{"id":51,"date":"2015-04-21T20:57:13","date_gmt":"2015-04-21T20:57:13","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&#038;p=51"},"modified":"2024-05-03T15:31:03","modified_gmt":"2024-05-03T15:31:03","slug":"reading-what-is-an-entrepreneur","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/chapter\/reading-what-is-an-entrepreneur\/","title":{"raw":"What Is an Entrepreneur?","rendered":"What Is an Entrepreneur?"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Outcomes<\/h3>\r\n<ul>\r\n \t<li>Define entrepreneur<\/li>\r\n \t<li>Identify the common traits of successful entrepreneurs<\/li>\r\n<\/ul>\r\n<\/div>\r\n<div>\r\n<blockquote>An entrepreneur is someone who has a bias towards action. Someone who views the world through a different lens. Someone who takes \u2018no\u2019 for a challenge, not an answer.\r\n\r\n\u2014Matt Mickiewicz, Owner of 99Designs.com, Flippa.com &amp; Sitepoint.com<\/blockquote>\r\nMerriam-Webster defines an entrepreneur as \u201cone who organizes, manages, and assumes the risks of a business or enterprise.\u201d What\u2019s missing\u2014or perhaps understated\u2014in this definition is the importance of initiative. That is to say, grammar aside, entrepreneur is a verb. Given this,\u00a0it might be more accurate to define an entrepreneur as someone who sees an opportunity\u2014some hole in the market, or some way to better provide a current service\u2014and works effectively to create a solution, carefully designing how the solution will be made and distributed.\r\n\r\nIn expressing an insider\u2019s perspective, Atari and Chuck E. Cheese Founder Nolan Bushnell captures both the initiative and sense of urgency that is part of the entrepreneur\u2019s DNA: \u201cA lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.\u201d\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/f59e356a-7e65-470c-9666-4f2e65e57920\r\n\r\n<\/div>\r\n<div class=\"textbox examples\">\r\n<h3>Example:\u00a0Young Entrepreneur Living the Dream<\/h3>\r\nJack Bonneau is the quintessential entrepreneur. In the three years he has been in business, he has expanded his product line, opened multiple locations, established strategic partnerships, and secured sponsorship from several national brands. His business has garnered publicity from <em>The New York Times<\/em>, <em>The Denver Post<\/em>, <em>The Today Show<\/em>, <em>Good Morning America<\/em>, and numerous other media. He has shared his business success on several stages, speaking at TechStars and the Aspen Ideas Festival, and recently delivered the closing keynote speech at a national STEM conference. He even landed a gig on <em>Shark Tank<\/em>.\r\n\r\nJack Bonneau is smart, charismatic, an excellent spokesperson, and persistent in his mission. And he is only 11 years old\u2014which also makes him very adorable.\r\n\r\nJack\u2019s business was born from a need that most kids have: a desire for toys. He asked his dad, Steve Bonneau, for a LEGO Star Wars Death Star. The problem was that it cost $400. Jack\u2019s dad said he could have it, but only if he paid for it himself. This led Jack to do what a lot of kids do to earn some extra cash. He opened a lemonade stand. But he quickly learned that this would never help him realize his dream, so, with the advice and help of his father, he decided to open a lemonade stand at a local farmers market. \u201cThere were lots of people who wanted to buy great lemonade from an eight-year-old,\u201d says Jack. In no time, Jack had earned enough to buy his LEGO Death Star. \u201cI had sales of around $2,000, and my total profit was $900,\u201d Jack said.\r\n\r\nJack realized that he was onto something. Adults love to buy things from cute kids. What if he could make even more money by opening more locations? Jack developed an expansion plan to open three new \u201cJack Stands\u201d the following spring. Realizing that he would need more working capital, he secured a $5,000 loan from Young Americas Bank, a bank in Denver that specializes in loans to children. Jack made $25,000 in 2015.