Should I be an entrepreneur?
I’m often asked that question. What surprises me is the range of people who ask it – from school leavers to teachers to medical consultants at the John Radcliffe. Fascinating.
So what’s the answer?
You could argue that if you have to ask the question then the answer must be ‘no’! There is some truth in that. As many of you will know, the early phase of being an entrepreneur is a lonely, financially unstable, brutally exhausting place to be. So if there is a shard of doubt in your mind then you should, as my mum would say, ‘go and get a proper job’ instead.
But let’s dig deeper.
People often assume that entrepreneurs start companies to make a load of money. Wrong. Very wrong. Entrepreneurs start companies because they want to make an impact. Actually – because they NEED to make an impact. I haven’t met a single successful entrepreneur who isn’t fundamentally insecure. It’s this wonderful insecurity that drives us all to prove something to ourselves and others. ‘If you don’t think I can do it then WATCH THIS!’ is the petulant but critical inner-mantra of impact.
So the first half of the answer to ‘should I be an entrepreneur?’ is to go into the bathroom, sit on the loo, turn off the light, put your head in your hands and be honest with yourself: are you fundamentally driven to prove your demons wrong? And get used to spending lots of time in the loo with the light off and your head in your hands, gently rocking from side to side.
Now for the other half of the answer…
This is where things get really tricky. You’ve done the dark moment in the loo and admitted the insecurity. Now for the conundrum: do you also have undying, unwavering, limitless self-belief? Daft but true! All successful entrepreneurs have a seemingly paradoxical profile of fundamental insecurity but equally fundamental self-belief.
While this might seem contradictory, it is also entirely rational. The insecurity gets you out of bed and the self-belief keeps you going when the entire world is telling you that you are wrong. And you really must expect the latter to happen.
Think about it: at the outset, most markets want entrepreneurs to fail, at least initially. Incumbents want to see the back of you because you are trying to disrupt their cosy margins. Customers don’t trust you because you have no credibility and suppliers feel likewise (especially the banks). Potential employees would be mad to risk their careers with you. Ex-colleagues – those with proper jobs – would love you to fail because it eases their guilt about not having the guts to go-it-alone themselves. It is loneliness personified. And without hardcore self-belief, you’ll be back in the loo and will never be coming out.
There we have it. A simple formula: massive insecurity + undying self-belief = successful entrepreneur.
If you are an entrepreneur: do you agree? If you want to be an entrepreneur – what do you think now?
Posted by Stuart Miller on February 13, 2012 | 4 Comments
Comments
4 Responses to “Should I be an entrepreneur?”
February 15th, 2012 @ 5:18 pm
Great post Stuart, very thought provoking. What comes first though, the idea for your enterprise or the desire to make an impact?
Making an impact, now there’s a concept. How, and in what area?
Many people we meet who want to start their own business or need help launching their new enterprise fall into 2 camps:
1. Skill and talent and want to make an impact using it
2. Idea they think will make an impact
At the heart of any embryonic new venture I believe it’s vital to be clear about what it is you are bringing to market. Who are you targeting? Do they need or want your product or service?
There needs, in my view, to be a balance in your equation. Sometimes I meet people who have 4 times the self belief than they do doubt and insecurity.
That’s dangerous!
For me at the heart of success is being honest with yourself in those moments of contemplation on the loo. Have you really asked:
Who is my product aimed at?
What do they currently do/use to fulfil that need?
How will my product make their fulfilment better?
How can I ensure they get to hear about it and understand its advantages quickly and easily?
February 15th, 2012 @ 9:48 pm
Hi Andrew. Totally agree!!! Your point about a balance is absolutely spot-on. Hard to measure – but spot-on.
I also agree with your healthchecking checklist. It would be truly bone-chilling to know the mistakes that would have been avoided if entrepreneurs had read that list before launching.
Wise words indeed…
February 16th, 2012 @ 6:06 pm
Hi Stuart,
I think your point is true, it’s having the conviction and self-belief with a healthy amount of insecurity for when things just need to be refreshed and re-thought out.
But I also think your formula (insecure + self-belief) could equal a successful sales person. So do you think every successful entrepreneur is also a successful sales person? What’s the difference?
Indi
February 18th, 2012 @ 8:30 am
Thanks Indi – excellent observation about good sales people having the same DNA of insecurity plus self-belief. My delay in replying to your comment is because I’ve been trying to work out just what IS the difference between an entrepreneur and a sale person?!
One thing is true – all entrepreneurs have to be sales people. In the early days, you have to sell to everybody. Staff. Investors. The bank. And, of course, customers!!!
But all sales people are not entrepreneurs. I guess one difference must be around the need to make an impact, rather than just making money. Most good sales people are driven by the here-and-now of making good commissions. And there’s absolutely nothing wrong with that. But as I mentioned on the blog, entrepreneurs tend to be driven by making an impact. Money is important, but legacy is where it’s really at…