Are you a career entrepreneur? 7 ways to know if you are
Not all of us can be entrepreneurs, there just aren’t enough problems to solve and it takes a certain innate quality to venture out on your own. However, at some point, we will all have to establish and manage our careers, and there is no reason why we cannot apply the mindset of an entrepreneur to this task. It is the combination of managing your career and thinking like an entrepreneur that leads us to the concept of “career entrepreneurs”.
I came across this term a week ago while browsing the internet and immediately felt a strong affinity for it. After some more digging, I discovered that it’s been in use since the year 2000, though it doesn’t seem to have gained as much momentum as other terms with an “entrepreneur” suffix like “techno-entrepreneur” or “mom.” Every professional, regardless of his age, must develop his career as a successful company. Below are some principles that successful professional entrepreneurs possess.
A Careerpreneur is Founder and CEO of “My Career Inc.” – Google, Facebook and Apple may have been created by dynamic duos, but there is definitely no co-founder for this start-up. You are the sole founder and CEO of this business, and you make all the decisions. You grow your career from a modest beginning to the giant you hope it will be. As CEO, you fill many roles and are ultimately responsible for the success or failure of your career. You need to ensure that your product (skills and qualifications) is effectively marketed by the company (you).
A Careerpreneur has a business plan – Whether written on the back of a napkin or, more anciently, written in Word using a 12 point font, a business plan documenting the intended execution of your product and the market that demands this product is an absolute must. Even entrepreneurs not seeking investment require a business plan to clearly communicate the product offering and the strategies for bringing this product to market. Professional entrepreneurs must also articulate a long-term strategy for career management that demonstrates progression and growth. It differs from a standard CV, which is just a snapshot of one’s credentials at any given time. A career plan, on the other hand, is much broader in scope and maps your development into the future. Remember, failing to plan means planning to fail!
A Careerpreneur creates value – I wrote earlier about this as a requirement for sellers, but creating value is of the utmost importance for a company. Positions in organizations exist for candidates to produce more value than the cost of hiring them. Similarly, entrepreneurs offer products and services that create more value than the cost of purchasing the products and services. If this equation balances inversely, then there would be no market for such a product. Professional entrepreneurs consistently demonstrate that they can add value to organizations throughout their careers and can dollarize their value. If your skills increase sales revenue by $1 million, then they will surely be worth part of the profit on that $1 million.
A Careerpreneur aggressively increases income – Most people are content to “make a living”. It covers their needs to survive or live comfortably and they generally earn more with seniority. Entrepreneurs are not satisfied with earning a uniform monthly salary; instead, they are constantly looking for ways to increase revenue: upsells, new products, advertising, etc. A career entrepreneur employs a strategy similar to his career by continually looking for new ways to generate income. It could be through working overtime or intrapreneurial activities that generate a pay raise, or it could be through outside opportunities, such as real estate investments or opening a restaurant.
A Careerpreneur has a competitive advantage – When any investor evaluates the risk of investing in an entrepreneur and his company, one of the most important issues they have in mind is the competitive landscape. If a new service enters an already competitive market and can’t demonstrate how it adds value on top of existing players, it won’t get funded. Investors look for innovators, not imitators! Similarly, professional entrepreneurs are confident in their product offering and can showcase the unique strengths they bring to build illustrious careers. After all, each candidate is evaluated for a job relative to many other applicants for the same position.
A Careerpreneur builds a strong network – It’s rare that you find an entrepreneur nowadays who doesn’t do their fair share of networking. It’s not necessarily about having to rely on other people, but networking opens doors to opportunities you never imagined before. Personally, my goal is to build my network as much as possible because the more people I meet and interact with, the more people I will have as ambassadors for my company. A Careerpreneur recognizes that “who you know” is just as important as “what you know” and will strive to build a strong network of contacts around their personal brand. Many opportunities will arise during his career through personal encounters and referrals.
A Careerpreneur adapts to change – You’ve heard the saying that “the only constant is change”, well, that’s about the closest description of entrepreneurship you can get. Entrepreneurs are constantly faced with changes in customer requirements, product features, economic conditions, market demand, etc. Not only must they be resilient and bounce back after setbacks, but they must also possess the agility to adapt to changing market conditions. The inability to do this can mean the difference between death and survival. Career entrepreneurs must also be nimble enough to thrive in a wide range of roles to accommodate their careers in tumultuous economic conditions. The recent global financial crisis has tested many professionals around the world and those who have been able to bounce back smoothly have been the ones who are ready for change.
Well, the above are certainly traits that every job seeker should possess. It’s an entrepreneurial way of looking at our career and staying honest. The more proactively we are managing our careers as CEO of My Career Inc., we will find a direct correlation with a greater sense of professional fulfillment. Try and apply the above steps to your career, no matter what stage you are at, and enjoy greater career freedom.
Not all of us will be entrepreneurs, but there’s no reason why we can’t be career entrepreneurs.