The startup surge is still in high gear. Last year, according to the U.S. Census Bureau, Americans filed a record-breaking 5.5 million applications to start new businesses. From January through March of this year, 1.5 million new business applications have already been filed. (These numbers are not seasonally adjusted.)
Recent research from Zen Business reveals that 80% of Gen Z think they will “become the most entrepreneurial generation in U.S. history,” and 75% want to be entrepreneurs.
Obviously, these startup business owners enter the entrepreneurial fray filled with grand dreams, innovative ideas, and hope. But are they prepared for the reality of entrepreneurship?
To get an entrepreneur’s perspective, I talked to Clate Mask, the CEO and co-founder of Keap, a small business automation software company. Mask just released a new book, Conquer the Chaos: The Six Keys to Success for Entrepreneurs, an update to his New York Times best-seller released in 2010.
Why success in entrepreneurship isn’t easy
Rieva Lesonsky: You say you wrote this update to Conquer the Chaos for “the entrepreneur who went into business looking for freedom and instead found chaos.” Do you think most entrepreneurs start businesses expecting a chaotic ride, or do they think they’ll experience a relatively smooth path to success?
Clate Mask: Most entrepreneurs are visionaries with big ideas but often struggle with how to execute them. They know that building a successful business won’t be easy, but their ambition and excitement can cause them to underestimate how truly difficult it can be. So, they probably expect some chaos throughout the journey, but they’re shocked by just how chaotic things really become.
Lesonsky: Why do so many choose business ownership, knowing it’s not easy?
Mask: Entrepreneurship dangles a very appealing carrot. The idea of time freedom, limitless earning potential, and being your own boss is a draw that’s hard to ignore. Most people, especially entrepreneurs who already possess great grit, are willing to push through some pain to get to the rewards on the other side.
Lesonsky: Can you define “chaos” as you mean it in the book? Has the chaos changed in the 14 years between the publication of both editions?
Mask: In the book, I use the analogy of stepping into a gym for the first time, all geared up to kickstart your fitness journey. You hop onto a treadmill and initiate a warm-up walk. Suddenly, a gym trainer approaches and cranks up the treadmill speed. You transition into a jog, feeling apprehensive yet overcoming the initial challenge.
But the trainer doesn’t stop there. They increase the speed further and elevate the incline. Now, you’re struggling to keep pace. Despite feeling out of your depth, you persist, driven by a reluctance to give up or appear inadequate. Deep down, you realize this isn’t quite what you envisioned when you stepped into the gym. You continue, feeling trapped on the relentless treadmill.
The chaos of managing a small business mirrors this treadmill experience. Customer demands loom constantly. Leads require attention, projects await completion, bills must be paid, and crises demand resolution. Meanwhile, technology advances rapidly, complicating data management, while administrative and compliance tasks remain challenging. Industry dynamics evolve, competitors encroach, and economic fluctuations add further complexity.
And that’s just the business side of things! Amid all this, entrepreneurs also juggle their children’s schedules, neglected health, personal finances, household maintenance, and crucial relationships. The moment prospects and customers enter the picture, chaos ensues. Inputs multiply, leading to disorganization, and priorities blur, with overwhelm looming ominously.
Lesonsky: Can you briefly describe how someone can conquer the chaos?
Mask: Conquering the chaos starts with mastering “the game between your ears.” Once you’ve done this, you can focus on your vision and rhythm, preparing you for the business keys to success (strategy, automation, and leadership).
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