First of all, everyone has their own definition of what entrepreneurship is. I’m going to talk about what it isn’t (I’m assuming I’ll get flack for this — but I’m expressing my opinions and feelings here nonetheless! )
I think it’s also important after I clear all of this up, that I talk about what it means to struggle as an entrepreneur and what you can do to overcome it!
I’ll keep it very technical here.
“Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs. Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit. While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to “lack of funding, bad business decisions, an economic crisis, lack of market demand, or a combination of all of these.” (Wiki)
Here are the 10 things that entrepreneurship IS NOT — in my personal and professional view:
- Is not for the feint of heart.
- Is not for anyone who can’t dedicate themselves to a cause/idea/product/service.
- Is not for the weak-minded.
- Is not for individuals who have ill-intentions. (Instascammers, Con-Artists, Social Media Wannabees, Fake Experts/Gurus, Fake Coaches, etc.)
- Is not for anyone who lacks common business sense.
- Is not for anyone who lacks common courtesy or business etiquette! (Yes this still exists, and the civilized get further along than those that aren’t.)
- Is not for anyone looking to get rich-quick or get-rich-overnight. (Overnight successes are too far and few.)
- Is not for anyone who isn’t willing to put in their blood, sweat, tears, and money!
- Is not for anyone who lacks empathy!
- Is not for someone who doesn’t believe in themselves/their idea/product/service. (It starts with YOU first and foremost.)
The Struggling Entrepreneur
So, now that I’ve gotten that out of the way, let’s talk about the crux of Entrepreneurship — the struggle! In many cases, a constant and resilient struggle will ensue, no matter what you do! There are very few business owners, entrepreneurs, or start-up founders that do not face a struggle. Calamity is an abundance if you’re building something new! It doesn’t matter if you’re a 5 time entrepreneur with 3 IPO’s and two exits under your belt or you’re on your 10th failed business idea!
I myself over the years (12+ now to be exact) have worked on a ton of different business ideas.
I’ve worked on everything from a competing dating application to Tinder (called Provoq.)
I came up with a concept for an app called YourDrobe (bought the trademark and logo from someone in Washington D.C.) We didn’t execute properly and had a poorly put together team. Now Instagram allows brands to tag items and sell them in photos! We came up with that concept first! Our tech probably would have been acquired by Facebook/Instagram.
Another one was First Priority Maintenance — a national property management company that I was extremely excited about building! I had experience in that realm having successfully built another start-up in that space with an entrepreneur from Israel.
99% of businesses and ideas ended up failing.
I’m not ashamed of my failures at all. In fact, they’re humbling and have really become tools for growth and learning personally and professionally for me! I can attribute all of my failures to some very specific reasons:
- Not enough time invested time in some of the businesses.
- Didn’t prove a concept. (Did not test to see if a market existed.)
- Became complacent with my life. (The money I was making was fine in my mind.)
- Let some ideas sit and stagnate. (Didn’t take action and develop them.)
- Was not persistent enough in selling my product or services!
- Not enough knowledge in a particular area of my business.
- Failed to build a team — tried to lone-wolf it!
- No proper plan or business processes in place.
- No one was holding themselves accountable.
- Didn’t have the proper funding in place.
Persistence and a Plan Are Key
If I had to pick two-things to tell an entrepreneur to develop it would be persistence and a plan. You need to make sure that no matter what, you never give up on your idea (your business.) If you truly believe in the idea and see that there is a market for your business, DO NOT GIVE UP! Keep on pushing through as many doors as you need to, and climb over as many obstacles that are thrown in-front of you. Every “no” you get from a potential client is a step closer to getting that “yes.” Having that mindset alone has helped me and continues to help me to this day. I don’t care if I get 100 or 200 “NO’s” in a day. I’m right onto the next prospect. The no’s could be timing, budget, or just truly not a need for the service being offered! That doesn’t mean that they won’t hear from me a week or two from the time I first reached out to them though! 😉
A quick word of advice on persistence/selling: If you’re seeing that after you’ve made a significant number of calls or sent out a good amount e-mails (1000+) and you aren’t developing any traction, you might need to re-work your pitch and approach altogether.
Persistence and a plan really do go hand-in-hand. They’re symbiotic in more ways than you could possibly imagine. You want a plan first to organize all of your ideas. Getting them down on a paper (Google Docs — haha) is important! That forms the basis of everything you’re going to do moving forward and it makes your idea’s more than thoughts — it makes them real or tangible. You can dive into as many details as you want with your plan, but I would suggest keeping it as high-level as possible so as not to inundate yourself from the onset with a bunch of filler that doesn’t really add any value to what you’re trying to build. Don’t create a plan for the sake of doing it. Create a plan for the sake of working your business! You want to create components of your plan that are actionable, attainable, and measurable ! If they don’t have those three attributes, they shouldn’t be a part of your plan — plain and simple! Don’t be afraid to change your plan or pivot if you discover new information that you can use to backup the changes. Over the years, I’ve seen so many entrepreneurs resist change, and it didn’t end to well for them!
Entrepreneurial Ventures I’m Involved in Today
Today I’m building a few different businesses three to be more specific) that are refined and extremely focused. I’m building them with a bit of cautious optimism! I’ve tested all of the concepts and validated that there is a need for them!
Originally published at https://www.imdavidpeterson.com on September 3, 2019.