Why does someone become an entrepreneur? The popular conception is that the motivation is money. But that simple explanation doesn’t capture the depth of the concept. The English word is derived from the French word entreprendre which means to undertake. If wealth happens, it’s a side benefit.
What lies at the heart of an entrepreneur is something deeper—the drive to create, to innovate, to challenge one’s self which, by its nature, involves risk. Since starting a business takes money, and the risk of any start up is great, an entrepreneur has to take risks. The willingness to take those risks to face a challenge of one’s own making is what defines an entrepreneur.
While I didn’t get the OEN award, I now have a deeper understanding of this word I used to dislike. What’s more, I realized that under this definition I qualify as an entrepreneur.
Planting grapes in the 1970s and starting a winery in Oregon entailed a huge risk. Just because there was no wine industry in Oregon didn’t mean there couldn’t be. Along with a handful of other couples, we decided to try. We had no idea what would happen. All we had energy and determination. But we loved the challenge of growing grapes, making wine, and adding to the quality of life with our product. Lacking training, over the years I learned on the job how to manage the vineyard and run the winery. I loved the challenges which engaged mind, body, and spirit.
It wasn’t until I decided it was time to turn control over to the second generation, that I ran into an unexpected challenge. Despite wanting to, and instituting a three year transition, I found myself unable to let go of control. I had underestimated my emotional commitment, the sense of oneness with the business. It had become my identity so that letting go went against all my instincts. How can you leave what has become part of you?
This inability to let go is what I call “the Founder’s Dilemma” and is particular to the founding entrepreneur.
It is the side of being an entrepreneur that no one talks about. All the buzz is about risk and accumulation.
Yet there comes a point when it’s time to leave. Whether it’s age, health, or next generation chomping at the bit, the welfare of the business is at stake. Even if you have identified the right person to succeed you, letting go of your life’s work is a challenge like no other you have faced.
I’m glad to say I finally did it and here’s my advice. You probably know, deep down, you need to do this. Face it as the critical business decision that it is.
After you go through the grieving process you will discover there is life on the other side.