Entrepreneurship is the dream. I don’t know if it’s your dream, but chances are if you are reading this you cannot wait to drop your 9 to 5 and be your own boss. My mantra is “live life on your terms”, and in my opinion, the best way to do that is to catch the entrepreneurship bug.
Even if entrepreneurship isn’t in your nature, a study from psychologist Professor Dr. Michael Gielnik concludes that entrepreneurship is something that is learned over time rather than innate. It’s an idea that once entertained, recycles itself much of the time in different iterations of businesses from the same person. It breeds itself. That first entrepreneurial act and resulting success become the catalyst for future endeavors.
The Challenges of Entrepreneurship
Entrepreneurship is certainly not exempt from challenges just because you’re steering the ship. If anything, it’s more challenging than going to a set job everyday at a set time and filling a well-defined position. Suddenly, you’re the one wearing all the hats and responsible for solving every problem. Knowing challenges exist and what some of them are can give you an opportunity to prepare that will see you through some rough waters. Here’s what to expect:
Abandoning your current career – If you’ve spent a significant amount of time preparing yourself for your current career, then dropping a solid opportunity for the great unknown is downright frightening. While you may be able to develop your entrepreneurial endeavors as a side hustle in the beginning, you will not be able to maintain the two for an extended period of time with success. Just know, that eventually, you’re going to have let go of the security of your career and embrace entrepreneurship fully at some point.
Securing funding – Gaining interest from investors is never easy. They are often pitched new ideas and companies on a daily basis, and it can be difficult to build your own business without funding. After all, you need to be getting paid from day 1, right? Think through your cashflow. You’ve got to figure out funding before you begin.
Problem solving – Remember how I said you’re suddenly wearing all those hats? Yeah, well, it’s up to you to organize your ideas and solve every problem that arises efficiently. Sometimes it’s going to totally out of left field and very uncomfortable, but you’re going to have to get it figured out. Either you will figure it out yourself, or ensure that you have a strong member on your team tasked with solving problems. The problems do not care which you choose, just know, they are coming.
Army of one – Are you suddenly very lonely? Have you looked around your office lately to find your only co-worker is your cat? Entrepreneurship can be extremely lonely. After all, it is your dream that you’re building. If you haven’t hired a few people to help you out, then you are the lone ranger. Entrepreneurs tend to work longer hours than their rat race counterparts. So, prepare yourself for a lot of time with yourself, by yourself. If the loneliness is overwhelming, consider a co-working space or leaving your office for Starbucks once or twice a week.
The Skills and Characteristics of an Entrepreneur
Gary Vaynerchuk, the well-known entrepreneur, says that an entrepreneur has a certain set of skills and characteristics. Indeed he believes there is an “it” factor behind every entrepreneur. What are these skills and characteristics? Well….
A chip on your shoulder
An independent spirit
Understanding consumers and their attention span
Seems legit to me!
Wrap Up on How Entrepreneurship Breeds Entrepreneurship
As you probably know, I am a successful entrepreneur, and I now focus on entrepreneurship and telling others how to be a successful entrepreneur. I have a great desire to help you build your own business and see how entrepreneurship breeds entrepreneurship. It may not just be with you creating multiple businesses, but it might spread to your children, your friends, or you might become a coach like myself. It all depends on you.