On Entrepreneurship
I've always thought entrepreneurs need to be a bit naïve. Without this innocence, they may not want to go through the “pain” of growing a business. I think most business failures don't happen because of bad ideas; they fail because their founders just get tired.
Although many entrepreneurs are idealistic, I think entrepreneurs who succeed authentically care about putting out a good product, and care about the people they work with by letting them know through their actions, not just by pie-in-the-sky promises.
The best entrepreneurs are also able to make transitions within their business model. Some call this “pivoting,” but I think “transitioning” is a better real-life descriptor. Entrepreneurs need to be people who are secure in themselves — secure enough to hire a team consisting of people who are much better at certain areas then they are.
Entrepreneurs are motivated by fear. While some people can be paralyzed by fear of the unknown, the best entrepreneurs embrace the fact that no one can really predict the future. They are confident enough in their abilities to know that, whatever happens, they will reach their goals.
Genuine entrepreneurs start their own businesses. They have what they may think is a great idea, and/or they want to control their own destinies. Some entrepreneurs start a business to make a lot of money. (Unfortunately, most of these types usually fail.)
The standard obstacles are being able to:
• Raise sufficient capital
• Strategize and plan effectively
• Hire the right people, listening to them and manage
with respect
• Recognize when the company needs to transition
Good entrepreneurs ask for advice, read books and are innately good at figuring out how to overcome obstacles. That’s because obstacles create fear, which ultimately motivates them even more.
—Joe Boldan, of BoldanHayes LLC, is an instructor on workplace politics at the University of Washington in Seattle. He is also co-founder of ExOfficio Adventure Travel Apparel in Seattle.
The Biggest Obstacles Entrepreneurs Must Face
Money, time and fear are three of the biggest obstacles facing entrepreneurs. Here are some ways to overcome them:
• Diligently determine how much money it will take to start the business and meet demand.
• Use investors, if practicable, and be sure to budget adequate funds for living expenses.
• Set major and minor goals. Then, stay on task to make steady progress, but be careful to avoid burnout.
• To counter fear, use positive thinking to offset the nay-sayers’ babble. And always keep one eye on the end goal to push self-doubt out of the way.
—Ann Silverthorn is a writer who lives in northwestern Pennsylvania. She blogs at annsilverthorn.com.
Round – up
ENTREPRENEURS FACING OBSTACLES