Poll: Did you become an entrepreneur through lack of other options?

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Thread: Are you a reluctant entrepreneur?

  1. #1
    Site Caretaker Dave A's Avatar
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    Are you a reluctant entrepreneur?

    I got an email from a good mate of mine this morning that got me thinking some:


    Entrepreneurs suffer more mental disease than most people. More of us commit suicide.

    Could this be because most of us are "reluctant" entrepreneurs?
    All our school and university training pushes us into a job. We never need to worry about personal fallout from all the trappings of "business".

    But something goes wrong en route. We find ourselves without any job.

    We're forced into an environment we don't yet understand. Our entrepreneurial effort is because we see no other option at that time. And so we start up under duress. We have to learn to drive while we're in heavy traffic.

    We never feel safe. We never are. Worldwide statistics reflect a massive attrition rate.

    The success stories we read come from a few who bet the farm and made it big. For each of those there are thousands of us who bet the farm and lost it.

    We look to people like lawyers and accountants for guidance. But they too haven't learnt much about business. Their training also focused on the craft rather than the engine around it.

    And bankers? Bankers aren't business advisers. They are salespeople. They sell the thing we most need: access to money.

    We look at the wrong things when we assess their offer. We look at the price, the interest rate. We don't look at how "roadworthy" their vehicle is.

    That's why their suretyship contract hurts us so much. Our stress levels go through the roof as soon as we realise the extent of the fallout if we have to close.

    That fallout forces us to stop making business decisions. We're faced with losing our home so we make personal decisions to try and stem the onslaught. And so closure is never planned nor structured. It is almost always life-changing.

    Would it be a long stretch to suggest that a simple contract causes us to go nuts and kill ourselves? I don't think so.

    But it does not have to be like this. Understand first. Then we can take back control.

    Please check out my free course on the dangers of signing suretyships. If you have a business overdraft you have already signed one. It would be useful to know what it means.

    Warm regards

    Peter Carruthers


    Of course he's right about the perils of suretyships. I can speak from personal experience - mess this up and you can find yourself gutted like a kipper. Financially at least. (Although I can tell you financial disaster does tend to bring rather heavy pressure to bear on other aspects of your life too).
    If you've never delved into the perils of suretyships before, I suggest you take the free course.

    But it was the statement about "reluctant" entrepreneurs that had me really thinking - Could it be that most of us are entrepreneurs got into this against our will?

    I've always taken it that it was my decision to go into business for myself. But did I actually have a choice?
    Practically... No. Not really. It really did seem to be the only viable option open to me at the time.

    Does that "lack of options" make me a "reluctant" entrepreneur?
    Putting it that way - Maybe yes.

    So just how many of us small business owners are reluctant entrepreneurs?

    If you're a business owner, or entrepreneur, or self-employed - it'd be interesting to hear your thoughts.
    Did you "start your own business" out of a lack of options, or because you saw an opportunity?
    The trouble with opportunity is it normally comes dressed up as work.

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    Silver Member Greig Whitton's Avatar
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    Quote Originally Posted by Dave A View Post
    Entrepreneurs suffer more mental disease than most people. More of us commit suicide.
    This is a really bold statement from PC. Does he provide any sources to back it up?

    Founder of Evergrow - Helping South African business owners grow their business without the growing pains

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    Diamond Member Justloadit's Avatar
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    Quote Originally Posted by Greig Whitton View Post
    This is a really bold statement from PC. Does he provide any sources to back it up?
    Interesting, 702, had an article a couple of days ago
    Suicide is prevalent among business owners - insurance advisor
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    Diamond Member Justloadit's Avatar
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    Juat a day or two ago, I was also thinking another one with respect to entrepreneurs,
    Do entrepreneurs become scared to be successful?
    Let me elaborate a bit further, we develop something new, and its going to be the next thing since sliced bread. We work on it, but some how it it never get finished because you want it to be perfect.
    Now is this the true reason, or is it that we are scared to then tackle the aftermath of manufacturing the new gizmo?
    After all one will need money, lots of it, bigger premises, more staff, more overheads, more expenses, marketing, credit facilities both from suppliers and customers, and the list continues.
    Faced with all these dilemmas, and the current political situation, one gets reluctant in putting the house/farm/retirement fund up as collatereal.
    What if some thing goes wrong?
    Debtor doesn't pay, liquidates, supplier goes bust, or bad product which is supposed to go into your gizmo, staff goes on strike, product call back.... and the list of risks becomes larger and larger.

    I know this is negative thinking, but you have to plan for all these eventualities. Maybe this is what sits in the back of your mind when you look at this new gizmo you making......
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    Diamond Member HR Solutions's Avatar
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    Entrepreneurs suffer more mental disease than most people. More of us commit suicide.
    I tend to agree with this. Having your own business in THIS country is not for sissies
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    Sometimes we don't plan and don't have the next best thing to sliced bread. I ran out of options when I lost my job and no one was hiring. I submitted my C.V to more jobs than i can remember but nothing. Literally one day a great job, next day a reluctant entrepreneur...with debt

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    Diamond Member AndyD's Avatar
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    Is there a difference between an entrepreneur and someone who is running a small business to be self employed?
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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by AndyD View Post
    Is there a difference between an entrepreneur and someone who is running a small business to be self employed?
    To my mind, not for the purposes of this discussion.

    (Strictly applied, I am given to understand there is a technical difference between self-employment and entrepreneurship.)
    The trouble with opportunity is it normally comes dressed up as work.

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    Diamond Member HR Solutions's Avatar
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    Quote Originally Posted by AndyD View Post
    Is there a difference between an entrepreneur and someone who is running a small business to be self employed?
    My opinion is an entrepreneur is someone like Richard Branson
    Someone who is running a small business is a small business with about 10 people or less and
    self employed is on your own........ subcontracting or hiring one or two people when needed
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    Diamond Member Justloadit's Avatar
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    one definition is
    a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
    Quote Originally Posted by Wikipedea
    Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire. The people who create these businesses are called 'entrepreneurs'. It has been defined as the "...capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit
    I think that "business venture along with any of its risks" is where the majority of 'self employed' are residing, so effectively they could be 'mini entrepreneurs'
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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