1327: Just DON’T Do It: Five Reasons NOT to Become an Entrepreneur by Mike Smerklo on Starting A Business

[00:00:00] This is Optimal Work Daily Episode 1327, Just Don't Do It, Five Reasons Not to Become an Entrepreneur by Mike Smirklow of Mike Smirklow.com.

[00:00:11] And hey there, I am Dan.

[00:00:12] I'm your host and narrator here and welcome to our Sunday edition of Optimal Work Daily.

[00:00:17] And now we're going to get right to it as we hear from Mike and start optimizing your life.

[00:00:25] Just Don't Do It, Five Reasons Not to Become an Entrepreneur by Mike Smirklow of Mike Smirklow.com.

[00:00:33] The greatest part of my day job as a venture capitalist is the inspiration I draw from watching amazing founders take a crazy concept,

[00:00:41] work tirelessly and sacrifice a ton with the sole purpose of turning a dream into a reality.

[00:00:47] I recognize how hard the entrepreneurial journey is and I know full well of the ups and downs that the job brings.

[00:00:53] I fully believe the world needs entrepreneurs more than ever.

[00:00:56] And I try my best to encourage and support anyone who's just crazy enough to jump into the arena and give it a shot.

[00:01:03] From my own experience, being an entrepreneur is the greatest job in the world.

[00:01:07] Innovation is the key to global progress and entrepreneurs have the potential to change the world,

[00:01:12] improve communities, create new jobs and solve some of the greatest challenges the world faces.

[00:01:18] What job even comes close?

[00:01:21] Historically, if someone asked me if they should jump onto the entrepreneurial path, I would reply enthusiastically,

[00:01:26] Heck yes. Or I would borrow from the now ancient tagline from Nike and quickly reply, just do it.

[00:01:33] But over the past few years, I've watched what I would call the shark tank effect come and bite a lot of entrepreneurs in the proverbial backside.

[00:01:41] To me, the shark tank effect or the BuzzFeed click bait effect means carelessly encouraging anyone to become an entrepreneur without warning them just what they're getting themselves into.

[00:01:51] As if coming up with an idea and getting a thumbs up from some angel investors is all you need and the rest is easy.

[00:01:57] Like there's a hack that will turn your idea into a billion dollar outcome.

[00:02:01] I am not here to discourage anyone from chasing their dreams, and I remain a staunch supporter of the power of entrepreneurship.

[00:02:08] Some days watching all the craziness in the world, I'm tempted to believe it is our only hope.

[00:02:13] However, my current perspective is that any encouragement I can provide about entrepreneurship should come with a warning sign or a waiver form before some dangerous adventure.

[00:02:23] Like one of those signs that surround my favorite ski resort that simply say, hey, have fun. Skiing is awesome.

[00:02:29] But it's also really dangerous and lots of people get injured and some die. So be careful, understand the risk and consider yourself warned.

[00:02:37] Here are my five biggest warning signs as it relates to starting your entrepreneurial journey.

[00:02:42] Said differently, here are five reasons to just don't do it.

[00:02:47] One, you are not in a good mental place.

[00:02:50] Entrepreneurship is really, really hard and the ups and downs are almost impossible to quantify.

[00:02:55] Most aspiring entrepreneurs underestimate just how mentally taxing the job will be.

[00:03:00] And there's very little guidance on this aspect of the experience.

[00:03:03] You can expect really long work weeks, but have you also considered the mental toll?

[00:03:08] Make sure you take a look at your current mental state and make an honest assessment.

[00:03:12] Do you feel mentally prepared to take all of this on?

[00:03:15] Two, your support structure isn't that great.

[00:03:19] Starting a business is the loneliest job you will ever have.

[00:03:22] All of the responsibility will be on your shoulders.

[00:03:24] Sounds fun to be the boss, but frankly, it's highly overrated.

[00:03:28] Take a look at what you have outside of your business dream and make sure you have someone, anyone or thing

[00:03:34] to help you deal with all of the stress that goes with entrepreneurship.

[00:03:38] In my book, Mr. Monkey and Me, I devote an entire chapter to help, why it is important,

[00:03:43] the risk of overlooking this and specific tips to help entrepreneurs build out their support network.

[00:03:50] Three, your experience isn't tied to the business you want to start.

[00:03:55] So you want to start a landscaping business, but you don't know a dandelion from a daffodil?

