The purpose of part I is first to make sure that you are in fact an entrepreneur-in-the-making. We’ll explore exactly what an entrepreneur is and then define the six essential traits of all entrepreneurs.
I’ll paint a vivid picture of what an entrepreneur is so that you can touch it, feel it, see it, and taste it. You can then see if it resonates with you. If the picture describes qualities you have, you can then use an assessment tool to confirm if you’re an entrepreneur-in-the-making.
To be frank, I’m going to do everything in my power to scare you away from becoming an entrepreneur. That’s because going out on your own is hard. If you don’t have all of the essential traits, you can choose from hundreds of other career options, and you’ll excel at one of them. If you aren’t cut out to be an entrepreneur but still decide to take the entrepreneurial leap because you want it so badly, the outcome will be excruciating. You may think it would be cool to be an entrepreneur and make a lot of money, but your odds of failure will be very high, and you’ll be miserable. In the ’70s and ’80s, everyone wanted to be a rock star; nowadays everyone wants to be an entrepreneur.
Imagine someone who wants to be a professional singer—the next big thing—but can’t carry a tune. Watch any of the televised singing competition tryouts. It’s heartbreaking to hear a failed contestant say, “But this is my dream.”
True entrepreneurs don’t chase becoming an “entrepreneur.” They instead chase their ideas and dreams, and work hard to make them a reality. And as a by-product, they’re considered entrepreneurs.
So understand that if you don’t have the fundamental traits required, it’s okay not to become an entrepreneur. I’ll never become a doctor, lawyer, police officer, paramedic, politician, or accountant, because I don’t have those essential traits. It’s critical for you to be honest about your abilities. It would be easy to lie to yourself while taking the assessment. Don’t. I can’t fill it out for you, nor can anyone else.
One way or another, the truth will set you free.
Remember: the definition of an entrepreneur is someone who sees a need or an opportunity, and then takes a risk to start a business to fulfill it.
These people are what I call “true” entrepreneurs. It’s important to make a distinction between being self-employed and being a “true” entrepreneur. The best way to describe the difference is to think of a range. On the right end of the range are some of the greatest entrepreneurs of all time: Steve Jobs, Thomas Edison, and Walt Disney, to name a few. And on the left end are self-employed sole proprietors who own one franchise location, work as freelancers, are independent contractors, have a side hustle that makes a few bucks, or who have lifestyle businesses (which are businesses intended to maintain a base-level income and rarely grow). Being anywhere on this spectrum is admirable and respectable. These people are all taking a personal risk.
The six essential traits define entrepreneurs on the right half of the range. I’m not saying you must be the next John D. Rockefeller, just more to the right than the left. That’s who this book is written for.
If at the end of part I you’ve confirmed that you’re indeed an entrepreneur-in-the-making, I’ll be happy to welcome you to the tribe. Entrepreneurs are unique. It’s almost as if we’re from a different planet. When you’re around fellow entrepreneurs, you tend to click, speak the same language, and feel comfortable with each other.
There are many organizations that support and train entrepreneurs, such as the Entrepreneurs’ Organization (EO), Young Presidents’ Organization (YPO), Women Presidents’ Organization (WPO), The Alternative Board (TAB), National Association of Women Business Owners (NAWBO), Vistage, the Strategic Coach® Program, and the Young Entrepreneur Council (YEC).
I was a member of the Entrepreneurs’ Organization (EO) for eight years, and I remain a twenty-plus-year student of Dan Sullivan’s Strategic Coach® Program. Whether I’m attending a Strategic Coach® workshop, a monthly forum meeting at EO, or meeting with my entrepreneur friends, I feel like I’ve arrived on my planet. We act alike, talk alike, and think alike. It’s refreshing. Most other people just don’t get me, and I feel a little alien and different around them. That’s why it’s nice to be able to go back to my planet on a regular basis.
It’s the same way that other people feel when they gather with like-minded peers who have the same wiring, for instance, sports fans, robotics enthusiasts, Comic-Con fanatics, gamers, musicians, artists, fashion lovers, and foodies. They click when they’re interacting together.
Let’s now move forward and find out if you’re an entrepreneur-in-the-making.