Entrepreneurship is very trendy right now, but what exactly is it? And is it for You?

“Isn’t it great owning your own business? You get to choose which 12 hours a day you work”. This was the actual toast friends gave us at dinner one night when we hit the first significant milestone at Build It Backwards.

When I was growing up most of the people I knew had jobs. They worked for a company, tried to climb the corporate ladder and expected their pension when they retired. Simple. Safe.

Well, we’re not in Kansas anymore. Having a job at a company isn’t any more secure these days than working for yourself. Ask all the millions of people who lost their jobs post-2008! And those who still aren’t working at what they’re trained for.

But is being an Entrepreneurs for You? The term entrepreneur, as defined by Merriam-Webster, is a person who starts a business and is willing to risk loss in order to make money or one who organizes, manages, and assumes the risks of a business or enterprise. Is this You?

Being an entrepreneur isn’t better than having a job; but it is different.

So how do you decide if becoming an entrepreneur is for you? Are you obsessed with owning your own business? Are you passionate about making a difference your way? Do you need to create the solution to a problem better than anyone is?

If a definite yes is your response to each of these, then maybe you have that entrepreneurial zeal; that burn in the belly.

But please remember, being an entrepreneur isn’t for everyone. Just like anything else, it may not be a good fit for you. You want to be your own boss? Great. However…

  • Are you prepared for the potential of a 24/7 focus on making sure you’re always growing and constantly putting out fires?
  • Can you handle the stress of knowing that the wrong decision could cost you the business?
  • Do you enjoy hiring, training, managing & firing people?
  • Are you comfortable with knowing your employees’ livelihoods depend on the decisions you make every day?

If your desire to challenge the status quo, develop the new widget or discover the cure for cancer is too much to ignore, go for it! There is nothing more satisfying than being able to mimic Frank Sinatra at the end of the day & sing, “I did it my way.”

* If you want more details on how to be a successful entrepreneur please contact me at dsfeiman@BuildItBackwards.com