The Broke Entrepreneur

Yes, you read it right..."the broke entrepreneur". The dreaded phrase no small business owner wants to hear or dwell upon. It is however very common and equally very nerve racking. I should know. It is the reason why people with great ambitions and ideas find it very hard to leave paid employment, to take that first wobbly baby step and cross the threshold into calculated uncertainty. The Internet and business books have various definitions of entrepreneurs. I believe the simplest and most practical is someone who works for himself and therefore pays himself. It is tempting and stereotypical to think of such a person in terms of a three piece suit, a briefcase and a luxury car with an office on the island. The truth is that in a country with much poverty and unemployment, most people are entrepreneurs. Your barber, mechanic, washerman etc, are all working for themselves, rendering services and products to you their client and getting paid. A mechanic can also be a consultant. You will be shocked by the numbers of people that consult mechanics and drivers before purchasing automobiles. So, enough about the economics of the developing world, let's go back to our topic of focus. A broke entrepreneur by my definition is someone that has been dealt a heavy blow or in some cases, series of medium velocity blows until he suddenly realizes that his back is to the wall. He has actually been broke for quite some time, but gut feelings and optimism prevented him from perceiving the negative and so he pressed on with only the ultimate goals in mind. Goals of financial independence and of a freer schedule. Optimism is a good thing. Something lacking and in rare supply in this part of the world where people have been disappointed multiple times by rulers and leaders. However, to a businessman ( the street name for entrepreneurs in Nigeria), it can be a fatal ingredient to your business recipe. Everything in life is all about balance. Balance between generosity and frugality, tastefulness and tackiness, impatience and endurance, and of course optimism and pessimism. The most difficult part of being a fledgling entrepreneur for me is the not knowing when. Counting the days that lead to months and become years, wondering and never knowing when that ultimate breakthrough will come, and having to endure the various levels of disappointments that come with it. Not being able to plan long term and feeling like you are stuck in a 4 by 4 foot room waiting for the door to open. Even more nerve racking are those times when it seems the break through is an hour away and you realize that hour has already been a month. So what do you do? Rather, what do most entrepreneurs do in the most desperate of times? I am sure the phrase desperate times call for desperate measures is not unfamiliar to you. Very many people in this position turn to fraud and other forms of crime to "get back on their feet". Promising to relent once things change. This never seems to be the case. They get comfortable, perhaps greedy and delve deeper and deeper into crime to the point of no return. Others throw in the towel, blaming the government or some regulations for a dearth of business. Perhaps it's time to change your game, improve your technology or go into another business instead of giving up completely on being an entrepreneur. Most people run back to paid employment. I will not judge this group. Many people have no business becoming self employed in the first place. However, if you fall into this category, don't discourage people from self employment. Just help them learn from your mistakes and shortcomings. Finally, the last group of people AKA "the broke entrepreneur", sweat it out, holding on to a vision they so desperately desire to manifest. Because you are broke and struggling and have been on the same level for so long might not be a reason to throw in the towel. Many of the most popular entrepreneurs in the world have faced seasons of discontent and frustration, but they kept knocking and finally the door swung wide open, only to open even many more doors in its wake, Tyler Perry and Limo Bob to mention a couple. The good thing about many years of struggle holding on to a dream that seems to be beyond your reach is that when the breakthrough comes, it is usually a tsunami wave that sets even more waves in motion. That being said, sometimes your current prolonged broke status is a clue to throw in the towel and do something else. So, how do you know when to give up and when to hold on? It's one simple principle. Join us next time to find out.

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