In the last post, my daughter’s friend said she and her sister wanted to be entrepreneurs when they got out of high school, and we examined why this is appealing right now. However, the last two years have not been kind to small business. Current regulatory climates, myths and stereotypes may bring a small correction to the glamour of this life which you should be aware of.
In an article from TechRepublic entitled “5 Signs You Aren’t Ready to Be An Entrepreneur”, author Conner Forrest quotes three different experts who all make great points about why this game is not for everyone. The first reason entrepreneurs don’t make it out of the gate, and its huge, is the lack of a good support system. Family, friends, mentors, industry colleagues and more offer guidance as more than just cheerleaders or should. They don’t’ have to be experts but you have to give them the ability to tell you “no” for your own protection. My family doesn’t all understand what I do for a living at JKL Works but my wife is 100% on board and has taken the effort to learn. I am blessed as are other entrepreneurs with similar support.
The second caution is similar from the article wondering if you have a “paycheck dependency”? That is, can you go without a paycheck for several months? Do you need health insurance for one reason or another? This is not a lock as there are compelling work-arounds, but you should carefully consider this before moving on to the other items which are more business-minded.
Are you willing to learn new things? This is a prerequisite as you will find you have to learn all aspects of a business in some form, not just the lane you’re good at. Likewise, have you gained enough “business sense” to do this? You don’t have to be an expert in all other fields and aspects of your business but a good working knowledge of everything is a must. Often in my own experience this is why people fail at startups or entrepreneurship.
We skipped point four in the article but it deserves its own section. You might not be an entrepreneur, as the article goes, if you have fallen victim to the “entrepreneurial myth” that you are in business for yourself only. Being an entrepreneur is a lot like being the captain of a ship [my take not the article’s] as you didn’t build the ship but you have the knowledge to run it. You are not the only person on board and could not run it if you were so you need a team to help you which you must be prepared to coach. That said though you have the freedom to go anywhere and do [somewhat] anything.
The article is a good read, and the site it comes from is great especially if you have an eye toward technology. But to the point here, entrepreneurship is not for everyone or the faint of heart. But if it is the right time and place and no amount of discouraging can change you, then it’s time to go for it.