\r\n\r\nThe following year, Jack wanted to expand operations, so he secured a second loan for $12,000. He opened stands in several more locations, including shopping malls during the holiday season, selling apple cider and hot chocolate instead of lemonade. He also added additional shop space and recruited other young entrepreneurial kids to sell their products in his space, changing the name to Jack\u2019s Stands and Marketplace. One of his first partnerships was Sweet Bee Sisters, a lip balm and lotion company founded by Lily, Chloe, and Sophie Warren. He also worked with 18 other young entrepreneurs who sell a range of products from organic dog treats to scarves and headbands.\r\n\r\nJack\u2019s strategy worked, and the business brought in more than $100,000 last year. This year, he became the spokesperson for Santa Cruz Organic Lemonade, and he\u2019s now looking at expanding into other cities, such as Detroit and New Orleans.\r\n\r\nEven though Jack is only 11 years old, he has already mastered financial literacy, customer service, marketing and sales, social skills, and other sound business practices\u2014all the qualities of a successful entrepreneur.\r\n<h4>Sources<\/h4>\r\n<p class=\"hanging-indent\">\u201cAbout Jack\u2019s Stands &amp; Marketplaces,\u201d https:\/\/www.jackstands.com, accessed February 1, 2018; Peter Gasca<\/p>\r\n<p class=\"hanging-indent\">\u201cThis 11-Year-Old Founder\u2019s Advice Is As Profound as Any You Could Receive,\u201d Inc., https:\/\/www.inc.com, July 27, 2017; Claire Martin<\/p>\r\n<p class=\"hanging-indent\">\u201cSome Kids Sell Lemonade. He Starts a Chain,\u201d The New York Times, https:\/\/www.nytimes.com, February 26, 2016.<\/p>\r\n\r\n<\/div>\r\n<h2>Common Traits of Entrepreneurs<\/h2>\r\n<blockquote>\u201cThe only skills you need to be an entrepreneur: an ability to fail, an ability to have ideas, to sell those ideas, to execute on those ideas, and to be persistent so even as you fail you learn and move onto the next adventure.\u201d\r\n\r\n\u2014James Altucher<\/blockquote>\r\nAs Joe Abraham found in his research, there\u2019s no blueprint for entrepreneurial success. There are, however, common characteristics of successful entrepreneurs. In Harvard Business Review\u2019s Entrepreneurs Handbook, the editors draw on research from multiple authors, organizing these common denominators into five categories:\r\n<ol>\r\n \t<li style=\"font-weight: 400;\">Ideas &amp; Drive<\/li>\r\n \t<li style=\"font-weight: 400;\">People Skills<\/li>\r\n \t<li style=\"font-weight: 400;\">Work Style<\/li>\r\n \t<li style=\"font-weight: 400;\">Financial Savvy<\/li>\r\n \t<li style=\"font-weight: 400;\">Entrepreneurial Background<\/li>\r\n<\/ol>\r\nIdeas and drive\u2014creativity, vision, and an ability to identify opportunities, in particular\u2014are the elements without which there is no entrepreneurial venture. People skills include not only leadership, but the ability to build networks, communicate an inspiring vision, and influence people. Critical work style traits include a goal and planning orientation, a tolerance for uncertainty, a boot-strapping mindset, a commitment to continuous improvement, resilience, and core business and relationship characteristics, such as the ability to close a deal and accept advice. While in-depth accounting expertise isn\u2019t required, entrepreneurs should have a basic understanding of financial statements and associated concepts. Finally, entrepreneurship tends to run in the family, with 48% of entrepreneurs raised in a family business. Prior experience\u2014from formal education to previous work experience and past failures\u2014are all factors that contribute to entrepreneurial success. In addition to the task-specific traits mentioned above, an ability to maintain balance, \u201cgrit and gratitude,\u201d as Avi Savar phrases it in an Inc. article, is essential for long-term business and psychological health.\r\n<div class=\"textbox examples\">\r\n<h3>CASE Study: The MCBride Sisters<\/h3>\r\nHow did two sisters combine to create the largest Black-owned, female-led wine business in the world in a business dominated by white men? And remarkably, neither sister knew of the existence of the other before they were brought together by family in the 1990s.\r\n\r\n\u201cWe had no idea that we had a sister out in the world,\u201d said Robin McBride. \u201cAndr\u00e9a was growing up in New Zealand, while I was growing up in Monterey, California.\u201d The two sisters had different mothers but share the same father. Each of them grew up in world-class wine growing regions- California\u2019s Central Coast and Marlborough, New Zealand.