What drives people to entrepreneurship?
Tuesday, February 6th, 2007Can you teach someone to be an entrepreneur? Tough question that is often hotly debated. My answer is: perhaps. I believe that if someone has certain innate characteristics they can learn a great many things that can improve their chances for success in starting a business. Is it guaranteed? No way. In 2005, the SBA estimates that 544,800 businesses closed. If success was guaranteed, if there was a manual that anyone could follow and be successful, who wouldn’t do it?
So if it is so risky, why do so many people start businesses? Fortune Small Business declares “we are in the midst of the largest entrepreneurial surge this county has seen.” While plunging into entrepreneurship is generally a personal decision (much like the decision to start a family!), I’ve seen a number of common themes emerge:
1) If I am going to work this hard, I might as well be the one benefiting from it (money)
2) I want to turn my passion into a business
3) I want to be my own boss so I can have control over my time and my future (flexibility)
4) I want to leave a legacy – make a difference
5) No one appreciates my talents or believes in my potential (the glass ceiling)
6) I know my way is a better way (control)
As people are finding working for someone else less and less fulfilling, the pipeline of new entrepreneurs keep growing. So what are the characteristics that are common among successful entrepreneurs? In researching my book, I believe that they are many of the same commonalities that make a good parent. While I don’t want to give away all the goodies from my book, I can share the one I think is the most compelling: long-term vision.
Good parents have long-term vision for their children: they actually think about their children’s future. I have been working with my daughter on her writing lately and it appears she has some skill in writing. She fights it because of her perfectionist tendencies, but there is potential there. My job is to help her realize her potential.
Good business owners also have a long-term vision for their business (which is like one of their children). They often can see things in their business or in the markets that others can not see and nurture their business to reach its full potential. Sometimes, this vision is all we have, leading others to call us ‘crazy.’ We can not push ahead, however, with blinders on. We must practice focused flexibility, which will be the topic of a future entry. Anyone want to take a guess at what it is?
