First
PreviousProfile of Mid-Career Entrepreneurs
3. Conclusion
An increasing number of individuals within Canada's population are reaching the midpoint of their careers. Given the skills and experience they possess, the option of entrepreneurship as a career path for mid-career employees seems to be a very popular alternative. Fourteen mid-career entrepreneurs from three different industries were interviewed. Their responses validated the hypothesis that prior industry knowledge is a significant determining factor surrounding one's decision to embark on an entrepreneurial venture and the probability of venture's subsequent success. In fact, 86 percent of respondents indicated that their former corporate experience was the most significant factor in their success as an entrepreneur.
Furthermore, entrepreneurs' responses were aggregated to provide a profile of mid-career entrepreneurs (see text box) and identify factors that may promote or encumber the process of mid-career entrepreneurship. Some of the key findings indicate that:
- While 71 percent of entrepreneurs interviewed have completed undergraduate degrees, none of them consider that their formal education alone contributed to their entrepreneurial success.
- The majority (71 percent) of entrepreneurs revealed that they were not the sole founder of their ventures and 79 percent divulged this venture was their first foray into the field.
- The two primary motivators for the decision to engage in an entrepreneurial venture at a midpoint of one's career were potential financial gain and work-life balance.
- The following characteristics of the former employer of mid-career entrepreneurs were found to encourage entrepreneurship:
- decentralized decision making authority;
- ability to quickly respond to market opportunities; and
- a corporate culture premised on new product development.
- Main barriers that mid-career entrepreneurs faced include:
- access to high-quality human capital;
- access to capital; and
- establishing business development procedures (building consumer base, developing potentially lucrative markets, etc.).
Given some of the results from this small survey, it would be interesting to compare the survival rates, growth and sectors of activity of businesses founded by mid-career entrepreneurs with that of businesses formed by younger entrepreneurs. Their respective profiles, as well as what they see as impediments to their entrepreneurial success will most probably differ. Assessing these differences would be useful in determining whether different types of support are needed for each of these groups.
Character Profile of the Mid-Career Entrepreneurs
In aggregating the responses obtained from the 14 interview candidates, the results revealed a consistent character profile that is described by the following behavioural traits:
Personal Accountability: The signature character trait of the successful entrepreneurs interviewed for this study is personal accountability. The entrepreneurs who demonstrated meaningful wealth creation accepted complete responsibility for their actions and the outcome of those actions.
Clarity of Purpose: The entrepreneurs interviewed for this study demonstrated a high level of clarity about who they are and what they want. Clarity of purpose is reflected in a business's mission, operational objectives and goals. It is also a reflection of the entrepreneur's personal goals.
Peak Performance Under Pressure: Individuals with intrinsic entrepreneurial ability act and react best when managing under pressure.
Competence: The entrepreneurs interviewed for this study all validated that a key insight regarding competence, concentrating energy and time on leveraging your personal strengths, is more effective than concentrating energy and time on improving or upgrading areas of lesser strength. Self identified weaknesses were addresses by targeted hiring.
Courage, Passion, Belief: When speaking with the mid-career entrepreneurs, the word 'passion' was mentioned over and over — these individuals were able to identify an opportunity that resonated with them and because of their passion for and dedication (courage to start a venture, belief in their abilities and venture) to their idea, were ultimately successful.
Leadership and Decision-Making Skills: Given the fast-paced environment that surrounds starting a business, one must be able to make informed and thoughtful decisions both quickly and effectively. Furthermore, being a charismatic and effective leader plays an integral role in the attraction and retention of motivated employees and ultimately, committed and engaged employees are a primary contributor to the success of a business.
Competitiveness: When queried about the underlying incentives to become mid-career entrepreneurs, "winning" was equally strong a motivator as the potential for wealth creation and the desire for greater control over their time.
Mid-career entrepreneurs demonstrate three qualities that are particularly conducive to building a business:
- First, they actively seek out opportunities to learn more to increase the breadth and depth of their knowledge from a diverse range of information sources.
- Second, they try more things using their respective businesses as platforms for experimentation, changing established variables within a given business model.
- Third, they persist longer than anyone else. A corollary characteristic of persistence as a behavioural trait is that it both instils and reflects long term thinking. The interviewed entrepreneurs are all committed long term thinkers and planners.
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