It is said that America is a great nation for entrepreneurship because of our exuberance. We are a nation that is willing to dream big and work hard. We also are a nation that is full of potential customer, that we are full of people who love novelty, creation and who want to be early adapters of new and interesting things.
The concept of entrepreneurship has many school of thoughts– there’s the big dreamer, the innovator, the ideator, the utilitarian service business creator and passionate business model. All of these models of entrepreneurship have created millionaires and billionaires in America and all around the world.
Entrepreneurship Is Hard
Entrepreneurship is hard but worthwhile. There are stats on the success and failure rate of businesses. It is believed that around 80 to 90% of all new businesses fail. That has to be a very hard pill to swallow but if a person truly has entrepreneurship blood that will not stop them, it might make them cautious, but it will not stop them. If anything, entrepreneurs need Big Magic, which is the title of a book for artist and all creative types that aims to help them smoothly navigate the highs and lows of creation.
One very interesting infographic shows the believed and actual path of entrepreneurship; one image shows a linear upward facing line to success and the other show peaks and valleys, circles, scribble, messes, despair, joy, depression, success, failure, failure, modest success and long last incremental success. It is obvious that the latter is more accurate to what the life of the average entrepreneur looks like. Would be entrepreneurs should know that the path to success is going to bumpy, hard, difficult, depressing, joyous, painful, fun, boring but ultimately if a person has entrepreneur’s blood they wouldn’t have it any other way.
The Cost of Exuberance
Exuberance and the manic joy of a new idea, of getting started on a business, of getting energized by the thoughts that run through an entrepreneur’s head has a very healthy cost. There is a sort of entrepreneurs faux bi-polar that is marked by hypomanic periods of excitement and world get out of my way type of exuberance but there’s also the side that is rarely talked about and that’s all the low periods after all the early excitement has died down, when plans have to be executed, where bringing an idea into the real world must happen, where money and failure become real things. The highs, the lows and the malaise.
These are all things that entrepreneurs know so well. All of these things must be understood and incorporated into the concept of entrepreneurship. One article suggests that there’s an optimal time to go through the stages of business creation, ways to put that early excitement and exuberance to maximum use and even an optimal time to use doubt and fear to great effect. These are real world concept and tools that every entrepreneur should master and learn to love.