[00:03:59] That might be a problem.

[00:04:01] Perhaps there is a way to get relevant experience in your field of dreams,

[00:04:05] pun intended, before you start out on your own.

[00:04:08] This is called founder market fit and it can be achieved by working in your area of interest

[00:04:13] before starting out on your own.

[00:04:15] It might mean delaying your dream for a few years, but it may also be the critical knowledge

[00:04:20] that separates success and failure.

[00:04:22] Four, the time just isn't right for you right now.

[00:04:26] Too much myth has been created about the 20 year old college dropout who goes on to build a huge business.

[00:04:31] The reason we all talk about Bill Gates and Mark Zuckerberg so much is because the outcome

[00:04:35] each achieved is incredibly rare.

[00:04:38] Forbes asks, does age matter for entrepreneurial success?

[00:04:42] And the answer is no.

[00:04:43] There is no correlation between age and entrepreneurial success or education, background or well, anything.

[00:04:50] Make sure the time is really right for you before you take the plunge.

[00:04:54] Experience, support, network and professional skills are developed over time.

[00:04:58] Sometimes it makes sense to wait to make sure you can develop these before starting off on your own.

[00:05:04] And five, you expect to have more free time and work less.

[00:05:09] When I was starting out, some of my peers would comment about how nice it must be for me to quote unquote,

[00:05:13] be my own boss or not have anyone to tell me what to do.

[00:05:17] Yeah, right.

[00:05:18] I had more stress, less sleep and worked longer hours.

[00:05:21] And the job was on my mind seven days a week.

[00:05:24] No boss.

[00:05:25] I had investors and customers, employees, vendors that all demanded more from me than any boss ever could.

[00:05:32] Just make sure you fully understand what entrepreneurship does and does not mean in terms of lifestyle before you commit to the journey.

[00:05:39] I am not trying to discourage aspiring entrepreneurs from raising their hands and getting into the arena.

[00:05:44] Nothing inspires me more and goodness knows we need it more than ever.

[00:05:48] However, I am exhausted with hacks, four hour work weeks or other content that glorify entrepreneurship as fun and easy.

[00:05:56] Rewarding, potentially life changing and magical?

[00:05:59] Yes, entrepreneurship has the potential for all of this and more.

[00:06:03] But it is critical to understand the mental part of the game and take full consideration of the risk and challenges that lay ahead.

[00:06:10] Not now doesn't have to mean no forever.

[00:06:12] Like the warning sign above the Black Diamond ski run.

[00:06:15] Make sure you fully understand what you're getting into and if and when you are ready for it, jump in, give it your all and make it happen.

[00:06:27] You just listen to the post titled Just Don't Do It.

[00:06:30] Five reasons not to become an entrepreneur by Mike Smirklow of Mike Smirklow.com.

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[00:07:14] And listeners of this show will get a $75 sponsored job credit to get your jobs more visibility at Indeed.com slash startup.

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[00:07:31] Indeed.com slash startup.

[00:07:33] Terms and conditions apply.

[00:07:36] And thanks to Mike, he is the author of Mr. Monkey and Me, which he referenced in this post.

[00:07:40] And that is a real talk guide to cultivating a mindset to support greatness in entrepreneurs.

[00:07:46] I actually narrated an excerpt from that book back in episode 88.

[00:07:49] So if you missed it, you can check that episode out.

[00:07:52] Mike is an experienced entrepreneur, an investor and a business leader driven by the desire to turn ideas into reality.

[00:07:59] Having bought and scaled a small business into a publicly traded company worth nearly a billion dollars in value,

[00:08:05] he's got a deep understanding of the hard work, dedication and grit that truly powers successful entrepreneurship.

[00:08:11] Today as the co-founder and managing director of Next Coast Ventures,

[00:08:15] Mike's a champion for a new generation of entrepreneurs building disruptive companies in big markets.

[00:08:21] So a great author for this show and you can come by his site to check out all of his work.

[00:08:25] That's Mike Smirklow.com and Smirklow is spelled S-M-E-R-K-L-O.

[00:08:32] And as usual, I do have that linked in this episode's description.

[00:08:36] All right, that is going to do it for today.

[00:08:37] I do appreciate you being here with me and with Mike Smirklow, our author today.

[00:08:41] And please come on back tomorrow where your optimal life awaits.