\r\n\r\nOnce united, they started their work together in California in 2005. They both shared a passion for winemaking and a desire to shake up an industry long controlled by tradition and gender. They soon realized that they possessed unique experiences and backgrounds that could disrupt the industry.\r\n\r\nTheir trademark is combining vision with hard work. To learn the art of winemaking, they traveled every year for four years for the harvest in New Zealand. From there they did painstaking research to learn each facet of the business- from the vineyard, through the distributors, restaurants and retailers, and finally to the table. They faced many obstacles along the way, but they considered those obstacles as challenges to overcome.\r\n\r\n\u201cWe bring our really different perspective on the wine experience but also, we are the only people in the world that can authentically grow sustainable premium wine grapes in two different hemispheres, in two different countries under one winery banner,\u201d said Andr\u00e9a McBride.\r\n\r\nThe sisters developed the highly successful Black Girl Magic line as a homage to their cultural heritage. In 2019 they launched the SHE CAN Fund to support the advancement of women in the wine industry. The following year during the Pandemic, the Fund awarded 30 women with $10,000 scholarships, totaling $300,000 in contributions.\r\n\r\n\u201cSince 2005, The McBride Sisters\u2019 mission has been clear - to transform the industry, lead by example, and cultivate community, one delicious glass of wine at a time.\u201d\r\n\r\n[caption id=\"attachment_7431\" align=\"aligncenter\" width=\"516\"]<img class=\"wp-image-7431 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3843\/2022\/05\/12181018\/image1.jpg\" alt=\"Robin and Andr\u00e9a McBride at an event for their brand Black Girl Magic. They are holding large wine bottles and are surrounded by decorative balloons.\" width=\"516\" height=\"344\" \/> Robin and Andr\u00e9a McBride, cofounders of Black Girl Magic and the SHE CAN Fund.[\/caption]\r\n<h4>Sources:<\/h4>\r\n\u201cMeet The Sisters Behind One of the Wine Industry\u2019s Most Exciting Companies\u201d. Fodor\u2019s Travel. www.fodors.com\/news\/wine-and-cocktails\/meet-the-sisters-behind-one-of-the-wine-industrys-most-exciting-companies. Accessed April 24, 2022.\r\n\r\n\u201cOur Story\u201d. www.mcbridesisters.com\/Sisters-Story. Accessed April 24, 2022.\r\n\r\n<\/div>\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/5577f7da-c06d-4768-91a9-b413479f4278\r\n\r\n<\/div>\r\nTo the health point, it\u2019s worth noting that at the extreme, our strengths become our weaknesses or vulnerabilities. We see this most clearly in the Builder, but the downside risk is not limited to that personality type. In \u201c<a href=\"https:\/\/www.inc.com\/magazine\/201309\/jessica-bruder\/psychological-price-of-entrepreneurship.html\" target=\"_blank\" rel=\"noopener\">The Psychological Price of Entrepreneurship<\/a>,\u201d Jessica Bruder provides perspective on the emotional toll a start-up business can take on an entrepreneur. This is not just a rite of passage; veteran entrepreneur Elon Musk publicly exhibited and discussed the \u201cexcruciating\u201d personal toll Tesla has had on him in 2018, and his claims regarding privatization cost him his role as Tesla Chairman (he remains CEO).\r\n\r\nEntrepreneurship can also have a steep financial toll: it's difficult (if not sometimes impossible) to maintain a separate job to pay the bills while working to create a new business. Any new venture will take up-front financial investment, and sometimes that investment comes from the entrepreneur's own pocket rather than a third-party investor. However, if your idea pays off, the financial reward can make it worth it in the end.\r\n<div class=\"textbox key-takeaways\">\r\n<h3>Learn MOre<\/h3>\r\nDo you have what it takes to be an entrepreneur? Here are a few self-assessment options:\r\n<ul>\r\n \t<li style=\"font-weight: 400;\"><a href=\"https:\/\/hbr.org\/2010\/02\/should-you-be-an-entrepreneur\" target=\"_blank\" rel=\"noopener\">Harvard Business Review\u2019s Should You Be an Entrepreneur?