Can Anyone Become An Entrepreneur?

To answer this question, I spoke with Susan Wilson Solovic, who is the author of It's Your Biz: The Complete Guide to Becoming Your Own Boss. Susan is owner and co-founder of It’sYourBiz.com, a highly successful video news and information site for entrepreneurs. She is a weekly small business contributor on ABC’s Money Matters and a featured blogger on the Huffington Post. She is the author of several books, including The Girls’ Guide to Building a Million-Dollar Business. In this interview, Susan talks about how most people aren't cut out for entrepreneurship, ways to make a startup idea work, and how to market your business on a shoestring budget.
Can everyone become their own boss?
Not everyone is cut out to be their own boss. You must have the "right stuff." You need to a lot of discipline, confidence and a willingness to go beyond your comfort zone. Plus, you need to be comfortable working alone. Many people get their energy from interacting with others at work and they find being in business for themselves can be very isolating. In my new book, I have a personality assessment which can help you evaluate whether going solo is the right choice for you.
What are three ways to make your startup idea work?
First, you need to make sure there is really a market for your product or service. You may think you have a great idea, but others may not see it that way. Second, you need to determine if you can make money selling your product or service. What price to you need to charge in order to make a profit? Once you establish your price, then you need to see if people are willing to pay that amount for your product or service. Finally, you should make sure your business idea offers a unique value proposition. Me too businesses never become great companies. What value you are you bringing to the market that will allow you to stand out from the competition.
How can someone market on a shoestring budget?
As a new business with limited marketing funds, it's important to make sure you know exactly who your potential customers are. Who are the people most likely to buy from you? Once you define that, then think about the best way to reach them. One of the easiest and most popular ways to reach your market is through social media. Social media platforms provide small businesses with an opportunity to increase brand awareness and communicate with customers and potential customers. But there are other ways too. For example, start talking. Making presentations to groups and organizations is a cost effective way to build business opportunities. And there is nothing better than referrals. Asking existing customers for referrals. Most people are willing to provide referrals is you simply ask.
Which businesses usually fail?
All businesses fail. The odds are really against you when you start a small business. Well over half fail in the first three years. While most people think businesses fail because of a lack of funding, the real issue is ineffective management.
How did you build your successful company?
I am a serial entrepreneur. I started my first business when I was 15 years old so I've learned a lot of important lessons over the years. When my partners and I founded ItsYourBiz.com (which was originally called SBTV.com) we brought together three very different skill sets. i had a marketing and television background.
Michael Kelley was an IT expert and Dan Demko was a financial services executive who had experience building sales organizations. It was the first time I'd ever had partners in any of my businesses. However, it allowed us to grow more rapidly because of our combined skill sets and experiences. So that was one key to success. The other reason my company is successful is because we started with a big picture in mind. I always wanted to build a business that was bigger than me. In other words, I wanted the company to grow up and become sustainable without my involvement. Today, I have an amazing team that manages the day-to-day operations which allows me to focus on strategy.
Dan Schawbel, recognized as a “personal branding guru” by The New York Times, is the Managing Partner of Millennial Branding, LLC, a full-service personal branding agency. Dan is the author of Me 2.0: 4 Steps to Building Your Future, the founder of the Personal Branding Blog, and publisher of Personal Branding Magazine. He has worked with companies such as Google, Time Warner, Symantec, IBM, EMC, and CitiGroup.