So you want to be an entrepreneur? But, do you really have what it takes to be one? On the other hand, you really want to be an entrepreneur but you are not sure you have what it takes.
As many business experts say, for many entrepreneurs starting a business is not the challenge but staying in business is the challenge.
The business world isn’t for everybody. This boat cannot carry everyone who wants to be in it.
Being your own boss comes with a lot of flexibility and freedom. Additionally, it comes with a lot of responsibilities and hard bumps along the road.
It requires a lot of work and you need to be able to put in the work to be an entrepreneur. You have to be consistent, disciplined, committed, make sacrifices, and be able to make hard decisions.
Most people get into entrepreneurship but don’t get to the other side. You can start a business but it will take a lot more for you to be a successful entrepreneur and stay in business.
When you listen to and observe most great entrepreneurs, popular and those you know personally, they mention most of these signs.
You are a self-starter and an executor.
“Be a self-starter. Do it now. When you don’t know how to do something, start. Beware of the paralysis of analysis. Be a person of Action.” Mamie McCullough.
As an entrepreneur, you need to be able to get things done without anyone being above your shoulder. You have to take initiative and do things without being pushed to.
Self-starters don’t wait for validation, motivation or direction from someone else to work on their plans.
You have to be an individual who takes actions and executes their ideas and plans. You have to constantly motivate yourself and remain ambitious towards your goals, dreams and ideas. This is what will keep you moving and working on your business even when it gets tough.
Most founders say an entrepreneur is required to take advantage of opportunities while others bypass them. They see solutions where others see problems.
You are a life-long learner.
Charlie Munger of Warren Buffett said:
“The other big secret to our success is that we are good at learning. Warren is better in his 70s and 80s in many ways than he was when he was younger. If you keep learning all the time, you have a wonderful advantage.”
Many business experts sensitize on the need of personal development for entrepreneurship success. You have to keep learning in order to grow, stay ahead and stay relevant.
We all know that the world is moving fast and there are new changes every wake of the day. New technologies, new ideas and new skills. Most of these changes affect how things are done. As an entrepreneur, you have to learn how to adapt to these changes. Adjusting to these changes will make you stay relevant as the times change.
According to Forbes, lifelong learning is essential for an entrepreneur to obtain a long-term success.
Being informed on different topics that affect your business will always help you make informed decisions. You will be able to ask critical questions and stay prepared for evolving opportunities. Acquire as much knowledge as you can to help you get better at what you do.
You are a risk taker.
The founder and EVP of NetApp Dave Hitz said:
“A lot of times people look at risk and ask, ‘What are the odds that I will succeed? ’A different way to look at risk is to ask, ‘What’s the worst thing that would happen if I failed?’”
In life, you have to be able to take and handle risks if you want to be extraordinary.
Roy Ash, the founder of Litton Industries once said that an entrepreneur tends to bite off a little more than he can chew hoping he will quickly learn how to chew it. In entrepreneurship, there are so many risks to be taken and you have to able to take them, handle the consequences and learn from them.
Obviously, one of the biggest risk most entrepreneurs take is the choice to leave their jobs and do business fulltime as work. This is a risk and the uncertainties of what happens next can give you cold feet.
Are you willing to take calculated risks when the time comes to take them? Are you also good at minimizing risks and at making crucial life decisions? If yes, you can do well as an entrepreneur.
You get over life failures.
“I have not failed, I’ve just found 10,000 ways that won’t work.” Thomas A. Edison
In life, there are so many things you will do wrong and there are so many times you will mess up. If you cannot get over these wrongs and mess ups, entrepreneurship is not for you.
In entrepreneurship, be ready to mess up and get up. You might introduce some products that will fail in the market or start a business and fail. You might take risks or make crucial decisions that will hit your business flat to the ground for some time.
Most successful entrepreneurs we know today have failed terribly and severally in the past. For example, Richard Branson, the founder of Virgin Group that controls over 400 companies today. Read about him and see how many more businesses he had started and failed but still got up.
Successful entrepreneurs, don’t stay down. They get up and use these temporary failures as stepping stones to success.
You genuinely care about what you are doing or want to do.
“Chase the vision, not the money, the money will end up following you.” Tony Hsieh, Zappos Founder.
Business experts advise against starting a business you don’t love or care enough about. Don’t start a business just to get money as the money comes and goes and you will give up if it doesn’t come as you want it to.
Having the deep desire and passion to push an idea past the starting phase will keep you going past every obstacle.
According to Dan Scalco, the founder of Digitalux, if you don’t genuinely love what you are doing, it will be hard to overcome obstacles along the way.
When you love and care about your business – products or services -, you will be able to keep it going.
You possess people skills.
Entrepreneurship is communication rounded. Therefore, you need to have people skills to get through entrepreneurship and business.
It doesn’t mean you have to get along with everyone or be a very social person. You need to be able to create conversations and participate in conversations.
Entrepreneurship is about creating partnerships, networking in the industry, selling your brand, your ideas and attracting customers.
You are competitive.
In business, you have to be competitive, either by nature or self-taught. You have to be strategic to win.
You need to embrace the fact that there is competition and push to be the best. With this type of desire, you will put in the work to help your business stand out.
HubSpot Co-founder and CTO, Dharmesh Shah writes that, most startups don’t lose to competition, but because they lose the will to fight.
Successful entrepreneurs flourish under competition pressure and if you don’t have the competitive spirit in you, you might not be one of them.
You are a hard worker.
This does not go without saying- being a hard worker.
Above all the other things it takes to be an entrepreneur, you have to be willing to put in most of the work.
Running a business is a lot of work and if you are not a hard worker, the business world is not for you.
There is a lot of sacrifice you have to make to get the most done. Talk of working during the weekend, working late into the night, many meetings during the day, etc. Think of the many hats you have to wear especially at the beginning phase of your business.
Business experts say that the input of your business is reflected by the output of your business. Therefore, for your business to succeed, you have to make sacrifices and put in more and more work.
To succeed in entrepreneurship, you have to take a chance on yourself and your dreams.
Your idea is your dream and you take a chance on yourself by putting in the work, not giving up and doing what needs to be done. You need to care about what you are doing or want to do and work hard and smart on it.
You have to be willing to learn throughout and do your best to be the best.
This is what it will take for you to not only start your business but to stay in it and be a successful entrepreneur.