<\/a> Test developed by Babson College Management Practice Professor Daniel Isenberg<\/li>\r\n \t<li style=\"font-weight: 400;\"><a href=\"https:\/\/eweb1.sba.gov\/cams\/training\/business_primer\/assessment.htm\" target=\"_blank\" rel=\"noopener\">SBA\u2019s Small Business Readiness Assessment<\/a><\/li>\r\n<\/ul>\r\nIf the assessments leave you undecided, consider one additional trait, drawn from Entrepreneur\u2019s \u201cThe 7 Traits of Successful Entrepreneurs\u201d article: confidence. This is also a point made by LISNR Co-Founder &amp; CEO Rodney Williams in his \u201cSo, You Want to Be An Entrepreneur?\u201d article. His position: if you have to ask whether you\u2019re an entrepreneur, you\u2019re probably not. He refers to this as the \u201cMiles Davis Test.\u201d Late in life, Davis was asked if he planned to continue making music. His response: I have to. I can\u2019t help it. That, according to Williams, captures \u201cthe soul of the entrepreneur.\u201d\r\n\r\n<\/div>\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li>Define entrepreneur<\/li>\n<li>Identify the common traits of successful entrepreneurs<\/li>\n<\/ul>\n<\/div>\n<div>\n<blockquote><p>An entrepreneur is someone who has a bias towards action. Someone who views the world through a different lens. Someone who takes \u2018no\u2019 for a challenge, not an answer.<\/p>\n<p>\u2014Matt Mickiewicz, Owner of 99Designs.com, Flippa.com &amp; Sitepoint.com<\/p><\/blockquote>\n<p>Merriam-Webster defines an entrepreneur as \u201cone who organizes, manages, and assumes the risks of a business or enterprise.\u201d What\u2019s missing\u2014or perhaps understated\u2014in this definition is the importance of initiative. That is to say, grammar aside, entrepreneur is a verb. Given this,\u00a0it might be more accurate to define an entrepreneur as someone who sees an opportunity\u2014some hole in the market, or some way to better provide a current service\u2014and works effectively to create a solution, carefully designing how the solution will be made and distributed.<\/p>\n<p>In expressing an insider\u2019s perspective, Atari and Chuck E. Cheese Founder Nolan Bushnell captures both the initiative and sense of urgency that is part of the entrepreneur\u2019s DNA: \u201cA lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.\u201d<\/p>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"assessment_practice_f59e356a-7e65-470c-9666-4f2e65e57920\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/f59e356a-7e65-470c-9666-4f2e65e57920?iframe_resize_id=assessment_practice_id_f59e356a-7e65-470c-9666-4f2e65e57920\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<div class=\"textbox examples\">\n<h3>Example:\u00a0Young Entrepreneur Living the Dream<\/h3>\n<p>Jack Bonneau is the quintessential entrepreneur. In the three years he has been in business, he has expanded his product line, opened multiple locations, established strategic partnerships, and secured sponsorship from several national brands. His business has garnered publicity from <em>The New York Times<\/em>, <em>The Denver Post<\/em>, <em>The Today Show<\/em>, <em>Good Morning America<\/em>, and numerous other media. He has shared his business success on several stages, speaking at TechStars and the Aspen Ideas Festival, and recently delivered the closing keynote speech at a national STEM conference. He even landed a gig on <em>Shark Tank<\/em>.<\/p>\n<p>Jack Bonneau is smart, charismatic, an excellent spokesperson, and persistent in his mission. And he is only 11 years old\u2014which also makes him very adorable.<\/p>\n<p>Jack\u2019s business was born from a need that most kids have: a desire for toys. He asked his dad, Steve Bonneau, for a LEGO Star Wars Death Star. The problem was that it cost $400. Jack\u2019s dad said he could have it, but only if he paid for it himself. This led Jack to do what a lot of kids do to earn some extra cash. He opened a lemonade stand. But he quickly learned that this would never help him realize his dream, so, with the advice and help of his father, he decided to open a lemonade stand at a local farmers market. \u201cThere were lots of people who wanted to buy great lemonade from an eight-year-old,\u201d says Jack. In no time, Jack had earned enough to buy his LEGO Death Star. \u201cI had sales of around $2,000, and my total profit was $900,\u201d Jack said.