Investopedia offers an interesting definition of the word Entrepreneur. According to them, an Entrepreneur is “an individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes”
That said, not all entrepreneurial journeys end successfully. The failure rates are very high. But that said, according to me, there is no such thing as a “Failed Entrepreneur”. The person who takes the journey, is a winner already because it takes a lot of guts to do something like that.
Should companies be open to taking up these ex-Entrepreneurs?
According to me, a big YES.
Without blinking an eye.
And here are the reasons why. Ex-entrepreneurs are –
- Big Dreamers & Risk Takers – Ex-entrepreneurs are people who were dreamers- and who had the guts (or in a moment of madness- another characterstic you should admire) waged their entire savings to follow their dreams. These are the people you want in your team- who will see the value of the offering, and find ways of taking a position that could pay you back handsomely quicker than later. They see things differently- and do things differently. They are the Mavericks… that could change your world.
- Have rare levels of Passion – Ex-entrepreneurs wear passion on their sleeves. Here are people, who did their best to follow their passion! They lived their dreams. The worked on their passion. These are the people, who can take your company and the offerings to new levels, if you can get them to see and own your vision. These are low maintenance people, who will chip away at the problem till it gets solved and keep moving forward, because that is the way to be.
- Have tremendous levels of Self-Motivation – Ex-entrepreneurs have something that they have developed to a high level of perfection- Self motivation. They can find reasons to stay motivated at all instances, and do not need you to motivate them. They will find a sliver of hope and light up the entire room. Put the toughest problem to them- they will find a way to look at the positives- and then start chipping away at the problem.
- Ready for Hard work & have oodles of Dedication- They realize that there is no substitute for hard work.These are the people who will not wait for someone else to do the job – they will go out and do it themselves. Because they have been doing it the only way they know… dedication.
- Ability to see & hear before others do – Ex-entrepreneurs will see changes in the business environment that most of your other employees won’t be able to – because they have lived in the jungle- and survival requires them to be on their toes. Employees, because of their comfort zone, will not see the problem coming and will end up fighting for survival. Ex-entrepreneurs will see it before it becomes a problem, and find ways to move the company in ways to overcome the challenges.
Ex-entrepreneurs are trained warriors who you don’t need to closely monitor or maintain. These are low maintenance professionals, who will constantly be on their toes. Because that is how they lived when they were entrepreneurs.
The next time when you see an ex-entrepreneur sitting opposite to you looking for a job, don’t think. Find a fit. Give him the goal. Show him the direction- and let him run. The job will get done!
They could be your best asset in the years to come!