http://www.wsj.com/articles/how-to-recognize-a-budding-entrepreneur-1432318006 A few days ago I read this article in the WSJ about the characteristics of entrepreneurs. The study used an interesting method to outline the characteristics of a young entrepreneur: basically, they asked 4,000 young people to complete a questionnaire, then grouped the traits of those self-described as aspiring entrepreneurs, versus others.
First, I have some issues with this method. Respondents are answering traits about themselves, and aside from some binary questions, like " have you started a club", can an individual really accurately say they are "innovative"? I have just found that many people - of all ages - are not necessarily objective judges of their own attributes. Furthermore, these respondents were only aspiring entrepreneurs; therefore the very separation of these two groups has no basis besides participants' self-identification. And again, if someone identifies as an aspiring entrepreneur, doesn't she he or she necessarily bias themselves to be "innovative", "creative", "self-starting", etc? The article did concede that the study organizers could not analyze "successful entrepreneurs", because the pool was too small to analyze. Which begs the question, is this really a well-designed study? Wouldn't the most identifying entrepreneur characteristics be derived from established, lucrative entrepreneurs? This might be overlooking the qualities in young, untested people that go on to be entrepreneurs, but I just think it's quite easy to dream of career self-autonomy, and quite difficult to see it followed through. I might have missed it, but this study didn't even report how many of the 4,000 participants were identified as the aspirant entrepreneurs.
But my scientific design objections of study aside, this article brought something to the forefront of my ow entrepreneuring designs. The article cited that 45% of the self-identifying entrepreneurs had a parent who had started a business, and follow-up interviews revealed many more in the entrepreneur group had close family members or role models that were entrepreneurs. In fact, "Proximity to Pros" was one of the four most important characteristics of a budding entrepreneur. I've seen some stats about how many people have started their own business, and the stats always seem inflated to me. I have always had entrepreneurial instincts, but until recently, I never really embraced these instincts. And I think now I am understanding part of the reason why.
I come from an intelligent, accomplished, ambitious, risk averse family. We are engineers and doctors. Yes, there are small business owners in my family, but I was always guided to a path where I got a degree and then got the job that comes with that degree. I have a history of diverting that path, but doing so in a safe way. I planned to go to medical school after getting my bioengineering degree, but I didn't like the idea of having my future charted out in front of me, so I instead elected to get my PhD. I think only now, in the final year of my PhD, have I realized that I actually could start my own company some day. I want my own company some day is something I have said in the past, but in the hushed whisper tones of someone who doesn't want to sound crazy. But after being exposed to resources, opportunities, and more than anything - people who have started their own companies - I am ready to proclaim it! I want my own company some day!!! (And yes, I may still sound crazy, but I am ok with that :)
I know my family is not alone in the pessimism towards entrpreneurism; I have heard sit-coms joke that identifying as an entrepreneur is synonymous with "unemployed". In Europe, the enterprising spirit is also very alternative. Only 2% of Germans have started a business, compared to 9% of Americans. While some of the stymie in the past to start a business in Europe may have been due to overly strenuous regulations, there is a discordance between values.. a friction towards the path to business ownership I think in Europe. And again I think the same themes - perfectionism, not wanting to fail, a desire for instant gratification and prestige - are the reasons behind these biases.
So I'm just curious. Maybe you had small business/entrepreneurs in your family, but was becoming an entrepreneur generally frowned upon in your formative years?
First, I have some issues with this method. Respondents are answering traits about themselves, and aside from some binary questions, like " have you started a club", can an individual really accurately say they are "innovative"? I have just found that many people - of all ages - are not necessarily objective judges of their own attributes. Furthermore, these respondents were only aspiring entrepreneurs; therefore the very separation of these two groups has no basis besides participants' self-identification. And again, if someone identifies as an aspiring entrepreneur, doesn't she he or she necessarily bias themselves to be "innovative", "creative", "self-starting", etc? The article did concede that the study organizers could not analyze "successful entrepreneurs", because the pool was too small to analyze. Which begs the question, is this really a well-designed study? Wouldn't the most identifying entrepreneur characteristics be derived from established, lucrative entrepreneurs? This might be overlooking the qualities in young, untested people that go on to be entrepreneurs, but I just think it's quite easy to dream of career self-autonomy, and quite difficult to see it followed through. I might have missed it, but this study didn't even report how many of the 4,000 participants were identified as the aspirant entrepreneurs.
But my scientific design objections of study aside, this article brought something to the forefront of my ow entrepreneuring designs. The article cited that 45% of the self-identifying entrepreneurs had a parent who had started a business, and follow-up interviews revealed many more in the entrepreneur group had close family members or role models that were entrepreneurs. In fact, "Proximity to Pros" was one of the four most important characteristics of a budding entrepreneur. I've seen some stats about how many people have started their own business, and the stats always seem inflated to me. I have always had entrepreneurial instincts, but until recently, I never really embraced these instincts. And I think now I am understanding part of the reason why.
I come from an intelligent, accomplished, ambitious, risk averse family. We are engineers and doctors. Yes, there are small business owners in my family, but I was always guided to a path where I got a degree and then got the job that comes with that degree. I have a history of diverting that path, but doing so in a safe way. I planned to go to medical school after getting my bioengineering degree, but I didn't like the idea of having my future charted out in front of me, so I instead elected to get my PhD. I think only now, in the final year of my PhD, have I realized that I actually could start my own company some day. I want my own company some day is something I have said in the past, but in the hushed whisper tones of someone who doesn't want to sound crazy. But after being exposed to resources, opportunities, and more than anything - people who have started their own companies - I am ready to proclaim it! I want my own company some day!!! (And yes, I may still sound crazy, but I am ok with that :)
I know my family is not alone in the pessimism towards entrpreneurism; I have heard sit-coms joke that identifying as an entrepreneur is synonymous with "unemployed". In Europe, the enterprising spirit is also very alternative. Only 2% of Germans have started a business, compared to 9% of Americans. While some of the stymie in the past to start a business in Europe may have been due to overly strenuous regulations, there is a discordance between values.. a friction towards the path to business ownership I think in Europe. And again I think the same themes - perfectionism, not wanting to fail, a desire for instant gratification and prestige - are the reasons behind these biases.
So I'm just curious. Maybe you had small business/entrepreneurs in your family, but was becoming an entrepreneur generally frowned upon in your formative years?
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