Entrepreneurs Don't Have Jobs

It’s common to ask just about anyone you know or meet -- how's your job? Indeed, since a person’s job represents their livelihood and more important what they do most of the day, it's generally one of the primary topics of conversation.

For me, and many entrepreneurs, the question never made much sense. Why? Because for most entrepreneurs, it's not a job -- it's what they DO.

Not only is it what they DO, but it's what they LOVE to do. Show me an entrepreneur who doesn't love their job, and I'll show you an unsuccessful entrepreneur. Indeed, for most entrepreneurs, their business is their life. That doesn't mean they necessarily work more hours than the next guy [frankly, I never bought into this 80-100 hour work weeks, as it's just not sustainable ]

This gets at the key question I am asked more than any other question about starting companies.

***What kind of company should I start (these days)? ***

Sorry, I never answer that question. Rather, I answer it with a question -- WHAT DO YOU LOVE TO DO?

For example, let's say a person loves music and loves playing the guitar. I can guarantee you they'd be more successful (and much happier) if they started a guitar store, music store, software for learning the guitar, etc. Because they'll love the people they interact with, being around music all day, helping people who also love guitars, etc. If you truly love food and feeding people, consider the myriad businesses associated with food, hospitality, etc.

So the real question should be -- HOW DO YOU TURN WHAT YOU LOVE INTO A SUCCESSFUL BUSINESS?

I know -- that sounds simple... yet, very few people follow this simple rule. How many times have we all heard -- Do what you love and the money will come... it's true!!!

So if you want to start a successful business, trust me -- first figure out what you truly love to do, love to read about, love to learn about, etc. Does this guarantee success? No, but I can assure you that doing something you DON'T love is a guarantee for failure.

Fear of Starting Your Own Company

FEAR !!!

By far the single biggest factor stopping people from starting their own companies is FEAR. In teach and talk about fear in many lectures that I give at the University, and when I talk about starting companies with budding entrepreneur.

SO, the key question is -- What are you TRULY afraid of?

The most common answers I get from Entrepreneurs are:

*  #1 (always) Fear of Failure
*  Fear of Success (interesting) meaning that if you're successful, a lot will be expected of you such as:
  - Future success
  - You'll be the boss, which means that sometimes you have to be the "bad guy"
*  Fear of what your Parents, friends, and others may think of you (especially if you fail)
*  Fear of not having the right skills
  (though the only real way to learn how to be an entrepreneur is to, well, become an entrepreneur, or work for one)
*  Fear of having a bad idea
   (though I'd rather have good entrepreneurs with an OK idea than OK entrepreneurs with a great idea)
*  Fear of losing money (well, you gotta take the risk at some point)
*  Fear of ridicule or being laughed at by friends, peers, family, etc.

Now, there are some definite truths about Fears:
1. Fears are real. Whether they're BIG Giant fears, or psychological ones, even imagined ones. They're still real.
2. You have to face your fears head on.
3. Yes, you can logically get over your fears, and address them with things like education, etc.
4. HOWEVER -- the only real answer to fears is -- Just Do It !!! Like with fears of roller coasters or flying. You just gotta get onto the plane.
I've read about this. Talked to people about this. Even asked my students. And the answer always comes out the same -- you just gotta face your fears.

Intuition and Business

I've taught at Carnegie Mellon University (9 years) and San Francisco State University (2 years) in addition to my 25+ years in Business. The one thing that my students and employees still DON'T believe is how important INTUITION is in business decision making.

I'm not just talking about small decisions. I'm talking about multi-million dollar decisions.

So, why is Intuition and Going-with-your-gut so important? Actually it's scientifically proven (if that matters).
1. Your gut is correct over 90% of the time (really, it's scientifically proven)
2. You can make fast decisions (especially important in start-ups)
3. (most important) Intuition is actually the SUM TOTAL of ALL your experience put together, plus your native human instinct.

You don't have to believe me -- that's your decision. But trust me -- remember all those times you WISH you had gone with your gut? I don't mean only in business, I mean with choosing friends, lending people money, dating, etc. Well, remember them all?

So what's the real issue?
We all have intuition and gut feel. But the Great entrepreneurs TRUST their gut and intuition.

So how do you learn to trust your gut? First, start using your Right Brain (see other blog post) and your creative, and emotional side.
Then -- well -- just try it and see what happens. Even keep track of Intuitive decisions and logical decisions. Really -- keep score. I know Intuitive ones will win.