Are entrepreneurs born or made?
In this 48 Days community we have a lot of people who are entrepreneurs, many who are moving from traditional employee to entrepreneur, and some who are just curious.
This week, podcast listener and 48Days.net member Paul Vandermill asked, “Can becoming an entrepreneur be a progression rather than a predisposition?”
I love that question. Is a person just born an entrepreneur or can anyone learn to be successful on their own? There is no “right” or “wrong” about being an entrepreneur. But you need to ask yourself if it is a fit for you. Here’s an overview.
DO YOU HAVE WHAT IT TAKES TO BE AN ENTREPRENEUR?
Do you have what it takes to do something on your own - to create work that is purposeful, fulfilling, and profitable? And please dismiss the idea that you must be a hard-driving-in-your-face kind of person to be in “business” for yourself. You may never have a building, employees, or inventory, yet still be a great candidate to move away from the traditional “employee” model.
Over the years, I have identified a number of traits that are strong predictors of a person’s success in his or her own business. The more “yes” answers you have to the questions below, the more likely you have what it takes to run your own business. Each of the eighteen questions is followed by a statement of why that particular trait is important.
1. Are you a self-starter? Successful business owners are always making things happen. They don’t wait around for the phone to ring or to be told what to do next.
2. Do you get along with different kinds of people? Every business, even small ones, requires contact with a variety of people: customers, suppliers, bankers, printers, etc.
3. Do you have a positive outlook? Optimism and a sense of humor are critical factors for success. You have to view setbacks and small failures as stepping stones to your eventual success.
4. Are you able to make decisions? Procrastination is the main obstacle to good decision-making. In a successful business, important decisions are made on a daily basis. Eighty percent of decisions should be made right away.
5. Are you able to accept responsibility? If you typically blame others, the company, the government, or your spouse for what goes wrong, you are probably a poor candidate for running your own business. Successful business owners accept responsibility for results even if those results are not favorable.
6. Do you enjoy competition? You don’t have to be cutthroat, but you must enjoy the thrill of competition. You must have a strong desire to compete, even against your own accomplishments of yesterday.
7. Do you have willpower and self-discipline? Self-discipline is the one key characteristic that makes all these others work. Without it you will not succeed.
8. Do you plan ahead? Every successful businessperson develops a long-term perspective. Going into business with a detailed plan dramatically increases the likelihood of business success. If you are already a goal-setter, you are more likely to succeed on your own.
9. Can you take advice from others? Being in your own business does not mean you have all the answers. Being open to the wisdom and experience of others is the hallmark characteristic of a leader. People who are willing to listen spend more time doing what works the first time, rather than having to experience every mistake.
10. Are you adaptable to changing conditions? Change is constant in today’s marketplace. In every change there are the seeds of opportunity, thus successful people view change as an opportunity, not as a threat.
11. Can you stick with it? Most new ventures do not take off as quickly as we would like. Are you prepared to make at least a one-year commitment to this business no matter how bleak it may look at times? Will you continue even if your friends tell you to throw in the towel?
12. Do you have a high level of confidence and belief in what you are doing? This is no time for doubt or second thoughts. You must absolutely believe in what you are doing. If you don’t have total belief, you will not be able to sell the idea, product, or service to investors or customers. Don’t deceive yourself into thinking that you can do something well you don’t really believe in.
13. Do you enjoy what you are going to do? Don’t ever think you can be successful doing something just for monetary rewards. Ultimately, you must get a sense of meaning and satisfaction from what you are doing. So only consider those ideas about which you are totally passionate.
14. Can you sell yourself and your ideas? Many people fail with a great product or service because they can’t sell. Nobody will beat a path to your door even if you do have a better mousetrap. Those days are gone. You will need to sell constantly.
15. Are you prepared to work long hours? Few businesses are immediately successful. Most require months or years of long hours to get them going. It’s like getting a plane off the ground. A great deal of energy is required at first, but once you are in the air, it takes less energy to keep moving. Businesses are very much the same.
16. Do you have the physical and emotional energy to run a business? Operating your own business can be more draining than working for someone else because you have to make all the decisions and probably do all the work (initially, at least).
17. Do you have the support of your family and/or spouse? Without support at home, your chances of success are dramatically reduced. Doubt and misgivings can creep in too easily.
18. Are you willing to risk your own money in this venture? If you’re not, you probably question your confidence in the venture and your commitment to it. No bank or outside lender will be willing to take a risk that you are not willing to back it with everything you have.
More and more people are looking for greater control of their destinies and for the freedom that having their own business allows. Make sure you match your personal skills with the proper business choice. Your work must integrate your skills, your personality tendencies, and your interests. That may seem simple and obvious, but it is amazing how often those principles are violated. The more you know and understand about yourself and match that up with your business direction, the more you exponentially increase your chances for success.
So now - are you an entrepreneur? Are these characteristics that you have or are learning? If not, then hold your head high and be a great employee. There’s no shame in that - it’s just a different model that requires a different set of skills.
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Points from Chapter 11 (Being the Boss You Always Wanted to Have) in the 10th Anniversary Edition of 48 Days to the Work You Love
Replies to This Discussion
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So I wrote about a bit of this in my book and thought I would share a small excerpt as well.
