.
I think balance is key. I work to live; I don't live to work. There are other more important things to think about.
phew! I made it! :)
Mom, Dad I swear I'm not crazy lol.
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Margaret
http://businesseshome.net
Is there a difference between the entrepreneur and the business founder. The basic business principles are similar, though entrepreneurs tend to seek scale at a faster pace.
Thousands of people around the world start a business every day. It is not unique. One just needs to stroll up to the local shops and see the local businesses at work. Are they entrepreneurs? What is the cross-over point? And does it really matter?
You could say I'm a young entrepreneur. I started at a very young age. I had to being wretched poor, I seek of things in life for which my parents can't afford to. That might give an impression I'm materialistic, but hey buddy, it's a way of life.
So yourself are looking to start your own business?
When I started out I was really young and being at that tender age, you would be overwhelmed right? Well I did, as there were compititions in my niche of field who had years of headstart than me. But not to worry, what you need to have a staying power in your field of niche is just some good planning, research and little business savvy.
One thing I learned which is important is doing too many things with the few resources you have. You're spreading yourself too much over a wide scope of area. Delegation is an important leadership tool you might employ and use to succeed.
Secondly a sound business plan would ensure if 6 months down the road if you're still around either barely making ends meet or bussiness will be booming. Observed what worked for other such companies in your niche. Do a case study on them before plunging deep into work and decisions in you business venture.
Use what you have learned and use that model of success for your own company. That's the world of enterpreneurship all about. Picking up from the failure and success of previous and current companies.
Networking is also I find an important aspect. Build relationships with related niche business. You just never know, knowing anyone of this companies or people, might save you plenty of heartache and importantly money!
Before even setting out on your business venture, you must have a goal in mind. An ojective short and long term of the vision in mind for the company. Write it ink if possible as always being reminded of it, will kepp you grounded on what's important and you'll be able to set the right priorities to achive it.
At the young age I build my onw house's worth a million and I have three successful internet cafe (Cybertrix Internet Cafe).
alex fortes
Interesting points. I was worried there might have been a breakdown of some sort analysis on the current top entrepreneurs, that really doesnt truly relate to the core of their success.
Anyhow, great list, and i passed with flying colors.
My case is Aspiring to be entrepreneur. This post fills my requirements too.
Point 5 is great. Entrepreneur should avoid path of least resistance and in fact should seek people's discouragement and convert them to fuel Entrepreneur's