Entrepreneurialist Culture-
Positives and Negatives* of Choosing to be an Entrepreneur
* Gilliam Bates and Ellis Lawrence (aka Bill Gates and Larry Ellison) show you can never go home again.
There are many positives of being an entrepreneur-
a) steep learning curves,
b) creating more interesting work for yourself than you would have working for somebody else and creating 'insanely great' projects,
c) real job security comes from what is carried in your mind,
d) experiencing a total mind and body challenge in trying to make something novel work,
e) the joy of the creative act,
f) maybe making more money,
g) creating your own team,
h) greater independence and freedom of action,
i) more responsibility sooner in your career and broader experience.
What are some of the negatives though?
1. a greater risk,
2. any failure becomes your failure and that can damage your reputation,
3. intense media and community scrutiny,
4. entrenched interests in the media, business and politics can oppose new ways of doing things,
5. success can breed jealousy and envy,
6. once you become an entrepreneur you have figuratively crossed the River Styx- there often is no going back (entrepreneurs are not thought to fit in well with 'regular' business, media and political jobs),
7. longer working hours and the absoulte (unreasonable) dedication that is required to have any chance at success.
8. uncertain income.
What are Some of the Attributes of a Successful Entrepreneur?
Some Important Characteristics of a Successful Entrepreneur include:
1. Self-motivated: likes to work outside the box, without direction from others, and is attracted to challenges.
2. Risk-taker: able to make quick decisions tempered by good judgment and street smarts. Avoidance of "analysis-paralysis" (when doing background research) which can ultimately slow them down and possibly lead to missed opportunities.
3. Never takes 'no' for an answer: needs to be tenacious and persistent. An inherent sense of urgency keeps them moving full tilt toward achieving their goals, with inactivity making them anxious or impatient.
4. Passion: an entrepreneur needs to be passionate about their business in order to succeed.
5. Need for achievement: coupled with passion, this is the driving force behind everything they do and is what helps them to keep going after a setback or failure.
6. Ability to see the "big picture": can comprehend complex situations that include planning and making strategic decisions. Ability to review their various opportunities and possibilities is what will help them to achieve their objectives. Should be able to recognize when a different approach should be used to improve their prospects for achieving their goals.
7. Good communication skills: must be able to sell ideas to employees and investors and customers and clients. Without this ability to sell, the chances of success are slim.
8. Ability to take criticism: can take feedback and constructive criticism and use it to their advantage.
9. Healthly and energetic: must be energetic, have stamina and be in good physical and emotional health as they will likely have to work harder than most people and need to be able to work long hours without allowing illness, high stress situations, or personal problems to slow them down.
10. Leadership: should know how to be a team player but generally functions best as a leader or guide.
11. Networked: should have a network of people that can be used to reach his/her goals. At the core of this network are an attorney, banker and a mentor to provide proper counsel throughout the life of the business.
12. Creativity and innovation: enviable skills that can separate the highly successful entrepreneur from the somewhat successful ones by giving them an edge over their competitors.
13. Self-confidence and pride: must believe in their ideas and their abilities in order to persevere in the pursuit of their goals.
14. Experience in the industry: gives the entrepreneur an idea of what to expect and can provide them with helpful contacts.
Gita Ravindran and Bruce Firestone
"I don't think I ever met a superachiever who wasn't insecure to some degree. A superachiever is somebody that's never satisfied," CNN Founder, Captain America Ted Turner.