In trying to uncover your entrepreneurial niche, it can sometimes be helpful to reflect back on what people have noticed about you. For example, have you ever been told that you're a really good listener and you make people feel appreciated? Or perhaps people comment over and over about your obvious love of family, or nature, or animals. Maybe you've been told that you always seem to find the right words to comfort someone, at just the right time.
These can be important clues as to what you should be doing in life -- and how you can turn that into dollars and a fulfilling career as an entrepreneur. Why not take a moment right now, to jot down what people observe about you. In the unlikely event that no one has ever told you, ask some people whose opinions you respect -- but ask them to be honest with you -- you're not just fishing for compliments.
Countless entrepreneurial ventures have been started as result of someone wanting to make some money at what previously had just been a hobby or an interest. Think caterers, toffee-makers, cookie bakers, dog groomers -- these are just a few. Now, don't misunderstand me: I do not mean that's all you need to develop a strong business. You need to do your market research, develop a business plan, and more -- but tapping into your natural attributes can be a great start.
Having a great idea for a new product or service is just one part of what you need to succeed in business. You also need an entrepreneurial mindset. Do the self-quiz below. If you can (honestly) answer yes to all or most of them, the entrepreneurial route may be right for you.
• Do you like taking charge of your future?
• Do you like setting your own schedule?
• Do you like making decisions?
• Are you ambitious?
• Are you self-motivated?
• Do you have what it takes to persevere through lean times?
• Are you willing to take risks?
• Are you willing to forgo a regular salary and vacation?
• Are you willing to continually market your product or service?
• Do you have good people skills?
• Do you have what it takes to lead?
• Can you bring out the best in others?
• Are you prepared to work long hours?
• Are you organized -- or are you willing to delegate to someone who is?
• Are you disciplined?
• Do you have a high tolerance to stress?
• Are you in good health and have sufficient energy?
If you can't answer yes to most of these questions, don't be discouraged. It just means that you're probably better served by working for someone else but your objective should be to get a great job that you love. You can still use the observations of others to determine where your strengths can be best utilized. Knowing that, makes you far more valuable to a prospective employer.
If indeed, you do show signs of being an entrepreneur, I would encourage you to do everything in your power to start your own business -- even if it has to be part-time at the beginning. While it is true that being in business for yourself can be a daunting responsibility, it is my opinion that it is the only true way of achieving total freedom.
And by the way -- don't let the list above scare you. Being your own boss does not have to mean forgo a regular paycheck or holidays, forever. Nor does it mean you will always be working long hours. However, you must be willing and able to make these sacrifices at the beginning of your venture, and then you can focus on exactly what I teach: leveraging your time and talents to work less, while earning more -- and having FUN!
©2009 Karen Dodd International
Karen R. Dodd publishes the weekly e-zine 'In Focus: Success & Marketing Highlights' for solo-preneurs. If you are looking to jump-start your marketing, get true time leverage and have more fun in your business -- get your FREE tips now at www.KarenDodd.com
Thursday, May 14, 2009
Friday, May 8, 2009
Do You Have The Right Stuff To Be An Entrepreneur?
I am often asked what has caused me, in the past, to "reinvent" myself so often. Without giving the question much thought, I would have told you that I got bored easily and always liked new challenges. However, as wisdom seems to increase with age, I would now admit to a somewhat different motivation.
Looking back, I realize that a lot of what I did in the past, was a plea for acceptance and recognition. Or frequently, it was to please others. Unfortunately, with both those things being from external sources, you always have to look outside yourself for worthiness. It is, I would venture to say, virtually impossible to become a successful entrepreneur, when one looks to others for validation. Think Oprah or Richard Branson -- they were hardly looking for others' approval to be the trail-blazing mavericks they've become.
Here are my Top 3 Decisions that finally allowed me to break free of this success-limiting need for approval -- and can help YOU leap forward to claim your entrepreneurial success, right NOW:
1. Know Who and What you are.
There are countless successful entrepreneurs who do not have MBA's -- or perhaps, have not even finished high school. Unlike their degree-holding, employed counterparts, all the would-be entrepreneur has is:
• who they are: their values, skills and unique personalities,
• what they know: their education (or lack of), expertise and experience, and
• whom they know: their friends, colleagues and networks
Rather than fitting into a particular job description -- they set out to create a niche for themselves, that will allow them to utilize these qualities. With this approach to their chosen profession, it is highly unlikely that they take their motivation from external sources -- except as it relates to determining who their best market is. In this scenario, YOU are firmly in control of what methods and outcomes are best for you.
2. Goals are fine, but realize that they will change monthly, weekly -- or even hourly.
This is what typifies an entrepreneur. The most perfect example I can think of is the person who invented Post-It notes. Art Fry of 3M, wasn't the one who formulated the glue that just wouldn't stick. However, as a frustrated choir member, he thought this glue that could stick and be unstuck -- might be a perfect solution for the bookmarks that kept falling out of his hymn book.
Instead of formulating a business plan, he saw a problem (his experience) and created (with his skill and creativeness) a use for this glue that had turned out as a mistake.
