Are You Cut Out To Be An Entrepreneur? (Episode 111)
You have all of these great dreams for your family...yet you're stuck because of work. Maybe you have big dreams of being an entrepreneur, but you aren't really sure if you have what it takes. We'll break down what entrepreneurship really requires, some powerful entrepreneur tips, and the spectrum of options that are out there.
In this episode and post below, we'll identify what it takes to be an entrepreneur.
Entrepreneurship and 48 Days
You may already be familiar with who my father, Dan Miller, is. If not, a quick backstory. He is an author, speaker and coach who has written such books as 48 Days to the Work You Love, No More Dreaded Mondays, and my personal favorite he wrote with my brother, Wisdom Meets Passion.
I have grown up in an entrepreneurial household, and for over 15 years now, I have worked in my father's company, helping entrepreneurs understand their unique strengths and channeling that into work - and a life - they truly thrive in.
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I’ve worked so much on the business side - helping entrepreneurs navigate knowing themselves and their strengths, market and sell, hiring, understanding their clients…and I thought it would be so great to just share all of this with families as well.
Ultimately, it boils down to a functional approach to your whole life. It's not compartmentalized. As you are most likely well aware, when you are off at work, it affects how you are at home and vice versa.
Business and Family aren't different compartments. It's not about balancing the two; but looking for overall life harmony.
The Entrepreneur Spectrum
It's not always an "either/or" - so much of life is more of a spectrum than black and white. Like so many things in life, there may be more "and" possibilities than one extreme or the other.
You may not want to work a traditional 9-5 where you clock in. But you may not want to build an entrepreneurial empire, either.
it's about a perspective shift. You are the director of your future. Regardless of your job or who you think you answer to, you ultimately answer to yourself. Are you in charge, or are you a pawn for your company? Are you stepping up and taking ownership in your life? You can do this without building an empire.
Are Entrepreneurs Born...or Developed?
I found Dad's article on "How To Be An Entrepreneur" as I was gathering content for some new courses we are developing (insider tip - they are on becoming a coach and creating your own mastermind!).
Dad talks about how entrepreneurs are truly developed as they address the 18 key elements needed for a successful entrepreneur in this list. You can click the link above for the full notes - and here is your quick list:
- Are you a self-starter?
- Do you get along with different kinds of people?
- Do you have a positive outlook?
- Are you able to make decisions?
- Are you able to accept responsibility?
- Do you enjoy competition?
- Do you have willpower and self-discipline?
- Do you plan ahead?
- Can you take advice from others?
- Are you adaptable to changing conditions?
- Can you stick with it?
- Do you have a high level of confidence and belief in what you're doing?
- Do you enjoy what you are going to do?
- Can you sell yourself and your ideas?
- Are you prepared to work long hours?
- Do you have the physical and emotional energy to run a business?
- Do you have the support of your family and/or your spouse?
- Are you willing to risk your own money in this venture?
Some additional resources for you
- Are you ready to invest in yourself - and your family?
- Are Entrepreneurs Born...or Developed?
- Another take on what "Selling" is really all about
So Do I Have What It Takes?
So you may be asking yourself,
Do I really have what it takes to do something on my own – to create work that is purposeful, fulfilling, and profitable?
Like I said, it's not just "huge entrepreneurial empire" or "work for the man". There is a big spectrum here. You may be in business for yourself even if you aren't the hard-driving-in-your-face sort of individual. You may never have a building, employees, or inventory, yet still be a great candidate to move away from the traditional “employee” model.
Over the years, my father has identified a number of traits that are strong predictors of a person’s success in his or her own business.
Here are his top 6.
#1 - A positive Outlook
Sometimes it's a long tail before you really see your hard work. Sometimes it's two steps forward, one...or even three...steps back. It's not always rosy. You have to be willing to tough it out and be willing to ride the ups and downs a bit.
You need to have optimism and a good sense of humor to be able to roll with it.
#2 - A Willingness to Learn and Invest In Yourself
Having a growth mindset is so, so important. When you are building a business of any sort, that does not mean you have to have all the answers. Even in coaching, a mark of a great coach includes the willingness to be coached themselves. It's not to be the end-all-be-all expert; it's being someone who may be a step ahead and willing to dig in and explore the steps and the solutions with you.
Be willing to have skin in the game. Be willing to invest in yourself in the process beyond just searching for "entrepreneur tips". You need to "pay to play" - don't just bootstrap yourself into a stressful overwhelm. Invest in the systems, the coaching, and/or the support you need to help you focus in on your "zone of genius" instead of just scrambling to figure it all out.
#3 - Stick-to-itiveness
Are you prepared to stick with it even if you don't see immediate success? Can you commit to a full year or longer before you may see results? You can get entrepreneur tips all day long, but sometimes even if it's great, it's a longer process than you might think.
#4 - Do you Really Love It?
I can't stress enough, there is so much more to success than money! If you are driven by the dollar signs and figure you'll just "hustle and make it work because the pay is good...." you're setting yourself up for failure.
Don't simply get driven by money - does it really fit you and your unique personality style? When we help people find work they love over at 48 Days, we're looking at:
- Skills & Abilities
- Values, Dreams and Passions
- Your Unique Personality Style
It's not just about the money - it has to be a blend of all three of these in order to be a good fit. Otherwise, you risk serious burnout and failure as you try not to be that square peg in a round hole.
Don't pursue work solely for monetary reward - it takes up too much of your time for it to only be about the money!
#5 - Having the Ability to Sell
You have got to shift your mindset on selling. Check out this podcast: Selling is not taking advantage of people, rather it’s a great way of serving them well.
It's about semantics - simply switch the term SELLING to SERVING and see how much that shifts the energy around it! When you are truly passionate about what you are selling and believe in what it can do for someone, then you are serving them well by helping them get it!
#6 - Having a Supportive network
Moving to an entrepreneurial lifestyle can be a little isolating. You don't have to be a SOLOpreneur; look for a team environment. Even if you are going at it alone, you need to look for where you can outsource, collaborate, and have a community. There is not better place for entrepreneur tips than within a community of other entrepreneurs.
Don't be a "jack of all trades, master of none." Not only does it max you out and result in below average results on your part, but you also do others a disservice by not empowering them to rise into their own greatness!
The late Jim Rohn says "you are the average of the 5 people you spend the most time with." Who is around you that is encouraging you, supporting you and challenging you to grow?
Essential Entrepreneur Tips: The Core components
So often, your proven success as an entrepreneur starts with these key elements:
- Right Mindset
- Right Idea
- Right Network
However...Working From Home can be hard...
I previously wrote a blog post on how working from home is so overrated. It can be hard to be both the business and the day care at the same time, and I've found that placing clear boundaries on it all is critical.
Having focused time for work (separate from family) and focused time for family (separate from work) makes a huge difference on the quality of both. Know how to turn your work OFF and tune in to your family without work constantly going.
Your Weekly Challenge:
Check out the resources above. Download the entrepreneur's checklist and how to kickstart your business. Explore the 48 Days Eagles community - this is our one week we're open! See if this resonates with you - I'd love to see you in there.
My desire for you - for your whole family - is to see you thrive. Life is so precious. It's so fleeting, and we don't know what day is going to be our last. Because there are no rollover minutes in life, it's not worth it to just sit and wait for "one day". Look now at what you're going to do to make today joyful. Make today the day that you take a deep breath in and say, "yes, I love this! I love this life and who I am around. I am choosing this, and it makes an impact beyond me."
Know that there isn't a one-size-fits-all approach - it is completely customized. Ultimately, however, it boils down to really seeing how the uniqueness in each of us strengthens all of us. Namaste.
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