Some of the most important questions to ask about entrepreneurship are the kind that make you take a close look at yourself—your personality, your skills, and your willingness to commit to something that could demand your constant attention for many years.
First, ask yourself why you want to become an entrepreneur. Clear, honest answers to this question will help you determine whether your personal traits, skills, and commitment match your goals.
Entrepreneurs often cite reasons like the following:
1. I had an innovative idea for a new product or service.
2. I had an innovative idea for improving an existing product or service.
3. I saw a great opportunity and I grabbed it!
A classic innovator is Jeff Bezos, founder of Amazon, the online bookstore. Booksellers have been around forever, but selling books online? Now, that’s an innovative delivery system! Amazon.com has grown well beyond the book business and now sells a wide array of consumer goods.
One of the most famous opportunity spotters was Ray Kroc. In 1954, Ray Kroc became the exclusive distributor of a five-spindled milk shake maker called the Multimixer. Hearing about the McDonald’s hamburger stand in California running eight Multimixers at a time, he packed up his car and headed West. He soon began to franchise McDonald’s. He was 52 years old.
Innovative ideas and opportunities are only two reasons that lead people to entrepreneurship. There are many others. Many people are determined to become their own boss. Others want the satisfaction of using their skills to improve a product; make the world a safer place; improve the human condition; or, provide a better future for their families and communities. Some start new businesses due to a lack of alternative job opportunities, sometimes referred to as “Necessity-Based Entrepreneurship.”
Consider these thoughts:
1. Debbie Fields, founder of Mrs. Fields Cookies (Opportunity-Based Entrepreneurship) “The important thing is not be afraid to take a chance. Remember, the greatest failure is to not try. Once you find something you love to do, be the best at doing it.”
2. Madam C. J. Walker, creator of African-American hair care products “I had to make my own living and my own opportunity! But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them!”
Your Action: Make your own list of reasons for becoming an entrepreneur.