Entrepreneurship, by its very definition -- embraces unexpected outcomes and requires the ability to leverage those options. Do you think a lot of people probably thought how "stupid" Art Fry was for even bothering about a glue that wouldn't stick? Do you think he cared what they thought?
3. Recognize that living in the present will be the best indicator of your future.
Behemoth corporations spend millions of hours and trillions of dollars on market research, focus groups and statistical models. Their self-perceived success lies in their ability to predict the future, so they will be able to capitalize on the next trend.
Entrepreneurs, on the other hand -- tend to spend much more time inventing and reinventing themselves and their product offerings -- in order to secure their future, based on real-time changes in consumer trends and demand. The key difference here, is that the entrepreneur can afford to change directions on a dime. For a huge conglomerate to do that would be akin to stopping a cruise ship in an instant. This gives the small business person/entrepreneur, a huge edge.
Understanding and utilizing these 3 "filters" can help you, a) decide if you have entrepreneurial tendencies, and b) ensure that you're making decisions based on what YOU feel is right, versus what you think others expect of you.
As a solo-preneur (my term for an entrepreneur who works largely on her own), you tend to "live by the sword and die by the sword." In other words, you are 100 percent responsible for your own future, but in turn, that means you have to take all the responsibility for the bad, as well as the good.
Be sure to check back next week, when I'll give you a detailed quiz that you can use to further determine whether the world of entrepreneurship is for YOU.
©2009 Karen Dodd International
Karen R. Dodd publishes the weekly e-zine 'In Focus: Success & Marketing Highlights' for solo-preneurs. If you are looking to jump-start your marketing, get true time leverage and have more fun in your business -- get your FREE tips now at www.KarenDodd.com
Looking back, I realize that a lot of what I did in the past, was a plea for acceptance and recognition. Or frequently, it was to please others. Unfortunately, with both those things being from external sources, you always have to look outside yourself for worthiness. It is, I would venture to say, virtually impossible to become a successful entrepreneur, when one looks to others for validation. Think Oprah or Richard Branson -- they were hardly looking for others' approval to be the trail-blazing mavericks they've become.
Here are my Top 3 Decisions that finally allowed me to break free of this success-limiting need for approval -- and can help YOU leap forward to claim your entrepreneurial success, right NOW:
1. Know Who and What you are.
There are countless successful entrepreneurs who do not have MBA's -- or perhaps, have not even finished high school. Unlike their degree-holding, employed counterparts, all the would-be entrepreneur has is:
• who they are: their values, skills and unique personalities,
• what they know: their education (or lack of), expertise and experience, and
• whom they know: their friends, colleagues and networks
Rather than fitting into a particular job description -- they set out to create a niche for themselves, that will allow them to utilize these qualities. With this approach to their chosen profession, it is highly unlikely that they take their motivation from external sources -- except as it relates to determining who their best market is. In this scenario, YOU are firmly in control of what methods and outcomes are best for you.
2. Goals are fine, but realize that they will change monthly, weekly -- or even hourly.
This is what typifies an entrepreneur. The most perfect example I can think of is the person who invented Post-It notes. Art Fry of 3M, wasn't the one who formulated the glue that just wouldn't stick. However, as a frustrated choir member, he thought this glue that could stick and be unstuck -- might be a perfect solution for the bookmarks that kept falling out of his hymn book.
Instead of formulating a business plan, he saw a problem (his experience) and created (with his skill and creativeness) a use for this glue that had turned out as a mistake.
Entrepreneurship, by its very definition -- embraces unexpected outcomes and requires the ability to leverage those options. Do you think a lot of people probably thought how "stupid" Art Fry was for even bothering about a glue that wouldn't stick? Do you think he cared what they thought?
3. Recognize that living in the present will be the best indicator of your future.
Behemoth corporations spend millions of hours and trillions of dollars on market research, focus groups and statistical models. Their self-perceived success lies in their ability to predict the future, so they will be able to capitalize on the next trend.
Entrepreneurs, on the other hand -- tend to spend much more time inventing and reinventing themselves and their product offerings -- in order to secure their future, based on real-time changes in consumer trends and demand. The key difference here, is that the entrepreneur can afford to change directions on a dime. For a huge conglomerate to do that would be akin to stopping a cruise ship in an instant. This gives the small business person/entrepreneur, a huge edge.
Understanding and utilizing these 3 "filters" can help you, a) decide if you have entrepreneurial tendencies, and b) ensure that you're making decisions based on what YOU feel is right, versus what you think others expect of you.
As a solo-preneur (my term for an entrepreneur who works largely on her own), you tend to "live by the sword and die by the sword." In other words, you are 100 percent responsible for your own future, but in turn, that means you have to take all the responsibility for the bad, as well as the good.
Be sure to check back next week, when I'll give you a detailed quiz that you can use to further determine whether the world of entrepreneurship is for YOU.
©2009 Karen Dodd International
Karen R. Dodd publishes the weekly e-zine 'In Focus: Success & Marketing Highlights' for solo-preneurs. If you are looking to jump-start your marketing, get true time leverage and have more fun in your business -- get your FREE tips now at www.KarenDodd.com
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