The chasm that separates an entrepreneur

If you Google the phrase ‘what makes a successful entrepreneur?’, you get a return of over 44 million results. Try to replace entrepreneur in your search with the acronym CEO and you get 100 million more results.

This discovery has two perspectives and a dual interpretation for each. It could be because a lot of people in this world aspire to become CEOs — hence are frantically typing in search engines to discover the secret that one day will eventually help them reach the summit of the corporate ladder. Or, more people possess that magic potion and are willing to share it publicly.

It could even be because becoming an entrepreneur is more ambitious — hence discouraging most of us to even think about our chances of becoming one — or less desirable compared to a CEO position, due to a variety of reasons such as those associated with financial risk.

Actually, risk is the word which next to entrepreneurship yields roughly 40 million results in Google’s search engine, and, according to research, the fundamental reason why most of us are averse about opening our own businesses.

I know many highly competent professionals in different industries who have both the starting capital and unequivocal ability to launch and run highly successful SMEs through the pure strength of their experience and acumen but who have stubbornly resisted the temptation.

This is because they are highly sensitive to a potential failure.

The most common risks associated with entrepreneurship have to do with financial insecurity, like sacrificing personal capital while not securing a steady monthly salary or lack of confidence in decision-making, from how to deliver a service or a product to what’s the right price and marketing strategy to recruiting people.

In deciding to embark on an entrepreneurial journey, fear of failure is obviously a dominant barrier, but not the only one. Societal attitudes towards entrepreneurship are as important and they include the perceived opportunities in the market, entrepreneurial intentions, entrepreneurship as a good career choice, perceived high status given to successful entrepreneurs and perceived media attention given for entrepreneurship.

As pointed out right at the outset of this editorial, all one has to do to become an expert in what constitutes a successful entrepreneur is to Google the question. I beg to differ and instead of listing a few cliché phrases about ambition, confidence and good planning — and how the three concoct with each other to create the ingredients of a successful SME — I will simply tell you that entrepreneurs have one thing in common.

The key is self-awareness and self-esteem. Self-awareness is about having a clear perception of your personality, including strengths, weaknesses, thoughts, beliefs, motivation, and emotions. Now close your eyes, think and try to come up with an unbiased SWOT analysis of yourself.

Very few people can attempt this accurately and even less would know how to apply their learnings to become entrepreneurs.

Confidence is not enough without a profound understanding of one’s self.

Attitudes, abilities and aspirations of individuals towards entrepreneurship vary and come in different measure. But they are almost inherent to a person’s unique perspective forged at an early stage during upbringing in relation to the immediate environment and familiar influences.

It is how we learn, or choose to process those that eventually determines propensity towards entrepreneurship. How successful or not, this is largely circumstantial and coincidental.

And some food for thought. To satisfy the rather disproportionate number of CEO wannabes, the world must create more companies, else most high-flying executives will live their lives without ever fulfilling their ultimate professional aspiration.

The writer is an Omani entrepreneur. Follow him on Twitter @Qaisalkhonji