15 Signs You're an Entrepreneur
Pressed to describe
the stereotypical entrepreneur, which words would you use? Passionate?
Dedicated? Optimistic? Sure, those apply. But insecure and troublemaker are
more accurate, according to 'treps who know a success when they see one. Do the
following traits, characteristics and quirks describe you? Well then, you might
be an entrepreneur (at heart, if not yet in practice).
1. You take action.
Barbara Corcoran, founder
of The Corcoran Group, co-star of TV'sShark Tank and author of Shark Tales:
How I Turned $1,000 into a Billion Dollar Business, says people who
have a concept but not necessarily a detailed strategy are more likely to have
that entrepreneurial je ne sais quoi. "I hate entrepreneurs with beautiful
business plans," she says.
Corcoran's
recommendation? "Invent as [you] go," rather than
spending time writing a plan at your desk. In fact, she believes that people
with life experience have an active problem-solving ability and
think-on-your-feet resourcefulness that can be more valuable than book smarts
alone. Those who study business may be prone to overanalyzing situations rather
than taking action.
2. You're insecure.
"Many entrepreneurs judged as ambitious are really insecure
underneath," Corcoran says. When evaluating potential investments, she
adds, "I want someone who is scared to death." Those who are nervous
about failing can become hyperfocused and willing to do whatever it takes to
succeed. If you feel insecure, use that emotion to drive you to achieve your
business goals.
3. You're crafty.
"One of my favorite TV shows growing up was MacGyver,"
confides Tony Hsieh, CEO of Las Vegas-based Zappos, "because he
never had exactly the resources he needed but would somehow figure out how to
make everything work out."
A lifelong
entrepreneur, Hsieh has done everything from starting a worm farm to making
buttons and selling pizzas, so he admires MacGyver's "combination of
creativity, optimism and street smarts. Ultimately, I think that's what being
an entrepreneur is all about--playing MacGyver, but for business." It's
not about having enough resources, he explains, but being resourceful with what
you do have.
4. You're obsessed With cash flow.
Before founding Brainshark, a Waltham, Mass.-based developer of
technology for business presentations, Joe Gustafson bootstrapped a venture
called Relational Courseware. "All I ever thought about wascash flow and
liquidity," he says, admitting, "there were seven times in [the
company's] eight-year history when I was days or hours away from payroll and
didn't have enough cash to make it."
How did he respond? "In the early days, you could step up and
put expenses on your personal credit card, but that can only go so far,"
he says. "You need cash--even if you have the best company and the best
receivables in the world--to fight the battle one more day." Other
strategies he recommends include working with a partner who can provide cash
advances on projects and maintaining close communication with suppliers.
5. You get into hot water.
Stephane Bourque, founder and CEO of Vancouver, British
Columbia-based Incognito Software, says true entrepreneurial types are more
likely to ask for forgiveness than permission, forging ahead to address the
opportunities or issues they recognize, even without approval from higher-ups.
"Entrepreneurs are never satisfied with the status
quo," says Bourque, who discovered he was not destined for the corporate
world when he kept coming up with new and better ways of doing things--ideas
that were not necessarily appreciated by his bosses and often were interpreted
as unwanted criticism. Now, he says, "I wish my employees would get into
more trouble," because it shows they are on the lookout for opportunities
to improve themselves or company operations.
6. You're fearless.
Where most avoid risk, entrepreneurs see potential, says Robert
Irvine, chef and host of Food Network's Restaurant:
Impossible. True 'treps are not afraid to leverage their
houses and run up their credit card balances in order to amass the funds they
need to create a new venture. In some ways, he says, they are the ultimate
optimists, because they operate under the belief that their investments of time
and money will eventually pay off.
7. You can't sit still.
Entrepreneurs have unbridled energy that fuels them long past the
time when their employees have gone home. They are eager, excited and energized
about business in a way that makes them stand out. Irvine would know: He owns a
restaurant in South Carolina, is opening another in the Pentagon and has a line
of food and clothing products, on top of hosting his TV show.
8. You're malleable.
"If you have only one acceptable outcome in mind, your
chances of making it are slim," cautions Rosemary Camposano, president and
CEO of Silicon Valley chain Halo Blow Dry Bars. If you are willing to listen, your clients
will show you which of your products or services provide the most value.
