Unlimited Potential

Most of us take our work seriously and do it sincerely. We do it for a variety of reasons. We want to increase our career potential, to learn, to support ourselves and a family, etc. Most of us do not do the work that we do for praise or recognition. As the mantra of the Fellowship goes, "Do your best work, period."

However, a little appreciation goes a long way for the hard working folks. This revelation came to me when I was commended by a few different people I work with for the work that I have completed. I have taken on a undefined role within my host organization, which allows me experience across all the different departments and functional teams. As I like to describe it, I don't have a boss; everyone is my boss.

I recently completed work on preparing and sending out our Quarterly Reports for the 3rd Quarter. It was exhausting and tough, as it was the first time I had done it primarily by myself. I wasn't dedicated to this assignment either, as other parallel projects were on my plate as well. I feel as though I am able to catch my breath a tad at the moment, which really made those comments in regards to my work special.

I love working in this entrepreneurial fellowship that fosters an atmosphere were I interact with everyone in my organization. I never thought I would be in an entry level job that quickly gave way to such career potential. I wouldn't trade my often fast paced job for anything else given my ability to see the direct impact of my work.

So I encourage anyone that gets this message to reach out and make an effort to commend someone around you for the extraordinary effort that they have been putting in. It can be a minuscule and almost brainless act, but the impact can be absolutely warming.

I concede that I am a nerd. No contest. As a friend recently put it, I "got to meet my Taylor Swift."

Prof. Steven Levitt, co-author of Freakonomics and Superfreakonomics was a recent speaker at Purdue for the Krannert Leadership Speaker Series which I had the privilege of attending and covering (article here). Aside from being a personal hero of mine, he has been heralded as the "Indiana Jones of Economics" by the Wall Street Journal. Time named him to the "Top 100 People Who Shape Our World" in 2006.

The man embodies everything that is entrepreneurial, minus the directly creating a business part. He has made a career out of challenging conventional wisdom and taking a moment to step back, and look at common problems at a slightly different angle. Isn't that essentially what an entrepreneur aims to do? Creating a need, solving a problem, explaining the abnormal, defining a connection, etc.

How does he apply to entrepreneurship careers? Like his father, he set out to answer the questions that others in their respective fields failed to. Therefore, he doesn't consider himself a "real" economist, but something gives me the feeling that he is OK with that. As members of the Orr Fellowship, placed in fast paced jobs, Fellows thrive on innovation. Whether it is expanding our role within our host organization or bouncing off ideas with other 20-somethings, I would like to think that we are trying to ask those unasked questions and seeking answers to ones that have been given up on.

If I learned anything from Prof. Levitt, it's that a key element to creating an industry is questioning the norm. Figuring out whether the way something has been done is in fact the best way to do it. Taking something that is granted and proving its worth.

In my last blog post, I said that if you want to set yourself up to be as successful as possible, you need to start your own business as early as possible. This is fine and dandy, except for the fact that most people have no idea how exactly to go about doing this.

Having completed the Certificate in Entrepreneurship and Innovation from Purdue, I feel like I have some insight into what it takes to start a business. By no means am I saying I know what it is like, as I have not done so myself. Working in this entrepreneurial fellowship has given me an inside look at some high growth start-ups, including the one in which I work. I have gained exposure to the experiences of some real entrepreneurs my age, as well.

A professor I had for an entrepreneurship class stated very simply the importance of a business plan when he said, "If you take the time to write a business plan thoroughly, you are already way ahead of the countless idiots that are trying to start a business." In 4 years of undergrad business and entrepreneurship classes, I had written over 5 business plans for different fake start-ups. I can't emphasize enough how much they assist in the preparation of the details we never even think about.

When you have what you think is a mind-blowing, earth shattering, whale of an idea for a business, the last thing that crosses your mind is how you get out of that business. It wasn't until I wrote my first business plan that this concept materialized. It seems like a "dark" thing to think about, but having a well thought out exit strategy will come in handy not only if the business fails, but if another mind-blowing, earth shattering, whale of an idea comes to mind, and you need to now focus your energies there. This is just one example of a detail that a business plan will force you to think about.

So what am I getting at? Business is a lot more complicated that most people that go into it realize. There are all sorts of administrative and legal considerations that never cross your mind until they present a obstacle. Unfortunately for a lot of business owners, this point in time also represents a critical failure from which recovery of the business has slim hopes. A business plan helps to hedge against some of these unforeseen circumstances. If starting your own business is among your list of career opportunities, don't even try to do it without writing a business plan first!

A study that was conducted at the National Opinion Research Center (NORC) at the University of Chicago for the Small Business Administration's Office of Advocacy has found a positive link between the number of years an individual is self-employed and their likelihood to be self-employed throughout their career. The study, which can be found here, set out to answer some questions as to what sort of things guide an individual to self-employment. They ultimately concluded with some findings that were previously unknown.

They found that those who reported self-employment tend to have parents with higher educational attainment and were more likely to have grown up in a rural area or farm. In addition, early exposure to self-employment increases the likelihood an individual is self-employed in their early and mid-careers. There was an especially strong link between those that indicated self-employment between ages 20-22 with their measure between ages 22-41. The availability of financial resources did impact the probability of self-employment, but by very little. Lastly, every additional year of self-employment increases income and net worth significantly.

So what does all of this mean? Well, if earning potential and entrepreneurship are goals and interests of yours, getting involved early makes a huge difference. The study is basically saying that the more involved with self-employment you are early in your life and career, the more likely it is that you will be self-employed later on, expanding your career opportunities. In addition, you will impact your earning potential more.

We live in an economy that thrives on businesses. There is nothing that stimulates local and national markets more than the success of all businesses, large or small. Our government has called for more entrepreneurial spirit, and those that got involved early will tell you that it's worth it. Most people aspire to work for themselves for a multitude of reasons. Whether you are interested in working your own hours or not having to answer to someone, the allure of self-employment is evident. However, it is not without its challenges.

Many fail in their ventures simply because of a lack of preparation. Having a great idea is one of the most empowering feelings, but there is a huge difference between idea generation and execution. Those that succeed, succeed in execution. A significant portion of that is experience and preparedness. I have gathered from my interaction with entrepreneurs that starting a business is much like trading stocks; you won't learn how to do it well until you get in there and do it yourself. This study seems to punctuate that belief.

How does one get involved early? I know that it wasn't very feasible for me to start my own company. Besides lacking a great idea, I have very little financial means to support an entrepreneurial venture. However, I feel that I have positioned myself to gain experience through the Orr Fellowship. If you are in a similar position as I was, I would suggest exactly the same to you. The path to an entrepreneurship career may begin by taking a job at a small company. Research, and find entrepreneurship opportunities in your local community. Identify some high-growth start-ups and apply for a job there. They may not have a position for you, so get creative and make one! Even offering to serve as an unpaid "apprentice" can get your foot in the door if you have no other options. Working in this environment will be sure to give you an inside look at an entrepreneurial operation.

When you start early, you make mistakes early. Getting those mistakes out of your system and gaining the valuable knowledge that they offer can be the difference between someone who continues down the path of self-employment and someone who has to learn the hard way later on. The earlier you start, the potential number of successful years you have in front of you is greater.