"How do I become an Entrepreneur?"
“How do I become an entrepreneur?” It’s a common question I hear from aspiring entrepreneurs with a passion to start a new business. As it turns out, I’m not the only one hearing this question. People google “how do I become an entrepreneur?” 4,400 times per month. That’s an average of 52,800 times per year. That may seem like a lot, but it’s less than 1% of the total of new businesses started in the United States last year alone! Per the U.S. Chamber of Commerce, entrepreneurs started more than 5.5 million businesses last year – and that’s only entrepreneurs in the United States. Entrepreneurs worldwide continue to bring new ideas, creativity, and customer focused solutions to market each year.
Investopedia.com defines entrepreneur as “an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.” That’s a straightforward definition, but what are the characteristics of an entrepreneur? How do you know if you are an entrepreneur?
I believe one the best ways to answer the question “how do I become an entrepreneur?” is to ask current entrepreneurs “how did you become an entrepreneur?” I love to hear how entrepreneurs began their journeys into entrepreneurship. Every entrepreneur has their own unique story. Some grew up in an entrepreneurial family; others realized their entrepreneurial spirit as they began working as an employee for someone else. Every story is different, and I love hearing how people discover their creativity, passions, and talents in ways that lead them into entrepreneurship!
In the spirit of sharing stories about the journey into entrepreneurship, I’d like to share some “aha moments” from my story in hopes that it encourages you in your entrepreneurial journey. These “aha moments” helped me realize my own entrepreneurial qualities. Our stories will not be the same, but I’ve learned that entrepreneurs share some of the same characteristics – such as creativity, calculated risk tolerance, a sense of adventure, and a passion for their product or service that almost compels them to start their new business against all odds.
Entrepreneurial Creativity
Many entrepreneurs start out as employees working for someone else. Entrepreneurs have the chance to practice their creativity in those jobs to help their employers accomplish their goals. Entrepreneurs thrive in workplace environments where they are encouraged to utilize their creativity! Eventually, those same entrepreneurs may begin to come up with some creative ideas of their own that fall outside the parameters of their job or company. When that happens, a spark has been lit that may eventually lead that workplace entrepreneur to start their own business. Entrepreneurs utilize their creativity to become visionaries.
Prior to launching into my entrepreneurial pursuits, I used to work in corporate America in a variety of different jobs. Some jobs were very task oriented, requiring me to complete simple tasks repeatedly. Other jobs were much more flexible with less defined hours and larger goals to accomplish that required creative thinking and problem-solving skills. My favorite corporate job was working as a new hire trainer where I had to continually find creative ways to help my new hire students retain required information to pass their insurance licensing exams. I had specific goals to accomplish (such as ensuring that at least 90% passed their state exams), but the real job required creativity to connect with each student and help them understand the material. I loved that aspect of the job and genuinely found it fun to make those connections and help them find their “aha moments” on the way to accomplishing their goals. (I didn’t know it then, but this experience certainly helped me land in my current role as a coach.)
Entrepreneurial Tolerance for Calculated Risk
Starting a business is a risk. There’s no way around it. Starting a business does not guarantee success in that business. There’s no mercy in capitalism. Either your business provides a valuable product or service that others are willing to pay for (or donate to if you’re a non-profit), or it does not, and your business doesn’t last. Every entrepreneur starting a business must be aware of the possibility of failure. Yet, entrepreneurs are willing to take calculated risks for the hope of long-term gains.
The first business I launched was as an insurance agency. I was a franchise owner of a large national independent insurance agency. This investment required tens of thousands of dollars in startup costs that covered franchise fees, business location rent, insurance licenses in multiple states, legal and insurance, and marketing costs. Prior to launching my agency, I had worked in the insurance industry for many years while earning advanced certifications. I knew the ins and outs of insurance policies and was familiar with the local market. While the upfront startup costs were significant, I believed it was a calculated risk given my prior insurance experience. I was able to eventually earn back all my startup costs plus a profit. Entrepreneurs are willing to take calculated risks for the possibility of long-term gains.
Entrepreneurial Sense of Adventure
Entrepreneurs tend to have a sense of adventure that enables them to embrace uncertainty. During challenging moments, entrepreneurs tend to find opportunities to come out on the other side in a stronger position. This characteristic allows entrepreneurs to learn from their failures rather than drowning in them.
During my last year of working in corporate America, I logged some long hours at the office. I was constantly stressed, and I wasn’t having much fun. This affected my personal and family life as well. My wife will tell you that year was the hardest for her during our marriage because I was giving all my time and energy to my job. Something needed to change in our lives, so we decided to sell our house and quit my job within the span of a few short months. We didn’t know what we were going to do next; we just knew that we needed to change our lives.
Quitting your job and selling your house without a long-term plan may seem a little crazy, but we saw it as an adventure into something new and better for us. After a couple months in a short-term rental and a lot of thinking, reflecting, and praying, we made some drastic changes in our lives that have set us on the course that we’re now on. My wife decided to return to her career, where she eventually became a CEO of a law firm. She also went back to school to obtain a master’s degree in theology and works as a part-time Pastor. I decided to obtain my MBA (with an entrepreneurship concentration) while getting involved with non-profit, government, and small business work. It was a very different atmosphere from a large multi-national company, but I loved it! My wife is also much happier now than when I worked in a corporate America. We are thrilled with our decision to go on that crazy adventure many years ago as it set us up to realign our lives with our true passions and purpose.
Entrepreneurial Passion
Lastly – but certainly not least – entrepreneurs are passionate people! Entrepreneurs want to live their lives with passion and purpose. They are almost compelled to do so or else they will feel unfulfilled. Their lives are about more than getting through work to live their passionate lives on the weekends. Entrepreneurs need to experience passion and excitement from their work to be satisfied with their lives.
I took some time after selling my last business to think through my passions and talents before determining my next business adventure. I realized that I was passionate about several things that needed to be present in my new business. They were:
Helping people accomplish their goals.
Teaching
Benefiting others through the success of my business.
When I identified what I was passionate about, it didn’t take long to realize business and entrepreneur coaching was the next step for me. It would be a calculated risk as I had experience in corporate America, small business ownership, non-profit leadership, and even local government, but I ultimately decided to start a coaching business because I’m passionate about helping people reach their God given potential. Entrepreneur Training & Coaching has just started, and I’m passionate about this new adventure!
Summary
If you see yourself in some of the stories or entrepreneurial characteristics above, then you may soon be one of the millions of entrepreneurs launching a new business each year. If you are passionate to do the work you love, enjoy adventuring into the unknown, willing to take calculated risks, and have a creativity that enables you to see possibilities where others cannot, then you might just be an entrepreneur!
If you’re looking for next steps on your journey, check out our entrepreneur training course (“From Idea to Launch”) to get training and personalized coaching from me to help you take your passionate idea and turn it into a successful business.
-Hunter Carroll
