How to be an entrepreneur: 3 benchmarks

Being your own boss – the flexibility, the autonomy, taking time off when you want/need – sound
amazingly enticing to most people. But what does it really entail, working for yourself? I’ve been in
and around the independent business owner world for most of the past twelve years, having both
owned/operated my own businesses and having interacted with others who own and operate their
own businesses. I’ve done them all: I was an independent sales rep for an MLM (multi-level
marketing company), I’ve produced my own products in the crafter-arena, and I’ve provided services
to clients. Here’s what I’ve found, the top three things that I could not do without:

First, it takes opportunity recognition. The technical term is “entrepreneurial awareness”, but it means you see a gap in the market. A product or service that fills a need. Do you (1) go with an established company either as a franchise or an independent sales rep, or do you (2) provide your own service or generate your own, unique product? Well, that’s another article entirely. But there needs to exist a documentable need for your product or service. You need to know there are people out there who will pay you or buy from you. Putting a product or service on the market when it’s saturated (there are a lot of other people providing the same/similar product or service), then convincing people to buy from you when you haven’t built any credibility…rarely shows success.

You need to know who else is doing what you do, how they do it, at what price point, and who are their customers. This takes some market research – talking to people, asking questions, running surveys. And it takes getting out of your circle of influence: you need the opinion of strangers, not your family and friends who, though well-meaning, will likely support you out of a mixture of loyalty and love. Don’t get me wrong – you need your support system! But to get an honest view of if your idea has merit, you need unbiased perspectives.

Second, you need persistence. Most people think you simply hang out your metaphorical shingle, the clients appear from nowhere, and the income pours in! Not exactly… Nowadays most businesses network hard, for months upon months, before seeing their first client. Statistics consistently show 8 of 10 new businesses fail in their first 18 months, 50% fail before seeing their fifth year, and 66% fail before reaching their tenth year. For those who do make it, they do not usually turn a profit until around the fifth year.

To be one of the few who make it takes persistence. You wear all the hats, do all the tasks, and you put in the time. Someone told me recently that being an entrepreneur is great – you can work any 80 hours a week that you want. And it’s true: there are a lot of long days, a lot of working late into the evening, a lot of responding to clients on off-hours to establish your credibility and responsiveness.

Third, you need allies. Not just your personal support system, but professional allies. These are the people you will turn to for business advice, when a transaction goes sideways or you receive a negative review or business dries up suddenly. Having other, more seasoned business owners give you their perspective gained from experience on the ups and downs, the emotional roller coaster, the clients who just cannot be pleased – as well as to ask your questions about is this normal and did you experience this and am I crazy for doing this? – these people are invaluable.

Where do you meet them? I’ve met my allies through networking groups, both in person and online. It takes some searching – it’s kind of like dating in a way. You go on a lot of first “dates” (coffee), and many times that’s the extent of it. But through the process, you stumble upon partners, collaborators, independent colleagues. And through the process, you refine your message. You become comfortable with yourself in this role and in advocating for yourself.

There are more things I could say about what you need to be a successful entrepreneur, but these are
the most indispensable to me. Thinking about striking out on your own? Talk to me. Let’s see how to
help you succeed.

In partnership with Kincaid Education Group.