I teach Entrepreneurship at Georgetown and I say the same thing every semester: "Not everyone needs to be an entrepreneur, but to be successful everyone needs to be entrepreneurial."
You can no longer rest on your associate or lawyer laurels in this age of automation, outsourcing, and greater client demands. You must have business acumen and be more entrepreneurial to thrive. Read this blog post to figure out your current entrepreneurial type and which one you might want to be!
There are 4 Entrepreneurial Types:
- Side Hustlers;
- Solopreneurs and
Intra-preneurs - I will generate additional income for my company which will increase my value to the company. That increased value will hopefully increase my employment income through bonuses and promotions. I do not want to be my own boss. I don't want to take on any risk to my minimum income based on my entrepreneurial activities. I do not want to do any Running My Own Business Stuff ("RMOB Stuff"), as defined below.
Side Hustlers - I will generate additional income that is created independent of my full-time job. I do not want to be my own full-time boss. I don't want to take on any risk to my minimum income based on my entrepreneurial activities. I am willing to make limited capital and time investments to fund my side hustle. I am willing to do a limited amount of Running My Own Business Stuff ("RMOB Stuff"), as defined below.
Solopreneurs - I will build myself an independent job that generates independent income. I want to be my own boss. I generally do not want to be someone else's boss. I am only willing to make overhead, managerial or capital investments that will cover my personal income needs and to sustain the business. I don't intend to significantly grow the business in terms of its size, scale, overhead, or managerial responsibilities. I am willing to spend significant time and resources on RMOB Stuff, but only enough to maintain the cruising altitude of the business.
Entrepreneurs - I will build a company that generates independent income. I want to be my own boss and the boss of others. I am willing to make overhead, managerial and capital investments that will cover my personal income needs and the income needs of employees. I am also willing to make such investments from my personal funds to sustain and grow the business. I intend to significantly grow the business in terms of its size, scale, overhead, and managerial responsibilities over time. I am willing to spend significant time and resources on RMOB Stuff, including RMOB Stuff solely intended to grow the business over time. I will consider raising money from others to sustain and grow the business.
"Running My Own Business Stuff": RMOB Stuff includes time spent on:
- Marketing and sales
- Budgeting and capital raising
- Internal and external people management
- Client and customer service
- Company-level business planning, strategy and execution
- Social media and website management, content creation, and maintenance
- Administrative tasks such as invoicing, bill paying, bookkeeping & filing
- Corporate "upkeep" such as licenses, certifications, annual filings, tax work
- Other tasks that aren't the actual delivery of the company's service or product
RMOB Stuff also includes the management of third-party contractors or automation applications that accomplish those tasks on a service basis. You must be willing, able and competent (over time) in doing RMOB Stuff to be a solopreneur or entrepreneur. Many folks attempt to become entrepreneurs or solopreneurs and go back to being side hustlers and/or intra-preneurs after they realize they don't like doing - or they're just not good at - Running My Own Business Stuff.
UPSHOT: There are 4 Entrepreneurial Types. It's important to know your entrepreneurial type so you can have a strategic career plan for next year. What do you need to learn to succeed as your current entrepreneurial type? What do you need to learn or do to prepare yourself to transition to another entrepreneurial type? Your 2018 goals, personal investments and career-building activities should change depending on who you are now and who you want to be!
WHAT DO YOU THINK?
Which Type are you? Are you an I, SH, S or E? Which do you want to be?
Let us know what you think in the comments! And please forward this to your colleagues and friends!