<\/p>\n<p>Jack realized that he was onto something. Adults love to buy things from cute kids. What if he could make even more money by opening more locations? Jack developed an expansion plan to open three new \u201cJack Stands\u201d the following spring. Realizing that he would need more working capital, he secured a $5,000 loan from Young Americas Bank, a bank in Denver that specializes in loans to children. Jack made $25,000 in 2015.<\/p>\n<p>The following year, Jack wanted to expand operations, so he secured a second loan for $12,000. He opened stands in several more locations, including shopping malls during the holiday season, selling apple cider and hot chocolate instead of lemonade. He also added additional shop space and recruited other young entrepreneurial kids to sell their products in his space, changing the name to Jack\u2019s Stands and Marketplace. One of his first partnerships was Sweet Bee Sisters, a lip balm and lotion company founded by Lily, Chloe, and Sophie Warren. He also worked with 18 other young entrepreneurs who sell a range of products from organic dog treats to scarves and headbands.<\/p>\n<p>Jack\u2019s strategy worked, and the business brought in more than $100,000 last year. This year, he became the spokesperson for Santa Cruz Organic Lemonade, and he\u2019s now looking at expanding into other cities, such as Detroit and New Orleans.<\/p>\n<p>Even though Jack is only 11 years old, he has already mastered financial literacy, customer service, marketing and sales, social skills, and other sound business practices\u2014all the qualities of a successful entrepreneur.<\/p>\n<h4>Sources<\/h4>\n<p class=\"hanging-indent\">\u201cAbout Jack\u2019s Stands &amp; Marketplaces,\u201d https:\/\/www.jackstands.com, accessed February 1, 2018; Peter Gasca<\/p>\n<p class=\"hanging-indent\">\u201cThis 11-Year-Old Founder\u2019s Advice Is As Profound as Any You Could Receive,\u201d Inc., https:\/\/www.inc.com, July 27, 2017; Claire Martin<\/p>\n<p class=\"hanging-indent\">\u201cSome Kids Sell Lemonade. He Starts a Chain,\u201d The New York Times, https:\/\/www.nytimes.com, February 26, 2016.<\/p>\n<\/div>\n<h2>Common Traits of Entrepreneurs<\/h2>\n<blockquote><p>\u201cThe only skills you need to be an entrepreneur: an ability to fail, an ability to have ideas, to sell those ideas, to execute on those ideas, and to be persistent so even as you fail you learn and move onto the next adventure.\u201d<\/p>\n<p>\u2014James Altucher<\/p><\/blockquote>\n<p>As Joe Abraham found in his research, there\u2019s no blueprint for entrepreneurial success. There are, however, common characteristics of successful entrepreneurs. In Harvard Business Review\u2019s Entrepreneurs Handbook, the editors draw on research from multiple authors, organizing these common denominators into five categories:<\/p>\n<ol>\n<li style=\"font-weight: 400;\">Ideas &amp; Drive<\/li>\n<li style=\"font-weight: 400;\">People Skills<\/li>\n<li style=\"font-weight: 400;\">Work Style<\/li>\n<li style=\"font-weight: 400;\">Financial Savvy<\/li>\n<li style=\"font-weight: 400;\">Entrepreneurial Background<\/li>\n<\/ol>\n<p>Ideas and drive\u2014creativity, vision, and an ability to identify opportunities, in particular\u2014are the elements without which there is no entrepreneurial venture. People skills include not only leadership, but the ability to build networks, communicate an inspiring vision, and influence people. Critical work style traits include a goal and planning orientation, a tolerance for uncertainty, a boot-strapping mindset, a commitment to continuous improvement, resilience, and core business and relationship characteristics, such as the ability to close a deal and accept advice. While in-depth accounting expertise isn\u2019t required, entrepreneurs should have a basic understanding of financial statements and associated concepts. Finally, entrepreneurship tends to run in the family, with 48% of entrepreneurs raised in a family business. Prior experience\u2014from formal education to previous work experience and past failures\u2014are all factors that contribute to entrepreneurial success. In addition to the task-specific traits mentioned above, an ability to maintain balance, \u201cgrit and gratitude,\u201d as Avi Savar phrases it in an Inc. article, is essential for long-term business and psychological health.