Attitude, attitude, attitude is so important when you’re out there all alone. It’s not like being an employee. There’s something different about a business owner. Long before Andrew Carnegie became one of the greatest industrialists of the 20th Century and a multimillionaire, there were indicators that he was no “ordinary Joe.”
Carnegie was born in Scotland. His Father was a hand loom weaver. The Industrial Revolution in Great Britain put many weavers out of work, and the Carnegie family was on the brink of starvation. To make matters worse, his Father began to drink heavily. The family moved to Pennsylvania, and had to borrow the money to do so. At the time, Alleghany, Pennsylvania was a very poor town. As the family’s fortunes further deteriorated, Carnegie took it upon himself to assist the family.
At the age of 13, he took a job as a bobbin boy, changing the thread spools 12 hours per day, 6 days a week, in a cotton mill. Yes, that’s 72 hours per week! Most kids that age today are probably outside playing with their friends, and not thinking of building an empire. His next job was that of a telegraph messenger boy in Pittsburgh. He memorized all of the locations of businesses in Pittsburgh, and the faces of the city’s most prominent men.
Simply put, although running your own business does not require the dedication of an Andrew Carnegie, you must have something more than the typical employee.
A. Making a Personal Attitude Adjustment
1. Need for Self-Evaluation of Attitude, Aptitude, Willingness to Accept Responsibility, Decision Making Skills, and Risk Tolerance Even before Conducting Your Research
2. Differences between Employee Mindset and Employer / Entrepreneur Mindset
3. Differences between Impact that Employee Can Have on Enterprise versus that of Owner
4. Why Most People Resist Becoming their Own Boss
a. Not Enough Time
b. Not Enough Money
c. Not Enough Experience
5. The Nature of Risk / Nature of Adventure
6. Potential Impact on Economy and Society through Entrepreneurial Activity while May Be No “Perceived” Impact as Employee
7. Realizing We All Sell Something
a. Compare What Employee Sells versus What Small Business / Its Owner Sells
b. Compare Personality versus Product versus Skills and Expertise versus Knowledge
8. There will be No Emergency Parachute – Your Survival Depends on It
9. Instead of Being Fed and Lead by Others, You Initiate, Seek Information, and Get Knowledge on Your Own
10. Increasing Probability of Success and Minimizing Probability of Failure – It’s All about Probabilities
11. Business Decisions not Based on What You Like to Do, and Often Involves Careful Balancing of Numerous Competing (at minimum) and (at worst) Complicated Factors
12. Objectivity, not Emotion, Dominates Business Person’s Thought Process
13. Decisions You Make Affect Quality of Lives of Others – Not Only Your Family, but Employees and Their Families
14. What Makes an Entrepreneur Different?
a. Thinks Bigger Than Others
b. Works Harder
c. Generally Likes to Make Money
d. Likes Success
e. Usually Has Some Special Talent(s)
f. Has a Different View of the World in Terms of Risk
g. May Have Been in Business at Early Age
h. Personable and Charismatic
i. Highly Competitive – Driven
15. Seeing Opportunities Where Others See Problems
a. Rebuilding Chicago after Great Fire
b. Responding to Natural Disasters like Katrina
c. Learning to “Hear Bell Ringing” and “Seeing Light Bulb Illuminating”
16. Pros and Cons of Entrepreneurial Activity
a. Pros
(1) Satisfaction
(2) Independence
(3) Monetary Satisfaction
b. Cons
(1) Failure
(2) Loneliness
(3) Financial Insecurity
(4) Problem, after Problem, after Problem
(5) Long Hours and Hard Work
(6) Less Time with Family
B. Hallmarks of Committed Entrepreneur, which also
Translates into Successful Entrepreneur
1. “Five D’s” according to American Institute
of Small Business
a. Desire – You’ve Got to Want to Have It
(1) It Keeps You Going
(2) It Attracts and Motivates Those around You – Partners, Investors, and Potential Clients and Customers
b. Discipline – Doing Things that Others Don’t Want to / Choose Not to Do
(1) Difficult
(2) Unpleasant
(3) Tedious
(4) Sacrifice
(5) Family
c. Details – Typically Very Good Organizers
d. Diligence – Figuring Out Way to Survive and Making Most of What You Have
e. Determination
(1) Keeps You Going When Going Gets Rough
(2) Measure of Character
(3) Consider Marathon Runners – Blisters, Muscle Pulls, and Light-Headedness
2. Committed Entrepreneur Knows Why Went into Business
a. Tangible / Concrete Reasons
(1) Make a Living
(2) Prepare for Retirement
(3) Generate Extra Income
(4) Get Rich
(5) Create Business Write-Offs
(6) Occupy One’s Time, Particularly during Retirement
b. Subjective / Philosophical Reasons
(1) Do Something for the Community, Whether Business / Professional, Family, Non – Profit, Civic
(2) Stop Working for Morons
(3) Acquire More Flexibility in One’s Life
(4) Develop More Self – Esteem
© 2011, Visions Unlimited Management Consultants
