Surprising Reasons Why Entrepreneurs Exist!
Business Insights issue 6 considered whether there is an ideal time to take the leap and become an entrepreneur. This month's Business Insight issue 7 ponders some surprising reasons why entrepreneurs exist and why some become addicted to the art of business creation.
So why, given the relentless quest for innovation and disruption, would anyone want to be an entrepreneur?
Why are you building your own business?
Depending on how you entered the world of entrepreneurship, you may well have never considered why you have chosen the path you're on. Equally, you may not be consciously aware that you somehow made this choice.
Of these three scenarios, which if any, do you resonate with most?
You may have arrived in the world of entrepreneurship following redundancy from a large corporate enterprise having previously been a well-paid employee, perhaps at a senior level, and may feel you have exhausted your capacity to cope with the rigours of corporate life any longer. You may also have been fortunate enough to receive a sizable lump sum payment that will cover your living expenses whilst you get your entrepreneurial venture established.
Then again, you may have been thrown into a new situation unexpectedly and may be relying on government support for now, just like many others in your position. You may be struggling to find suitable employment elsewhere and may need to find a new way to make enough money to live on so that you can regain a satisfactory level of independence.
Alternatively, you may have felt for some time that getting a job just isn't for you. This may be because you yearn for the freedom and opportunity to work in your own unique way, free from the constraints of conventional employment. Perhaps you've had an enduring desire to live your dream and create a business where you are the master of your own destiny. If so, you may prefer to have the chance to earn as much as your heart desires. In which case, for you, having your own business is the only option there is, no matter how much work and risk it involves!
It could even be a combination of all three! However you got here, take a moment to consider this ...
What are the reasons that have driven you to where you find yourself today?
At this point, you may well be wondering why this matters. Why is it important for you to know this?
Surely knowing why you have made this choice is just a nicety but not really a necessity?
Well, maybe, in the early stages of setting up your business, knowing why you have chosen to become an entrepreneur isn't something that is of concern to you. You may feel you already have enough drive and determination to get started and make your business venture fly! Why worry about anything else?
If you are someone who works best by focusing solely on the task at hand, this approach may serve you well at this point in time. However, it's unlikely to be enough to carry you through the really tough times when your drive has gone and your determination is wavering because, try as you might, you just aren't getting the results you're looking for!
On the other hand, maybe you do need to know the reasons why you are giving everything up and taking such a big risk with your future! After all, statistics prove entrepreneurship is a highly risky business prone to high failure rates, even in good times! This fact is proven in Business Insight issue 4 which provides some compelling statistics and insights exposing the bare facts and reasons why this is the case. So, if you are someone who prefers to make informed decisions, then this approach may help to quell your fears and manage your anxiety levels.
Then, there is a third and perhaps more pressing reason for you to understand why you have chosen the particular path you are on as an entrepreneur. Looking at this from a more commercial purpose-led perspective, it is "your why" that translates into your mission statement. And it is "your why" which attracts your existing and prospective stakeholders to you, ranging from those who buy from you to those who work for you.
You may already be aware of Simon Sinek's book "Start With Why: How Great Leaders Inspire Everyone To Take Action". You may also have read our Business Insights article "Innovation in Leadership: Are All Entrepreneurs Leaders?" Let's say you subscribe to the view that, as an entrepreneur, you are also a leader. If this is the case, then "your why" will be the thing that attracts followers to you and inspires your tribe to follow you. And, as an entrepreneur who believes business can and should be ethical, socially responsible, and sustainable, you are the epitome of the purpose-led economy.
So, now you've got some reasons to figure out why you have chosen to be an entrepreneur, what will you do next?
Will you set aside some time to reflect alone on your purpose for existing?
Will you find and join a like-minded community of peers, such as the Humankind Entrepreneurs Club, to thrash out the purpose behind your cause?
Or will you seek out professional help and support to guide you through the process?
If you would like to find out more about how you can join a growing community of like-minded entrepreneurs, founders, and business owners who believe business can and should be ethical, socially responsible, and sustainable, to go our Pricing Plan page for further information here: https://www.bradley-brown-consulting.com/pricing-plans
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