The Importance Of Self-Awareness For Entrepreneurs
Research. Create. Sell.
Are you attracted to entrepreneurship? Does the freedom appeal to you? And does that make you want to start a business of your own?
You’re not the only one.
Ever since Tim Ferriss published The Four Hour Work, in which he introduced the lifestyle business concept, a lot of people are chasing the same dream.
It’s pretty appealing, right? You start a business, automate it, hire a virtual assistant, and make money while you’re sleeping or traveling the world.
Everyone wants that. That’s why a lot of people have made it their business to teach you how to do it. They say things like:
- “Do these 20 things and you’ll earn six figures.”
- “Get this online course and you’ll become rich easily without putting in the work!”
- “I travel the world and make 100K of passive income per month. Here’s how I do it.”
But entrepreneurship is not easy.
Have you thought about starting a business? Maybe you’re sick of the 9–5, want more freedom, and be your own boss?
All valid reasons to start a business. But you need a little more than that.
I’ve read that 96% of businesses fail in ten years. so I Googled it. It appears that it’s not backed by research. One person probably claimed it once and everyone else copied it.
But there’s some truth in that statement. Entrepreneurship is a long-term game.
Do you want to start a business? Or are you an entrepreneur?
The latter is something you do for the rest of your life. I’ve started businesses that failed in the past. But I’m still an entrepreneur. You see?
Entrepreneurship is not something you do; it’s something you are.
The question you want to ask yourself is: “What am I?”
This article might be about entrepreneurship, but you can apply it to everything in life. Building a solid career or business both require self-awareness.
In Letters From A Stoic, Seneca writes:
“You must consider whether your nature is more suited to practical activity or to quiet study and reflection, and inclince in the direction your natural faculty and disposition take you.”
Too often, we do things for the wrong reasons: Money, reputation, coolness, outside pressure.
But in life, it’s much better to follow your nature. Of course, to do that, you need to know your nature first.
Then, build your life around what you are, not what you or other people want you to be.
For instance, I’ve always been an entrepreneur. When I was a kid, I always had a side-hustle. I remember ripping CDs, printing booklets, and selling them for half price. Not particularly legal, but hey, I had no clue back then. That’s who I am.
Who are you?
Ask yourself a few questions.
- Why do I want to start a business?
- Am I interested in entrepreneurship or am I just attracted to the outcome (freedom, time, money)?
- Do I want to learn the skills I need to succeed? As an entrepreneur, you need basic knowledge of everything that happens in your business.
If you’re thinking about starting a business, try to speak to some entrepreneurs in your environment. Ask about what they do on an average day.
Make up your mind after careful consideration. Not after watching a video from an idiot who is pretending he’s living “the” life. Or after looking at some motivational quotes on Instagram.
That’s not entrepreneurship. That’s a fantasy.
Starting a business is hard work. But it’s definitely not impossible. And everyone who puts their mind to it can make it happen.
Just take the time to think about what you are. Then, start small. Don’t overcomplicate it. It took me two business degrees to learn this simple strategy:
- Research: Is there a need for your product? If it doesn’t exist, it’s probably because people don’t care. Nothing is new in this world.
- Create: Stick to one product/service. You don’t need complex stuff with 10,000 variations.
- Sell it. Yes, entrepreneurs are basically sales people who work for themselves.
That’s all. And always repeat the same process if you want to introduce new products.
Simple? Yes. Easy? No.
Worth it? Hell yes.