Thoughts On Entrepreneurship; Is It Right For You?

18 Mar Thoughts On Entrepreneurship; Is It Right For You?

Answering the question “what does it take to be an entrepreneur?” as succinctly as possible has always been a challenge for me.

A short list of relevant traits might include adaptability, confidence, and innovativeness. Another common idea that gets tossed around often is that an entrepreneur is a risk taker. So, to be one, an aspiring entrepreneur must be comfortable with discomfort.

But the more I consider it, the more I agree with writer and influencer James Altucher, that an entrepreneur is not necessarily a risk taker, but rather, a risk mitigator.

An entrepreneur, especially through the early stages of his or her ventures, hardly ever has the luxury of counting on a safety net, a safe harbor, even a plan B. And what do most people do when faced with uncertainties? They try to steer clear of risk. Thinking twice before making a big decision. And they cut back on their expenses. They take risks for sure, but these risks are much more calculated because the downside can be crippling. Failure might mean not having enough money to pay rent (or mortgage payment) at the end of the month, or killing a business idea before it has an opportunity to flourish.

And while some might say that taking an entrepreneurship route ‘is a gamble,’ I tend to disagree. First, it might lead people to think that ‘luck’ is the key factor for a successful entrepreneurship, and it undermines the importance of strategy in fulfilling an unmet need. And second, it perpetuates an undue ‘crippling fear’ associated with the role.

It’s Not Just About ‘Heart’

It is very important for an entrepreneur to have ‘heart’ – the vision, determination, and passion to achieve their goals.

But to thrive, survive, or even to get started, an entrepreneur needs to be, above all, resourceful.

Think about this. When we are kids in pre-school, we are given a crayon and a piece of paper, and we are asked to draw our favorite animal. With the use of creativity, motor skills and some help from the teacher, a child can achieve success in that task, and soon enough move on to first grade.

Then in high school and college, we are taught certain subjects through in-class lectures. The material is handed to us by professors, who then test our knowledge of the concepts taught in class using exams. Through understanding, memorization, and logical thinking, a student can pass those tests and eventually graduate, maybe with honors.

Once we reach adulthood, most of us get a job. The first things that we are likely to ask for, on day 1, is a list of our job description, the books, and online resources to complete our training, and the tools to do our work (whether physical tools or the passwords to access our company computer and WiFi). If we can execute well and complete the tasks that are expected of us by our employers, using all the tools resources that are made available to us, we may very well succeed at our jobs. Maybe even get a promotion and a raise.

And then some of us decide to be entrepreneurs. Because we want to be our own bosses and have more control over our careers. We want the flexibility to pursue our own projects and visions. And we want to change the world, or maybe just our bank accounts, hopefully for the better.

But being an entrepreneur is like being blind-folded and dropped off by a helicopter in the middle of the desert. You are given no instruction, no mission, no tools. All you get is a silent pat on the back from the pilot and maybe a “good luck.”

What do you do next? What is your goal? Do you try to escape the desert, or focus your efforts on surviving in it? Do you try to build a shelter or navigate a path to safety? Can you leverage anything around you to create the tools that might help you achieve whatever goal you have chosen to pursue?

Extra-Resourcefulness

Being an entrepreneur is being resourceful. And being resourceful is figuring things out – from the overall mission to the specific course of actions – using whatever information is at one’s disposal. And when the perfect tool is not available, the entrepreneur needs to figure out what other tools can be used in its place to achieve the same or similar results.

To be clear, resourcefulness is a desirable skill in most professionals, regardless of what they do for a living. An employee can be resourceful, and his or her employer will probably appreciate him or her for it. But to an entrepreneur, being resourceful is the job, and success depends on this very important skill.

Sorry, No Magic 8 Ball

Alright, I’ll acknowledge that deciding to become an entrepreneur is a very tough choice. Obviously, entrepreneurship comes with plenty of uncertainties. But that’s not a good reason to dismiss it if it is a strong interest of yours.

Again, with proper planning leading up to the decision to begin on an entrepreneurial path, and with calculated decisions once you’re on it, you can mitigate risk and give yourself the best opportunities for success.

And while it’s good to be optimistic, the odds are not always in your favor. But don’t give up! You have to spring back; be resilient. Try, try again, and you may succeed.

Are You Well-Suited For Entrepreneurship?

You may have a business idea you want to pursue but are unsure about whether you would be a good entrepreneur. You may have already asked yourself the question: “should I quit my job and start my own business?”

Let me try to help. Which of the following two groups seems like a better fit for you, given your personality traits, your skills, and your preferences?

You belong to Group A if you:

– like to work without guidelines or under minimal guidance
– enjoy the chaos of “process creation”
– prefer the ambiguity of a problem with multiple possible answers
– can fix a broken chair with a rubber band and chopsticks (this is a metaphor, of course. In other words, you can put your ‘resourceful-engineer’ hat on and challenge conventional thinking)
– can easily set and follow your own rules and routines
– don’t mind trying and failing… often!
– love, above all, the challenge of figuring something out (and not necessarily the outcome or solution itself)

You belong to Group B if you:

– prefer to have a clear job description with executable tasks
– like the order and predictability of a vetted and tested process
– would rather fix a broken chair with a screwdriver, nails, and hammer (in other words, solve a problem that has one ideal solution, and you’re supplied with the appropriate tools)
– struggle to follow a self-imposed set of rules or routine, unless someone is pushing you to do so
– feels too uncomfortable with hearing the word “no”, making a mistake, feeling clueless or worst of all, failing
– love, above all, finding an optimal solution (and not necessarily the painful process that leads you to that solution)

If you are more of a Group A type of person, you could very well become a successful entrepreneur. It might be in your genes. And you may want to consider giving it a shot if you are deeply passionate about an idea you want to bring to life.

If you see yourself more comfortable in Group B, then you may be better suited working for an employer.

So, What Other Options Exist?

If you do fall into Group B, that doesn’t have to limit you if you’re also searching for more flexibility and/or working remotely. Consider other options, such as:

– talking to your current employer about the possibility of working remotely a day or two a week, and once you’ve proven yourself to be an effective and reliable team member outside of the office, then you might propose working remotely for a greater percentage of the time.

– seeing if your company has other office locations, and if there’s one in a city you’d like to experience living in, then transfer. Or if you’re interested in even more fluidity, see if you can float around the different offices. Again, you will likely need to start slowly in your approach, until you prove you can continue to be an effective employee regardless of location.

– looking for a new job in another city or country that you’re interested in.

However, if you are still very interested in entrepreneurship, but recognize that you need to work on your skills and ease into it, then try a more transitional step, such as working for a startup business. Start slowly by going on an informational interview at a startup to see if that environment even jives with you. If it does, well dive into the job hunt and go for it!

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For additional tools, check out our post, The Ultimate Resource for Entrepreneurs and Freelancers

Read our post, How I Became A Location-Independent Entrepreneur to learn more about our professional journey.

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Which group do you belong to? Or if you’re an entrepreneur, do you agree with this assessment?

Leave your comments below and share your thoughts!