Do You Have What It Takes to Be an Entrepreneur?

“The difference between involvement and commitment is like ham and eggs. The chicken is involved; the pig is committed.” – quote attributed to Martina Navratilova

There seem to be more blogs and advice pieces today preaching of the coming evolution in entrepreneurship. It appears more graduates are trading in the traditional path of a career in a larger institution where they can learn a skill set for the opportunity to uncover some unwanted need in society and building a solution that can make them rich. For those of us who remember that famous scene in “The Graduate”,  “entrepreneurship” has replaced “plastics” as the one word of advice for a college graduate. We are also seeing more experienced people trading in that one final job in Corporate America for the chance to “be their own boss.” Entrepreneurship seems to be alive and well with role models like Bill Gates, Mark Zuckerberg and Jeff Bezos leading the way. (I guess it helps they are three of the four richest people in America.)

What is it that makes some of those who choose this route more successful than others? Many have written books, blogs and articles on what makes an entrepreneur. I have posted two blogs – “Can You Be an Entrepreneur?” (March, 2014) and “What is an Entrepreneur?” (April 2014) but it took a reminder from my sister (thanks, Ro) about the quote above to focus me on what it takes to make it as an entrepreneur. So, let me expand a bit further.

First, too many people use the word entrepreneur to describe anyone who is in business. I do not mean to disparage anyone, but the carpenter who works for a construction company and decides to start a small business and do a couple of jobs on his own when he is off is not what I consider an entrepreneur. An entrepreneurial venture should involve some risk taking; something that is disruptive and that creates value. It is not an avocation but the desire to solve a pressing problem.

I had the honor of having a front row seat to a cavalcade of successful entrepreneurs. I was fortunate enough to be involved for years in the EY Entrepreneur of the Year Program in New Jersey. Each year, we would be witness to dozens of successful stories from all walks of business. We had immigrants who came to the U.S. with no money or job or even a place to live but were committed to their vision and accomplished great things. We had a receptionist who learned her boss’s business so well that she bought it from him and made it an amazing success; and a toy manufacturer who introduced a product four times and after three failures, it became one of the best-selling products of all time. But none of them did it part time; the stories of sacrifice were emotional but inspiring. At the end of every EOY Gala, you could feel the excitement in the room; a renewed sense of commitment. A few winners announced they were inspired by what they had witnessed at previous galas and went on to accomplish great things. The common theme was one – – commitment.

So, if you have the real desire to be an entrepreneur, ask yourself if you are willing to sacrifice it all for what you believe in. Because the road to success is long and hard and those who are only involved will have a hard time making it to the end of the journey.

Entrepreneurial Loneliness – Learning to Share

“It’s lonely at the top of Olympus” – quote from Emperor Nero (Dom DeLuise) – “History of the World” – by Mel Brooks

Some would say that today, we live in the age of the entrepreneur. As someone who has been in this space for over 40 years, I must say I tend to agree. When we first formed entrepreneurial services at EY, it was considered by most to be just small business. There was no Bill Gates, Jeff Bezos, Mark Zuckerberg or Steve Jobs back then. Each entrepreneur we met seemed to be possessed by this passion to set out to create something that big business wouldn’t (or couldn’t) do. They were the outliers; jousting at windmills and looking to accomplish the impossible. Looking back on all the innovation, financial success (can you say unicorn?) and social good, one can only say thank goodness for those early pioneers. It has been quite a ride and the juggernaut continues.

However, I see something a bit different in many of the entrepreneurs of today. While I still believe that deep down inside they want to change the world, they start out motivated by something a bit different; the ultimate vision of being their own boss. They raise questions like, “Why be creative for others?” and, “Why put up with all the office politics, infrastructure and chains which will keep me back?” Perhaps they just can’t find a job. But they love the image of that ultimate dream – – waking up in the morning and looking in the mirror and realizing you have nobody to answer to but yourself. Ah, nirvana.

So why the concern? To me there is an important part of the message of success that does not get delivered as forcefully as the image of the entrepreneur on a stage by himself or herself explaining their success to the world. Lost is the importance of the support cast. Where would Steve Jobs had been if Steve Wozniak had not been there? While every entrepreneur loves the fact that they answer to themselves, that same scenario conjures up visions of fear and uncertainty – – most feel personally responsible for the success or failure of their company. The immediate reaction is usually to do “whatever it takes” to make sure the business is successful. Learning to build a team and share some of that responsibility and “pain” with others does not come easy.

I am surprised that with all the business coaches and organizations that offer advice and the plethora (thank you “Three Amigos”) of guidance on team building that is prevalent in business media, I still get introduced (on more occasions than I care to admit) to successful business owners who believe they are on their own and who are feeling the strains of “being alone on Olympus.” My role with them sometimes morphs into a form of pseudo psychological therapy, but mainly it is just that of an objective observer offering advice that often reinforces what the entrepreneur believes but feels they cannot share with those close to them.

So please, as you build your business, find people to share your successes and your challenges – – key employees, advisory board members, advisors or peers. Many of those in your personal network are more than willing to help and support you on your journey. As the famous saying goes, “No man (woman) is an island,” and for an entrepreneur, no truer words were ever spoken.

Success Through Failure

Wayne Campbell: No way !

Garth Algar: Way !

From the movie Wayne’s World

 

As difficult as it may be to understand, many believe that the way to success is to experience failure.  So, by design, if you have a fear of failure, it is probably not a good idea to become an entrepreneur.  Many inventors and creative types were not concerned with failure.  Thomas Edison basically considered every failure an experiment and to master a technique or process, you had to do it 10,000 times to reach that level of competence.  Trying anything that many times has to be an exercise fraught with failure, so one view is to consider failure as part of the rocky road to success.

 

But, how does an entrepreneur harness the power of failure and turn it into success?  There are probably five rules to consider in order to accomplish this difficult goal:

 

1. Be honest about admitting to mistakes (failures).  Sincerity trumps most traits when it comes to dealing with your team, potential investors and customers.  Others want to know you considered alternative approaches and perhaps they all did not work. Somewhat appropriately, it is considered as thinking outside the box in order to get the optimal answer.

 

2. If at first you do not fail, try, try again.  The old saying “nothing ventured; nothing gained” comes to mind. Trying new approaches and embracing whatever the results of those efforts are become part of the process when you seek success.

 

3. Understand what went wrong.  You start on this journey knowing something will go wrong, so set up your process so you understand what it is.  Why didn’t prospective customers take to your product?  Why didn’t the product deliver what you expected?  Seek feedback so you understand the “why.”

 

4. Learn from your mistakes.  The mirror to point #3 is using what you understand went wrong to modify your approach.  You have suffered the pain of loss; learn from it.

 

5. Maintain your resilience.  A positive attitude that leads you to understand that this is a process and failure is a teacher and not an enemy, will allow you to put your failure in perspective and see it as just one more step in accomplishing your goal.

 

So yes… “way.”  Failure can be an important part of your road to success.  Learn to embrace it and learn from it.  You, too, can turn lemons into lemonade.