Is Being an Entrepreneur for Everyone?

Posted on August 2, 2007


A recent post listed the ten signs of being an entrepreneur, which are listed below.  I think they are funny, because they have a kernel of truth.  Start ups are not for everyone. While this was humorous, the Startup Journal, an online publication of the Wall Street Journal, had a quick checklist to look at before you undertake a new business. In brief, starting a business should not be entered into lightly, nor should you start up a business without a sense of humor. 

Fred’s Top 10 Signs You’re Made to be an Entrepreneur:
10. You are unemployable. You can’t hold a job. You don’t want to hold a job. And you react to getting a job the same way a cat reacts when you try to give it a bath.
9. You are anti-authoritarian. You can’t fathom the thought of being anything less than Boss, President, Chairman, Don, and/or Emperor.
8. You have the uncanny ability to get other people to do all the work.
7. You are always looking for and/or seeing economic opportunity everywhere and in everything. While at a concert, you occupy yourself by estimating the evening’s take and its gross margins instead of listening to the music.
6. You spend more time and energy looking for easier, faster, cheaper, more effective ways of accomplishing something than if you just did the task outright.
5. You would enthusiastically trade a life-time pass to Disneyland for one ride in the Vomit Comet. In other words, you would give up a secure, even-keeled, bland existence for a life that whipsaws uncontrollably between exhilaration and terror.
4. You don’t see lack of money, lack of knowledge, and lack of experience as barriers to entry. You are also not deterred by the existence of formidable competition.
3. You favor multiplication over addition and you lull yourself to sleep by calculating price-earnings ratios.
2. You would happily invest your home’s equity and your life savings (and your mother’s life savings) in your start-up.
And the Number One sign you are made to be an entrepreneur . . .
1. When you project future earnings, your spread sheet shows that by Year 5, you can buy Argentina and sell it to Brazil.

Mike Goodrich, Goodrich Law Firm, LLC