Her original vision for Halo was part blow-dry bar, part gift
shop, "to help busy women multitask," she explains. But she quickly
learned that the gift shop was causing confusion about the nature of her
business, so she took it out, replaced it with an extra blow-dry chair, and
things took off. Smart entrepreneurs constantly evolve, tweaking their business
concepts in response to market feedback.
9. You enjoy navel gazing.
Without direct supervisors, entrepreneurs need to be comfortable
with the process of evaluating their own performance, says Laura Novak Meyer,
owner of Pennsylvania's Little Nest Portraits. That requires "a
willingness to solicit feedback from those around you to self-improve,"
she says, as well as paying close attention to feedback you may not have asked
for, such as customer complaints or being outpaced by competitors. Little Nest
surveys every client to ask for opportunities for improvement, and Meyer has
worked closely with a business coach for the past five years to identify
personal areas where she needs to improve.
10. You're motivated by challenges.
When confronted by problems, many employees try to pass the buck
or otherwise wash their hands of the situation. Entrepreneurs, on the other
hand, rise to the occasion. "Challenges motivate them to work
harder," says Jeff Platt, CEO of the Sky Zone Indoor Trampoline Park franchise. "An entrepreneur
doesn't think anything is insurmountable … He looks adversity in the eye and
keeps going."
Candace Nelson, founder of Sprinkles Cupcakes, agrees. Despite naysayers who questioned
her idea for a bakery in the midst of the carb-fearing early-2000s, she
persevered and now has locations in eight states. In fact, she was one of the
first entrepreneurs in a business that became an ongoing craze, sparking
numerous copycats.
11. You consider yourself an outsider.
Entrepreneurs aren't always accepted, says Vincent Petryk, founder
of J.P. Licks, a Boston chain of ice-cream shops. They may be seen as
opinionated, quirky and demanding--but that is not necessarily a bad thing.
"They are often rejected for being different in some way, and that just
makes them work harder," Petryk says. When his former boss didn't approve
of his off-duty research into ice-cream quality, he went out on his own to
develop a made-from-scratch dessert in bold flavors. Rather than copying what
most other ice-cream shops were doing, including buying from the same
well-known suppliers, Petryk forged his own path. His early competitors? All
but one are no longer in business.
12 . You recover quickly.
It's a popular notion that successful entrepreneurs fail fast and
fail often. For Corcoran, the trick is in the speed of recovery: If you fail,
resist the urge to mope or feel sorry for yourself. Don't wallow; move on to
the next big thing immediately.
13. You fulfill needs.
Many people recognize marketplace holes, but it is the true
entrepreneur who takes them from cocktail napkin to reality, says Jennifer
Dawn, partner in New York City-based Savor the Success, a business network for
women. "Entrepreneurs think of a way to fix it and take steps to fix it.
They are innovators." So when Savor's network of women began asking for
advice and input from co-founder Angela Jia Kim, she and Dawn created a new
product: Savor Circles. These mastermind groups connect four members who give
each other tailored input and expertise; even better, they provide Savor the
Success with a new revenue stream.
14. You surround yourself with advisors.
Actress Jessica Alba, co-founder and president of Santa Monica,
Calif.-based The Honest Company, which sells baby, home and personal-care
products, notes that "it's important to surround yourself with people
smarter than you and to listen to ideas that aren't yours. I'm open to ideas
that aren't mine and people that know what I don't, because I think success
takes communication, collaboration and, sometimes, failure."
"Success takes communication, collaboration and, sometimes,
failure."
--Jessica Alba, The Honest Company
In other words: True 'treps don't hire yes men; they talk to those
with experience and conduct thorough research, gathering as much information as
they can to make informed decisions rather than taking a shot in the dark.
15. You work and play hard.
"Entrepreneurs fall down and pick themselves up until they
get it right," says Micha Kaufman, who snowboards and sails in addition to
runningFiverr, the fast-growth online freelance marketplace he
co-founded.
Like in sports, the
key to success in business is staying super-focused, the CEO notes. During
Fiverr's launch, instead of trying to deal with "an endless number of
potential challenges," Kaufman and his team focused on "the single
biggest challenge every marketplace has: building liquidity.
Without liquidity, there is no marketplace. It's like worrying
about the skills needed for frontside-360 jumps before getting on a snowboard
and learning the basics."