<\/p>\n<div class=\"textbox examples\">\n<h3>CASE Study: The MCBride Sisters<\/h3>\n<p>How did two sisters combine to create the largest Black-owned, female-led wine business in the world in a business dominated by white men? And remarkably, neither sister knew of the existence of the other before they were brought together by family in the 1990s.<\/p>\n<p>\u201cWe had no idea that we had a sister out in the world,\u201d said Robin McBride. \u201cAndr\u00e9a was growing up in New Zealand, while I was growing up in Monterey, California.\u201d The two sisters had different mothers but share the same father. Each of them grew up in world-class wine growing regions- California\u2019s Central Coast and Marlborough, New Zealand.<\/p>\n<p>Once united, they started their work together in California in 2005. They both shared a passion for winemaking and a desire to shake up an industry long controlled by tradition and gender. They soon realized that they possessed unique experiences and backgrounds that could disrupt the industry.<\/p>\n<p>Their trademark is combining vision with hard work. To learn the art of winemaking, they traveled every year for four years for the harvest in New Zealand. From there they did painstaking research to learn each facet of the business- from the vineyard, through the distributors, restaurants and retailers, and finally to the table. They faced many obstacles along the way, but they considered those obstacles as challenges to overcome.<\/p>\n<p>\u201cWe bring our really different perspective on the wine experience but also, we are the only people in the world that can authentically grow sustainable premium wine grapes in two different hemispheres, in two different countries under one winery banner,\u201d said Andr\u00e9a McBride.<\/p>\n<p>The sisters developed the highly successful Black Girl Magic line as a homage to their cultural heritage. In 2019 they launched the SHE CAN Fund to support the advancement of women in the wine industry. The following year during the Pandemic, the Fund awarded 30 women with $10,000 scholarships, totaling $300,000 in contributions.<\/p>\n<p>\u201cSince 2005, The McBride Sisters\u2019 mission has been clear &#8211; to transform the industry, lead by example, and cultivate community, one delicious glass of wine at a time.\u201d<\/p>\n<div id=\"attachment_7431\" style=\"width: 526px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-7431\" class=\"wp-image-7431 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3843\/2022\/05\/12181018\/image1.jpg\" alt=\"Robin and Andr\u00e9a McBride at an event for their brand Black Girl Magic. They are holding large wine bottles and are surrounded by decorative balloons.\" width=\"516\" height=\"344\" \/><\/p>\n<p id=\"caption-attachment-7431\" class=\"wp-caption-text\">Robin and Andr\u00e9a McBride, cofounders of Black Girl Magic and the SHE CAN Fund.<\/p>\n<\/div>\n<h4>Sources:<\/h4>\n<p>\u201cMeet The Sisters Behind One of the Wine Industry\u2019s Most Exciting Companies\u201d. Fodor\u2019s Travel. www.fodors.com\/news\/wine-and-cocktails\/meet-the-sisters-behind-one-of-the-wine-industrys-most-exciting-companies. Accessed April 24, 2022.<\/p>\n<p>\u201cOur Story\u201d. www.mcbridesisters.com\/Sisters-Story. Accessed April 24, 2022.<\/p>\n<\/div>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"assessment_practice_5577f7da-c06d-4768-91a9-b413479f4278\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/5577f7da-c06d-4768-91a9-b413479f4278?iframe_resize_id=assessment_practice_id_5577f7da-c06d-4768-91a9-b413479f4278\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<p>To the health point, it\u2019s worth noting that at the extreme, our strengths become our weaknesses or vulnerabilities. We see this most clearly in the Builder, but the downside risk is not limited to that personality type. In \u201c<a href=\"https:\/\/www.inc.com\/magazine\/201309\/jessica-bruder\/psychological-price-of-entrepreneurship.html\" target=\"_blank\" rel=\"noopener\">The Psychological Price of Entrepreneurship<\/a>,\u201d Jessica Bruder provides perspective on the emotional toll a start-up business can take on an entrepreneur. This is not just a rite of passage; veteran entrepreneur Elon Musk publicly exhibited and discussed the \u201cexcruciating\u201d personal toll Tesla has had on him in 2018, and his claims regarding privatization cost him his role as Tesla Chairman (he remains CEO).