Entrepreneurship

They say that some people have it and some people don't when it comes to being an entrepreneur, and I guess that's true to a certain extent. However, that doesn't mean that people cannot learn to become entrepreneurs. To me, being an entrepreneur is more of a mindset than anything else. Therefore, you don't need to be born with it, you can become an entrepreneur, but only if you really want to. I actually took a course in entrepreneurship at Hawaii Pacific University back in 2004 or 2005 (the exact dates escape me). While I wasn't technically enrolled at HPU, I auditted the class that was being taught by one of my many mentors. A man I still admire to this day. The course taught me that beyond being a mindset, entrepreneurship was also a process.

I mention the course here because I want to share a little quiz that comes straight out of the text book (so I don't have any problems with copyright infringement, I'll credit the books authors). The book, entitled Entrepreneurship: A Process Perspective, was written by Robert A.Baron and Scott A. Shane. See how well you fair on these eight questions:

1. Can You Handle Uncertainty?
Is security (e.g., a regular paycheck) important to you, or are you willing to live with uncertainty -- economic and otherwise?

2. Are You Energetic?
Do you have the vigor and good health required to work very long hours for long periods of time in order to reach goals that are important to you?

3. Do You Believe in Yourself and Your Abilities?
Do you believe that you can accomplish whatever you set out to accomplish, learning what you need along the way?

4. Can You Handle Reversals and Failures Well?
How do you react to negative outcomes -- with discouragement or with renewed commitment to succeeding the next time around and learning from your mistakes?

5. Are You Passionate About Your Goals or Vision?
Once you establish a goal or a vision of where you want to be, are you willing to sacrifice almost everything else to get there, because you are truly passionate about doing so?

6. Are You Good with Other People?
Can you persuade them to see the world the way you do? Can you get along with them well (e.g., handle conflicts, build trust)?

7. Are You Adaptable?
Can you make "mid-course corrections" easily? For instance, can you admit that you made a mistake and reverse course to correct it?

8. Are You Willing to Take Risks or Leaps of Faith?
Once you establish a goal, are you willing to take reasonable risks to reach it? In other words, are you willing to do what you can to minimize the risks, but then, once you have done so, proceed?

Current evidence suggests that successful entrepreneurs are high on all of these dimensions -- higher than other persons. They handle uncertainty, are energetic, believe in themselves, react well and flexibly to reversals, are passionate about their beliefs, are good with other people, are highly adaptable, and are willing to accept reasonable levels of risk. To the extent you possess these characteristics -- or at least most or them -- you may be well-suited for the role of entrepreneur. If you find that you are relatively low on several of these characteristics, however, you might want to reconsider, perhaps becoming an entrepreneur is not really "your particular cup of tea."

Having said that, it is still possible to overcome any entrepreneurial shortcomings that you may possess, as long as you have a burning desire to improve yourself in these areas. Thus, it is possible to change your personality profile to fit the entrepreneurial model. I have a neat little book on marketing and advertising called It's Not How Good You Are, But How Good You Want To Be, by Paul Arden. It's a super fast read that can be read in under an hour. This book shows you that your current state of affairs isn't as important as the direction you are going and the goals that you've set. Think from the end, and if you really want to, you too can become an entrepreneur.

During the 1990's, large U.S. corporations downsized more than 6 million jobs out of existence, yet unemployment fell to record-low levels, mainly as a result of new companies started by entrepreneurs and the dot.com bubble. At the turn of the century, there were more than 10 million self-employed individuals in the United States of America (which was about 1 in every 8 adults). Now, however, we're facing almost record-high unemployment figures (I believe the figure peaked at 9.8% at the end of last year). This means that there are a staggering number of people in the U.S. that are looking for work of some kind. I want to pose this question to the millions who are out of work at this time, "Do you really want to take a job and exchange your time for money, or would you rather create a life and have the freedom to pursue your happiness while making an honest living?" Become an entrepreneur and free yourself from the chains that bind you to a job. Is it easy? Definitely not. But the rewards far outway the sacrifices, once you realize your dream and start living again.

Even if you have a job and a career, are you truly satisfied with all that it provides for you and your family? Take control of your financial future and start a small business on the side. You may be surprised to see your newfound part-time income exceed your full-time income by leaps and bounds. It all boils down to desire, belief and work ethic. So I close with this question, Do you have what it takes to become an entrepreneur?