By the way, I DO believe entrepreneurs are developed and not only born. I am living proof to not being one of those "naturally born" entrepreneurs. There are many different types of entrepreneurs.
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Why do we love watching shows like Shark Tank? It’s because we love the story about risk, adventure, creativity, success, and victory.
The risk and adventure embedded into the story of an entrepreneur draws us. For a moment, though, let’s put business off to the side. There is a draw toward people taking risks. People are all over the map in regards to risk, though. Some people hate taking risks, but love hearing about it. Others dream about it, but fear the unknown, while still others are more of the thrill seekers looking for anything risky. No matter where you fall on the risk map, one thing is for certain, there is an attraction toward people taking risks. And we love their stories. Why do we love entrepreneurial stories? Because we love stories with risk and adventure.
Stories of risk and adventure are not the only part of entrepreneurship that we love. We love the creativity as well. Entrepreneurs tend to be very creative. There is something about creating a life, a living organism out of nothing. I believe God put this desire into every living being. Why do you think we like to create things? How did God start everything? He created. Whether you believe in God or not is irrelevant for my point. All mankind has been attempting to create since creation. This proves to me that every person has some degree of creativity. And since creativity lives in everyone, the creative bug inside of us draws us to entrepreneurship.
Needless to say, nearly all mankind has some sort of draw towards entrepreneurship. Whether someone heads down the path of entrepreneurship or not, we can all admit to one point: we love the entrepreneurial story. Either we live the story, or we read, watch, and witness the story. There is an entrepreneurial bug in each of us. Now, let’s see if you should explore that entrepreneur bug or be satisfied with the stories.
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From Chapter EIGHT - The Pioneer in Career OnRamp
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Permalink Reply by Justin Gentry on -
I love this list Dan. As I read through it, I noticed there were some areas that were an absolute, "Yes." And there are other areas I'm still growing in.
Thanks for posting! I may hang it on my office wall!
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I agree that entrepreneurship is something you can learn. It does not have to be something you are born with, and we all learn from experience. I would also add that it is important to be observant of your surroundings and reflective enough to think carefully about what kind of business would succeed in your community. Although you do have to deal with lots of people, not every successful entrepreneur is a people person. Sometimes it is enough to identify tasks that other people find tedious and difficult but that you have a talent for doing.
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Permalink Reply by Brian Seim on -
I think everyone is born an entrepreneur. I think it was more apparent around the dawning of our country (USA) but as big business and big society has evolved, it has been trained out of us. It is like the animals you hear about at the recovery shelters. "they have been here too long and can't fend for themselves in the wild any longer." We have been trained by society, family, church to settle but our instinct is to go after it!
People have become the same way. We would rather not go out kill something and drag it home when there are so many "OK" opportunities available. It is easier, though less rewarding and often less profitable to do something new and break the "normal" stereotype.
"OK" and "Good Enough" kill too much these days. That I why I quit my job two weeks ago. Now I'm on the hunt to kill "OK" and "Good Enough" on my pursuit of excellence!
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Congratulations on the latest step in your pursuit of excellence, Brian. I think that the spirit of entrepreneurship is still alive and well here in the US, and communities like this one attest to that.
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Permalink Reply by Scott Beebe on -
Dan, here is point number 19 - "Can you ignore the voices in your head telling you, 'you can't do it!'"
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Group LeaderPermalink Reply by Dan Miller on -
Scott,
Love it. I've heard those voices all my life - they keep me pushing into new and exciting opportunities every day.
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Permalink Reply by Jeremy Fisher on -
This is a fantastic list. This should be given to high school graduates before they pick their major in college.
Jeremy Fisher
3HourCarFlip.com
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Group LeaderPermalink Reply by Dan Miller on -
Jeremy - ah that would be awesome. But colleges will never do that because a whole lot of their students would see new opportunities and walk out the door immediately. Colleges have a hard enough time making students believe they can't do anything on their own.
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I wonder if "entrepreneur" is a label that really should be taken by anyone. It describes a type of action, not a way of being. It embodies the decision to seek opportunities and solve problems. To create abundance where nothing as of yet exists. To connect with others and offer value.
Personality-wise, many of these activities (aside from problem solving) are outside my comfort zone. Still, I choose to pursue them because I believe it is worth the discomfort.
I do entrepreneurial things, and I don't plan to stop any time soon.
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Group LeaderPermalink Reply by Dan Miller on -
Harvey - I like your slant on this and agree totally. It's not a black or white issue - lots of people will continue to be great employees while doing "entrepreneurial" things on the side.
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I think the problem solving is the most important part, and I agree with Harvey that you can be successful in entrepreneurship by doing entrepreneurial things, rather than having a certain type of personality. I don't consider myself a go-getter or a people person, but I do like to find new ways to solve problems. The way I was able to go into business for myself actually sounds kind of boring. I chose an unassuming niche like carpet care. Elkhart, IN has plenty of carpeted houses, but not a whole lot of carpet cleaning businesses, so it worked out just right.
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