Not everyone is cut out to be an entrepreneur. The amount of pressure and dedication is enough to make the majority of prospective entrepreneurs quit half-way. Not only do you have to have an entrepreneurial fire in your heart to start a business, but you also need to have the traits of an entrepreneur — the basic structure of every entrepreneurial success.
But how do you know if you have what it takes to start a business, or even if you have these so-called ‘traits’ of an entrepreneur? Every entrepreneur is respectfully unique, but these things they share in common are so crucial to being successful that if you don’t have these traits, you’ll need to acquire them or find an alternative way to make due with your situation.
1. You see yourself as your own boss. People who create and run their own businesses have been successful because of their personal motivations and personalities that allow them to lead their company. It’s not easy to go from an employee in a company to a business owner. It’s usually easier to get a job with a company than to start your own business; people who strike out on their own often have the direct example of a parent to look to. If you’re able to see yourself as your own boss, it means you’re more likely to have the drive and initiative to more your own company forward.
2. You aren’t good at following orders. People who start their own businesses tend to have been fired from or quit more than one job. Self-motivated business owners are able to work on their own and go in their direction, even if it means it diverges from others’ plans. If you’re not good at following orders, chances are, you’re likely to be better off as your own boss and you’d be able to work to accomplish your goals in that sense. The marketplace is also telling you that the only person who can effectively motivate and manage you is yourself.
3.You like to take risks. There are plenty of people who are satisfied with working a stable job for 30+ years. They look very secure, but in reality, how many people do you know who are able to stay with one company for that long? In a rapidly changing economy, job security can be frighteningly fleeting. Being able to take risks and steer away from the comforts of job stability shows that you’re able to sway and adapt to new situations in shifting markets. This is not only a skill that so many people require in this market but also an asset for acquiring jobs for yourself.
4. You find yourself in a stagnant position. Sometimes the motivation to start a new venture comes from having reached the top of the pile where you are, looking around, and saying, “What’s next?” Early success can be wonderful, but early retirement can sometimes drive energetic and motivated people totally crazy. If you find yourself in a place of lacking motivation in your current situation, finding something new may be right for you.
5. You know your market inside-out. Don’t even talk to me about your great business idea if you haven’t put the time into figuring out if there’s a market for your product or service. As the people behind any number of failed Internet ventures will tell you, “cool” doesn’t necessarily translate into “profitable.” Don’t bother building it if you haven’t figured out whether there’s a good chance the customers will come.
6. You have the support of your friends and family. Starting a business is stressful under the best of circumstances. Trying to do it without the support of your spouse or other significant family members or friends would probably be unbearable.You might excel at promoting a business. Maybe you love running the financial end of the enterprise. You could be someone who starts a business because you have unique creative or technical know-how to create a product.
Any of the above is possible, but it’s unlikely that you are going to excel at all of these tasks or at all of the tasks involved in running any business. Forget all that doing it alone stuff. You are going to need some help sometimes.
You don’t have to fit this mold perfectly to be a good entrepreneur. In general, the more you have in common with these characteristics, the closer you are to following successful peoples’ road to success.
What do you have to believe in order to show up, serve, and prosper as an entrepreneur?