Wednesday, November 4, 2015

Can't Find a Job or Career; Create One

Throughout the world, younger and younger entrepreneurs and performers are making use of websites, YouTube, and Kickstarter-like platforms to, yes, kickstart their own ventures. Based on Time magazine's report (Nov. 9, 2015) that only 26% of the global workforce has a good job that provides at least 30 hours of work for a weekly paycheck, young people need to look to themselves to create their futures. Even in the USA, according to Time's data, only 44% of the workforce has a good job. In China, the percentage is 28, and in Burkina Faso, it is 5%.

     Under these conditions, starting a business, not-for-profit organization, or any other type of career by yourself or with friends is an attractive alternative. A how-to book is here to help. Crazy is a Compliment: the Power of Zigging When Everyone Else Zags is written by Linda Rottenberg,         co-founder and chief executive officer of Endeavor, an international organization dedicated to helping the new, fast-growing businesses of entrepreneurs. She provides real life experiences from emerging countries in Latin America, Asia, the Middle East, and Africa, as well as from developed markets in the United States and Europe. For example, Rottenberg tells the story of Wences Casares, who was born on a sheep farm in Argentina. While he was in high school, he started painting and selling T-shirts. Then, he downloaded all the unedited telephone numbers from his village, corrected them, and published and sold a directory that also carried paid advertising.

Here are a few of Rottenberg's helpful conclusions:

  • Consider stability the friend of the status quo and chaos the friend of the entrepreneur who sees opportunities where others see obstacles.
  • It's a common misperception that an entrepreneur has to start with personal wealth, an ivy league degree, and a Rolodex full of contacts. In reality, Rottenberg has found the opposite is true; they most often lack connections, an elite old school network, and a trust fund.
  • When you first get an idea for a new venture, don't tell anyone about it. Family and friends will either say it sounds great because they love/like you, or they will discourage you. One way to get objective feedback is to ask for it on a crowdfunding site.
  • Although some risk is necessary, just invest enough to create a minimum viable product or a relatively small adaptation, not a mind-blowing prototype or a multitude of different products. As Henry Ford said, "Nothing is particularly hard if you divide it into small jobs." Take incremental steps, get feedback, and adjust. You don't necessarily need a business plan which probably will change as soon as you start doing something.
     Rottenberg also has a section that alerts would-be entrepreneurs to the strengths and weaknesses their personalities bring to their new enterprises. She terms visionaries like Mark Zuckerbert, Dreamers; charismatic personalities like Oprah, Stars; those who can reenergize traditional businesses like Ikea founder, Ingvar Kamprad, Transformers; and strategic, analytical thinkers like Bill Gates, Rocketships. Which personality type of entrepreneur are you?

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