That was the advice of David Lank, Director of the Dobson Centre for Entrepreneurial Studies at McGill, in a seminar last evening. I agree that anyone can be, but not everyone should be, and not everyone wants to be.
As David suggested, why would anyone want to be an entrepreneur when they know that:
- You will not really work for yourself, but instead for all the people that depend on you.
- The world really doesn't care about you or your business.
- Most new businessses fail.
The first test of a real entrepreneur, of course, is that he/she proceeds with enthusiasm in spite of all that knowledge. In David's opinion, based on providing start-up capital to more than 140 companies during his career in venture capital, the most important element in deciding to invest in an entrepreneur is the passion they demonstrate in support of their plan.
A formal business plan is always required, but that is less important than the passion factor. The most important element required for favourable consideration of the business plan is the understanding of reality communicated by the entrepreneur.
Good perspectives to keep in mind.