What Does It Really Take to Be an Entrepreneur?
6 Beliefs That Are Dead Wrong
Think
all entrepreneurs are wild, charismatic risk-takers?
Aulet
is a serial entrepreneur himself. He's raised more than $100 million
in funding for his companies, one of which made it onto the Inc.
5000. Here's a taste of his wisdom about what doesn't--and does--make
a successful entrepreneur:
Myth 1: Entrepreneurs are born that way.
"Some
people believe that there is an entrepreneurship gene. This is
misguided and defeatist," Aulet says. It probably doesn't help
that popular culture (including this magazine) feeds us on images of
iconic business founders with larger-than-life personalities, but
that doesn't describe all entrepreneurs by any means.
Most
people have the capacity to become successful entrepreneurs--it takes
will, and willingness to learn. "There are concrete skills that
increase the odds of entrepreneurial success, such
as management, sales, and product conception. These skills can be taught and learned,"
Aulet says. "So don't let yourself be dazzled by the so-called
entrepreneurship gene. This gene has not been and will not be found."
Myth 2: Individuals start companies.
"While
the entrepreneur as a lone hero is a common narrative, it's just
that--a narrative," Aulet says. Take a closer look at most
success stories and you'll find a diversified team of founders
who made it happen together. (We tend to think of Steve Jobs as
the iconic genius entrepreneur, but without Steve Wozniak, Apple
would never have gotten its start. And Jony Ives and Tim Cook were
instrumental in the company's later success.)
"Teams start
companies," Aulet says. "And a bigger team can often
increase the odds of success." So he recommends putting together
a "dream team" that combines the talents you need for your
new company to grow and thrive.
Myth 3: Entrepreneurs are super-smart.
"Entrepreneurs
are highly unlikely to be the valedictorians of their class,"
Aulet says. "This doesn't mean they are not smart. It's just
that they tend to focus on something that deeply fascinates them and
then go into hyperfocus mode."
So
don't assume good academic grades or other indications of general
intelligence are indicators of future entrepreneurial success.
They're not. "Focus and
dedication make for successful entrepreneurs," Aulet says.
Myth 4: Entrepreneurs need charisma to succeed.
Again,
this myth arises out of popular culture, which tends to focus on
entrepreneurs with big personalities, such as Jobs, Richard Branson,
and Mark Zuckerberg. "More than charisma, successful
entrepreneurs exhibit vision, systematic thinking, strong analytic
skills, and a blend of humility and ambition," Aulet says.
Charisma by itself, he adds, is no recipe for success.
Myth 5. Entrepreneurs are undisciplined.
After
all, they're always doing wild and crazy things, right? Well maybe.
But that doesn't mean they don't know how to buckle down. "Successful
entrepreneurs must have extreme self-discipline because they have few
resources, no reputation, and a very finite amount of time in which
to succeed," Aulet says.
In
fact, he says, self-discipline is an absolute requirement for an
entrepreneur. "Entrepreneurs are the attackers against the
'defenders'--established companies. They have to have the spirit of a
pirate with the execution skills of a Navy SEAL."
Myth 6. Entrepreneurs are in love with risk.
Do
you think if you hate risk and fear uncertainty you're
not cut out to be an entrepreneur? Not so fast. There's no question
that starting a company can be a risky undertaking, but that doesn't
mean entrepreneurs love taking a gamble just for the thrill of it.
"Great
entrepreneurs prefei ntelligent risk-taking,"
Aulet says. "They maneuver to remove as much risk as possible
and only take calculated risks where they feel they have an advantage
and can influence the outcome." You don't have to enjoy risk, he
says. You have to understand how to manage risk, and know when to
take a chance. And when not to.
BY MINDA ZETLIN
Co-author,
'The Geek Gap'
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