<\/p>\n<p>Entrepreneurship can also have a steep financial toll: it&#8217;s difficult (if not sometimes impossible) to maintain a separate job to pay the bills while working to create a new business. Any new venture will take up-front financial investment, and sometimes that investment comes from the entrepreneur&#8217;s own pocket rather than a third-party investor. However, if your idea pays off, the financial reward can make it worth it in the end.<\/p>\n<div class=\"textbox key-takeaways\">\n<h3>Learn MOre<\/h3>\n<p>Do you have what it takes to be an entrepreneur? Here are a few self-assessment options:<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/hbr.org\/2010\/02\/should-you-be-an-entrepreneur\" target=\"_blank\" rel=\"noopener\">Harvard Business Review\u2019s Should You Be an Entrepreneur?<\/a> Test developed by Babson College Management Practice Professor Daniel Isenberg<\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/eweb1.sba.gov\/cams\/training\/business_primer\/assessment.htm\" target=\"_blank\" rel=\"noopener\">SBA\u2019s Small Business Readiness Assessment<\/a><\/li>\n<\/ul>\n<p>If the assessments leave you undecided, consider one additional trait, drawn from Entrepreneur\u2019s \u201cThe 7 Traits of Successful Entrepreneurs\u201d article: confidence. This is also a point made by LISNR Co-Founder &amp; CEO Rodney Williams in his \u201cSo, You Want to Be An Entrepreneur?\u201d article. His position: if you have to ask whether you\u2019re an entrepreneur, you\u2019re probably not. He refers to this as the \u201cMiles Davis Test.\u201d Late in life, Davis was asked if he planned to continue making music. His response: I have to. I can\u2019t help it. That, according to Williams, captures \u201cthe soul of the entrepreneur.\u201d<\/p>\n<\/div>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-51\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>What Is an Entrepreneur?. <strong>Authored by<\/strong>: Nina Burokas. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Case Study: The McBride Sisters. <strong>Authored by<\/strong>: Robert Danielson. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Example: Young Entrepreneur Living the Dream. <strong>Authored by<\/strong>: OpenStax. <strong>Provided by<\/strong>: Rice University. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/cnx.org\/contents\/Tgl3H6iq@8.4:pEdkag9F@8\/5-1-Entrepreneurship-Today\">https:\/\/cnx.org\/contents\/Tgl3H6iq@8.4:pEdkag9F@8\/5-1-Entrepreneurship-Today<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/contents\/4e09771f-a8aa-40ce-9063-aa58cc24e77f@8.3<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":78,"menu_order":7,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"What Is an Entrepreneur?\",\"author\":\"Nina Burokas\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Example: Young Entrepreneur Living the Dream\",\"author\":\"OpenStax\",\"organization\":\"Rice University\",\"url\":\"https:\/\/cnx.org\/contents\/Tgl3H6iq@8.4:pEdkag9F@8\/5-1-Entrepreneurship-Today\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/contents\/4e09771f-a8aa-40ce-9063-aa58cc24e77f@8.3\"},{\"type\":\"original\",\"description\":\"Case Study: The McBride Sisters\",\"author\":\"Robert Danielson\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"651a858b-87d1-4b2e-8312-8d248facb139, 98d2a378-19da-4de5-b265-efc3d41b4264, 1dfb484d-71b0-490f-ba83-8373d92ac684","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-51","chapter","type-chapter","status-publish","hentry"],"part":87,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/51","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/users\/78"}],"version-history":[{"count":86,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/51\/revisions"}],"predecessor-version":[{"id":15320,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/51\/revisions\/15320"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/87"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/51\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/media?parent=51"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=51"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=51"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/license?post=51"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}