Unmasking The Fake Entrepreneur
By: Jm Piqué
Tags: Entrepreneur, Lessons Learned, Entrepreneurship, Ideas, Business

Unmasking The Fake Entrepreneur

Tip: you won’t find in them any sign of generosity.

Photo by James Lee on Unsplash

Someone approached me last week. He was a Fake Entrepreneur, and he had a supposedly great idea for a new business. I listened, and I thought the concept could even have some potential if we could take care of every detail, doing it fast, thoroughly, and honestly.

In the beginning, it’s virtually impossible to identify a fake entrepreneur, but you could work your way with some quite simple steps. It’s difficult to know because they look active, creative, they have some kind of contagious energy. They have already done some smart work; they have taken some actions, making the whole project seem to be in the right direction. It’s your time, then, to take one step back and look at all the items at the same time, ask the questions an investor would do, and put on the table those aspects that would be the concern of a COO.

I usually say that I don’t pretend to be an expert on everything, every sector, every product. Maybe I wanted to some time ago, but not anymore. Your only aspiration should be to ask the best questions about the project and sometimes try to help find answers. Here’s where the Fake Entrepreneur gets exposed. Naked.

Ok, we didn’t give a definition yet. What are we talking about when we refer to a Fake Entrepreneur? This is probably the most dangerous species for a healthy and sustainable entrepreneurship ecosystem. They are the ones creating bubbles; maybe we had too much of them during the latest ten years, and that’s why we are on the verge of discovering that just a tiny (really tiny) percentage of ventures can be a unicorn. It’s just like everyone was sure they would get the big prize in the lottery.

If everybody is a unicorn, no one is.

The Fake Entrepreneur, you’ll see that quickly, is the one having all the answers. They are the ones who don’t care about the product, the quality, the detail, but they focus much more on pretending they are real, with an unbelievable trust in being successful. The worst thing about it is that you’re lame if you raise any questions or concerns. “Maybe you shouldn’t be in the project if you don’t trust it.” No, no, don’t get me wrong, please. What I don’t trust is not the project; it’s you.

Because in the end, ventures are about people. You believe in a project because of people, never because of the idea.

We’re lucky because you can recognize the Fake Entrepreneur. After all, they share a particular and clear trait.

They are or try to be charming. If they really are, this could be a “false positive,” but if you see any sign of greediness or insecurity behind the charm, start running.

They pretend (or even try) to be open-minded and active listeners, but they are not. Just check whether they remember anything you told them, and besides if they behaved in some way according to anything you said. With a Fake Entrepreneur, you’ll never discover anything yours in the projects. They don’t want partners; they want soldiers, sometimes slaves serving their own purposes, and it’s common that they patronize you. They allow you to be in their project; it’ll never be yours if you don’t follow their orders. “Could you do that for me, please?”

They can become dismissive but rarely aggressive, especially if they want to cultivate a reputation. They’ll push you to put many resources into the project for the sake of creating an image of success. That’s probably the main thing you need to look for to unmask a Fake Entrepreneur: they prefer success to anything else. They will find achievement on anything, and they will claim it to be their own.

That said, it’s quite obvious they are incredibly selfish, even narcissistic. This is a complicated point because the balance between having the irrational faith needed to grow a successful project requires much self-assurance. Every entrepreneur has the potential to become a narcissist, and it’s your job to keep this “natural talent” under control and only serving a purpose, not “your” purpose.

Therefore, when the conversation goes to money and rewards, they always deserve and will get the lion’s share of everything, especially when it comes to significance. They had the idea, they found a way to make it happen, and they had the ability to get the best team (you) onboard.

They may not be psychopaths, but what you’ll never find in them is any kind of generosity. Quid pro Quo is their religion, the only behavior they understand.

Their policy is: “Thank you? No, you owe me.”

There’s no “i” in a team, neither in an entrepreneur.

But the Fake Entrepreneur can drag anything or anyone for the sake of its own glory. You’ll never work with them, only for them. If you don’t want to get into that, don’t think you can change them. Run as fast as you can so they can get you.

Maybe we could call them Intrepreneurs.