subject: If You Can Answer These 4 Questions, You May Be Ready To Become An Entrepreneur [print this page] There are so many aspects to creating the life that you love. Changing your thoughts, reducing stress, finding time, creating adventure..
I stress these mindset issues so highly because I feel like they are important to knowing that 99% of the time, what you think and feel on the inside is a reflection of what you produce on the outside. Ive talked a little bit about how I became an Entrepreneur and the mindset that you need to be an entrepreneur. But I received a comment from a reader recently, this is what he said:
I think what sometimes keeps me from my edge is the fear that I am not yet fully trained. But unlike Top Gun, there is no training program at the end of which I can at least prove I am qualified to [become an entrepreneur]. The fighter pilots in the movie may or may not be Top Gun, but upon completing their training they at least know they are qualified to fly the thing. So my hang up is being uncertain when I am ready to get in the plane. Instinct wont help if I cant safely fly yet.
When I read his comment, I realized that his hang up was so common of the hang ups that so many people face when they want to become an entrepreneur. I understand that some people want to be sat down and told exactly how to start and run a business from A to Z. Unfortunately, running a business is not so much of a science, but rather an art, sometimes a sport and sometimes a just a learning experience. There are also some questions that you may need to answer to determine if you are truly being honest with yourself about whether or not youre ready to start a business.
1. Do you have a passion or idea or product that you want to share with the world?
This step is so vital. Without passion, you will have little motivation to start your business and you will have little motivation to get it off the ground. Many entrepreneurs will give you different advice, but I firmly believe that if you look for a company that will only be profitable first, the money is not enough motivation to sustain you through the rough times and the borning times of the business lifespan.
Well the money will motivate me you say. I agree that money will motivate you, but then once you acquire the money, it is boringthe money alone. There needs to be meaning behind the money, a purpose for you to drive forward. Is it that you love a certain subject matter? Do you like to help people? Do you have a lot of knowledge about a subject? If you do, there are infinite possibilities to be able to monetize your passions.
2. Are you willing to make mistakes and put your ego aside?
Lets admit it, it is never fun to make mistakes. They an sometimes be costly, they can be embarrassing and they can be painful to experience. Ive personally known entrepreneurs that have made $4 million dollar mistakes in their business, I have personally made at least one several hundred thousand dollar mistake and a couple of tens of thousands of mistakes. Hard to admit, yes. Will I make the same mistake againNO!
You will make mistakes in your business.
And you will be embarrassed, it will cost, and you will feel dumb. But thats okay, because sometimes you will need to learn from these painful mistakes so that you will not make them again. The most dangerous business person is the one that will not either risk making mistakes or will not admit to mistakes due to what I call the Ego Factor. This is the entrepreneur that will not see his or her decision is the wrong decision and change their course of action to correct the mistake. The Ego Factor is very dangerous to the health of a business and it is very difficult to change if the entrepreneur is not self aware.
So take heed and do an ego self-assessment before you venture into business!
3. Do you have an advisory group?
Do not think that you can start a business and know everything there is to know about running your business. For some this may be news, for others it is a sigh of relief. So no you dont need to know all of the legal implications of running your business, but you need to find a good lawyer. You definitely dont need to know all of the tax implications or the type of business entity you intend to create, you will, however, need to find a reputable CPA.
I have always preached this to everyone who has asked me for business advice, You dont have to know it all, you just need to find the people that do. There are experts and mentors for almost every single category of running your business. While I know that you may not want to outsource your whole entire business to so called experts, you will likely need to elicit the help from a few to get started the right way.
4. Are you tenacious?
I have a favorite book that I read to my kids that is a story about a hockey player named Maurice the Rocket Richard that wouldnt quit or let injuries or set backs keep him from playing hockey. Of course I read it to my kids because I want them to be super-athletes and never give up in the face of adversity. It will also help as I groom them to be good little entrepreneurs.
I have never been more tested, and challenged in my entire life as I have been as an entrepreneur. It not only tested my physical endurance, it challenged my personal identity, my emotional capacity and my ability to think quickly on my feet.
What does it take to be tenacious? Very simply. Dont give up.dont let a potential roadblock seem like a dead end. As I was on my daily run the other day, my 5 year old was following on his bicycle. We were heading down a street that to him (because hes short) seemed like a sure dead-end. He started to get worried saying Mommy we need to turn around, this road is ending! I only responded to him by saying Son, never assume its a dead end, until youre at the dead end. Of course there was a last minute right turn before the road ended and he was relieved.
The same goes for you. 99 times out of 100 dead ends are just reasons to be creative and look for ways out. Do not stopdo not pass GO.instead keep trying, keep looking for solutions.
Four simple ideas, that arent so simple, and I know are somewhat broad, but in my time as an entrepreneur, I found these are important to becoming an entrepreneur. Be honest with yourself when you answer these questions, let me know what you think, or if you have any other entrepreneur questions, leave them for me below!!
