Being a real entrepreneur means actually achieving success in your ventures, not just playing around with a hobby. If your business isn’t making enough to support you, you’re not really an entrepreneur. The term “entrepreneur” refers to someone who starts a venture and is fully accountable for its success or failure. But honestly, that definition is pretty broad.
We often glamorize entrepreneurship with dreams of launching the next big start-up, gracing the covers of business magazines, and striking it rich. But realistically, that’s not the outcome for most. Without a solid business plan, sufficient capital, charisma, or the grit to persevere, many of us won’t see that level of success.
The Real Entrepreneur Dilemma
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There’s a problematic “all or nothing” mindset among aspiring entrepreneurs. If we don’t find quick, incredible success, we see ourselves as failures. Conversely, some people boast about making it big and sell that dream to others, often through products like eBooks that teach how to make money online—a cyclical sales pitch that, surprisingly, continues to find buyers.
Making money from the minimalist movement is another curious trend. It’s ironic that people pay for advice on living minimally—just sell your stuff and live simply, right? The online entrepreneurial world lacks transparency, making it tough to take some gurus seriously when they aren’t open about their earnings.
Online Entrepreneurship: A State Of Mind
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By definition, many of us could be considered entrepreneurs. Yet, true entrepreneurship involves overcoming insecurities and sticking it to the man—or so they say. But when someone insists their approach is superior, it usually signals a problem.
If you’ve built a business from scratch that sustains you financially, then you’re a legitimate entrepreneur. But if your venture continuously loses money, maybe you’re not cut out for this role. Anyone can make no money; in fact, a business that’s always in the red might be doing worse than doing nothing at all. This might be hard to hear, but it’s the truth.
Entrepreneurs often disdain the 9-to-5 crowd for not taking enough risks. Yet, many people value the stability and benefits of a regular job, including possibly taking risks within their roles in an organization. To the hardcore entrepreneur, though, that’s not enough.
How To Be Considered A Real Entrepreneur
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I’m tired of all the fluff out there. I don’t see anyone as a true entrepreneur if they can’t at least make the average per capita income of their state within three years. For instance, in California, you should be making at least $42,000 a year from your business ventures; in New York, it’s $46,000, and in Mississippi, just $30,000. If you’re not hitting these numbers, you might as well get a day job and keep your business as a side hustle until it takes off.
You aren’t doing yourself any favors by clinging to a failing business for too long. Many online claim to be entrepreneurs, but in reality, they’re just hobbyists making a bit on the side.
If you feel you’re not being compensated fairly, consider starting an online business part-time. This route used to be expensive and labor-intensive, but today it’s accessible to more people than ever before. You can brand yourself, connect with others, find consulting gigs, and maybe one day make a significant income from your online endeavors. I’m thankful every day that I started Financial Samurai back in 2009.
Invest In Entrepreneurs As Well
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Becoming an entrepreneur is challenging. You might want to keep your day job and invest in private growth businesses. This allows you to benefit from the efforts of other entrepreneurs. Or you can do both, as I do. More value is now being created in the private sector as companies stay private longer. Looking for the next big tech company could be a life-changing move.
So, think about this as you navigate your path. Are you really an entrepreneur, or just someone dreaming about it? The difference lies not just in mindset but in tangible, financial success.
