Are you at that stage where you are asking what it means to become an entrepreneur?
There is still a lot of buzz about entrepreneurship. In fact, recent events seem to have only accelerated the need and appeal to become an entrepreneur. Celebrated entrepreneurs are proving they can create multi-billion-dollar companies, even in the wildest times. Many make it look very easy.
Even though it may not be as effortless as made out to be in the media, the risk of going into entrepreneurship may now be seen as far lower than before, and even working for many large long-running corporations. So, what is it really like? What does it mean? What can you expect?
The Ability To Make An Impact
When it comes down to what it means to become an entrepreneur, it is all about giving yourself the ability to truly make an impact. To be able to do something meaningful, and even to shape the world and the future. This is really what it is about. To see a really big problem, and to create a solution for it. This is what really drives the most successful entrepreneurs, not just the money.
You can make the world better or worse with your contribution. You can touch and impact billions of lives, and even do this across generations.
The Freedom To Work On Your Own Terms
One of the top reasons people choose to start their own businesses is to gain the freedom to choose how they work and live. Not everyone is cut out for this or can handle it. Very few people have been trained to work like this. Most have been programmed for the opposite.
As an entrepreneur, you get to choose the when, where and how much you work. If you are doing something you really love, then it may not ever feel like work at all. So, working too much can still be a danger.
Still, if you want to work from a different country every month, or on the road in your RV or from your cabin in the mountains, you can. Or you can work from your home office in the city while your kids home school online in the other room. You can work seven days a week or three. You can work whichever hours suit you best.
Keep in mind when considering what it means to become an entrepreneur that there is no clocking in or out. Though that also often means no salary.
The Ability To Create Jobs & Futures For Others
One of the favorite rewards of entrepreneurship for some of the most successful repeat startup founders is being able to create multiple millionaires every time they sell a company or take one public. It’s a deeply impactful way to change the lives for many families.
Even if not all of your team members get that kind of outcome, you can provide a much needed and better workplace and financial package. This can go far beyond the money. There’s no telling the difference it can make in their family and all of the others they are able to touch and help in the future too.
You may be creating great outcomes for your investors, but even recruiting a top team, empowering them, and getting out of their way so they can do amazing things is a big deal. Just find the discipline to let them do what they do best, and make sure your company doesn’t run out of money and have to lay them off in the meantime.
The Ability To Serve Customers Better
The best reason to become an entrepreneur is usually to serve others better than they have been. This is truly important when figuring what it means to become an entrepreneur. This can be B2B or B2C. It’s the opportunity to give them products and solutions they really need. Either completely new options, or options that are notably better than incumbents. Sometimes it is even just about providing better customer experience and service. Treating them the way they should be treated.
To Take On The Responsibility Of Multiplying Other People’s Money
Whether you are borrowing through loans, getting grants, or raising equity funding from angels and VCs, entrepreneurship, and becoming an entrepreneur is largely about taking care of, protecting, and multiplying other people’s money. You are personally accountable for that. It is a big responsibility which demands you do your best and hire the best help to do it.
Sometimes this means making decisions in their best long term interest, even when they are only thinking of the short term. Or at least trying to.
Keep in mind that storytelling is everything when you are seeking capital. For a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Remember to unlock the pitch deck template that is being used by founders around the world to raise millions below.
To Be Able To Fulfill Your Full Potential
There is nothing more tragic than a wasted life, and wasted potential. Few will realize this through working as a cog in the wheel for someone else. A job like that is normally just about giving your life to fulfill someone else’s’ dream and to fund their retirement. This is your chance to do everything you are capable of. What’s really cool is that once you start down this path what’s possible and your potential scales exponentially at an incredible rate.
To Work Hard
The truth is that becoming an entrepreneur is a passport to hard work. It is worthy of work. It can be very satisfying work but expect to work harder than you ever have in new ways. It’s not a matter of scribbling an idea on a napkin over a coffee, spending five minutes on a pitch deck, receiving billions in funding and then selling the company in a few months.
There’s a whole lot more to it. It is worth it, but don’t expect it to be effortless.
To Become A Great & Fast Learner
Entrepreneurship is all about learning. From fundraising to recruiting and managing to marketing and working with your board and negotiating with an M&A advisor deals there is a lot of learning. The more you learn and faster you learn, the better the journey.
You may also find interesting the video below where I cover in detail how to become an entrepreneur.
Hopefully, this post gave you some perspective as you are looking into what it means to become an entrepreneur.