March 31, 2014, 8:58 PM —
I had the pleasure of speaking with Jean Dobey, the CEO and Founder of www.Hibe.com and Tim Morris, the firm’s VP of Marketing and Business Development. Our discussion centered around entrepreneurship as a profession and finding the right idea to start your company.
Being an entrepreneur brings with it a combination of freedom, risk, reward, and sacrifice. Each of which are described below:
Freedom: As an entrepreneur, you are your own boss, which truly lets you make your own decisions and build your company in the way you think it should be done. It can also provide you with a high degree of flexibility in regard to scheduling, with the exception, of course, of your agreed to business commitments.
Risk: Making the decision to start your own company brings with it many types of risk. Financial risk is created because of the investment of your capital and the acceptance of personal financial obligations related to start your company. Reputational risk is caused because the success or failure of your company reflects on you personally.
Reward: The rewards of starting your own company aren’t just financial, which, or course, can be quite substantial if you are smart and a little bit lucky. High reward also comes from seeing your dream turn into a reality and knowing that the product or service you have created is helping the world in some way.
Sacrifice: What those outside the entrepreneurial world don’t see is the incredible number of hours worked, personal energy expended, reduced short term income, and the high personal commitment that it takes to get a company off the ground.
All this said, entrepreneurship is not for everyone. It requires enormous professional discipline, confidence without arrogance, an understanding of the world around you, and a vision.
Professional discipline: When you are your own boss, you must do whatever is needed, not just things you personally enjoy the most. You must also be willing to continue working toward your dream/vision, even when the going gets tough. In fact, during these hard times, it’s your inherent belief in your dream that keeps you moving forward.
Confidence without arrogance: No one knows everything. Certainly you must be confident in your skills and the power of your vision, but you must also be willing to accept and internalize the advice of others and modify your tactics and/or realign your strategy if you believe their advice to be true.