Becoming your own boss entails years of hard work

Students will often drop by and say they want to be an entrepreneur, or acquaintances will say that they are thinking of leaving their current employment and starting their own business. I will ask what their business idea is and they will sometimes respond that they don't have an idea but they would sure like to be an entrepreneur.

I don't want to discourage them, but I always have to point out that there are some harsh realities of entrepreneurialism that they need to consider seriously.

First is the absolute need for a workable idea. Simply wanting to be an entrepreneur and looking around for an idea sometimes works but often leaves you with someone else's business and a pile of troubles. It is essential that an entrepreneur have a great idea that he or she is passionate about, makes economic sense, attracts sufficient funding and provides distinct competitive advantages.

Second is the need for at least a basic understanding of business. This should be combined with the instincts, skills and leadership to watch what is happening, make changes when necessary, and sell not only the product and service but also the idea itself to potential sources of funding. Often these skills can be taught, but there is frequently an innate "gut instinct" that great entrepreneurs seem to be born with.

Third is the passion and willingness to put up with economic deprivation for a long period of time. And yes, I mean it when I say "economic deprivation." Often people will look at successful entrepreneurs, see the financial independence that a successful business provides and say, "That's what I want." What they don't see are the years of living on starvation wages, making do with a 20-year-old car, the stress of wondering where you are going to get the money for the next payroll, and your kids' jealousy that the neighbor kids get to eat three times a day.

And that's for the successful ventures. For the unsuccessful ones, it might also entail the agonizing pain of failure or even bankruptcy. Almost all of the successful entrepreneurs who support the Center for Entrepreneurship here at BYU have experienced business failure.