Entrepreneurs
The internet, bookshops and education courses love the idea of entrepreneurs and there is a huge amount of advice out there on how to be one and if you followed the advice everyone should be one and not being one means you’re a loser. This is obviously ridiculous and unhelpful to anyone other than the course, book or blog promoter. My piece of advice would be to make sure you’re getting the right advice for you and then ignore the rest.
The dictionary definition of an entrepreneur is:
“someone who starts their own business, especially when this involves seeing a new opportunity.”
However many people who write and think about the subject of entrepreneurship have chosen to take the definition of what an entrepreneur is a little further, to perhaps romanticise and glamorise the term a little. To separate them out and differentiate them from the free-lancer, the self-employed contractor or the small business owner.
Whilst there is some merit in this subdivision, personally for me I think the rock-star portrayal and entrepreneur media celebration is a little over hyped and can create far too many “want-repreneurs” glory seekers.
The definition I prefer is:
“someone who is driven to make a change, requiring personal financial risk.”
You could be a social entrepreneur hoping to change society for the better through a charity or non-profit, or you could be the business start-up founder who’s yearning to make their “dent in the world”.
A key facet of the wanting to make a change is that what they are doing, what they wish to achieve, the activity or impact should be bigger than themselves. “Working on the business, not in the business”.
Anyone can be and can become an entrepreneur, there are no courses you need to pass, no certificates to hold and no preconditioning experience necessary. From my experience however, many people who wish to follow this path, actually just wish to have more control over their work routine, to be respected more for doing the work they do and will leave the job they have to start an entrepreneurial career as a self-employed or free-lancer.
Ed’s New Business Idea Checklist:
Self-Employed
Free-lancers, self-employed, contractors all these people are taking a financial risk. They have gone out on their own and are doing jobs without a boss (in the traditional sense). They can work when they like and stop when they like and on the assumption that jobs are always there waiting for them to pick up, life can be good. It can however be difficult if there is no work and can require a large amount of self-promotion which people often find hard or awkward.
A large numbers of builders, web developers, artists, drivers, personal trainers, photographers are self-employed and whilst this can be a worthy and rewarding career choice, it’s not quite the same as the determination to make a difference as I, and others, might class as an entrepreneur but there is absolutely nothing wrong with this as a career choice.
It’s not a competition where only entrepreneurs deserve our respect.
Make sure though that the advice you’re following is right for you and right for your situation. Trading one reliable but perhaps not very nice boss where you can switch off after work for one unreliable customer where you can’t switch off at the end of the day is not always the dream it was meant to be.
Business Owners
The other category within the entrepreneur umbrella that is worth separating out is that of the business owner, or more usually defined as the small business owner. The owner of a McDonalds franchise, the owner of a hairdressers, a shop etc… is similar to the self-employed category, but this time they may have a large number staff working for them, dependent on them.
There is nothing wrong with this as something to do, but my point in writing this page is to make sure that you are following the right advice for you. The world is full of advice and people telling you how to do what the rock-stars do. If you just do what they do then surely you’ll be a success too. This will not work. In order to make a lasting change, entrepreneurs are often driven and encouraged to scale their business, their idea. This may be a terrible decision for your business and if the advice you see is all about fast growing entrepreneurs you may end up making terrible decisions that jeopardise everything.
Hustlers
For me, business needs to have a purpose beyond making money. If you’re only aim is making money and any get rich quick scheme will do, then you’re not an entrepreneur, you’re a hustler.
Lets try and raise the bar, capitalism has been a huge force for good in the world, but there are far too many hustlers at work and it needs revitalising with purpose.
As a side note, there is an American term that has become popular in the world of advice for entrepreneurship is that of the Hustle. Often just meaning a driven activity, energy with grit and determination, this is not meant to be a negative term and is often used in the context of a “side hustle”. A small side project that someone might do alongside their normal day job and might one day earn money and could be the stepping stone to an entrepreneurial journey.