Do you have what it takes to be an entrepreneur?
May 2014 — Do I have the qualities to be a successful entrepreneur? This is a question that is frequently asked by people who are contemplating starting their own business.
Being an entrepreneur can be an exciting and rewarding experience. At the same time you need to go into this adventure with your eyes wide open.
To determine whether you have the mindset of an entrepreneur here are some of the qualities and characteristics that entrepreneurs frequently identify when asked “do I have what it takes to be an entrepreneur?”
Jim Collins urges companies to set “Big Hairy Audacious Goals” but this is just as important for the would-be entrepreneur. Your goals may be too big for most people but as long as they are attainable, dreaming big is something that all entrepreneurs do.
Entrepreneurship involves uncertainty. Do you avoid uncertainty in life at all costs? If yes, then entrepreneurship may not be the best fit for you. Entrepreneurs are people who are willing to start a business on a leap of faith. Entrepreneurs enjoy the thrill of taking calculated risks.
Entrepreneurs often create new products or services that few will initially believe in. Would you have the confidence to see your idea or product through?
But, don’t mistake confidence for arrogance. You will have to work with other people – for example investors, partners, employees to get your idea off the ground.
Creativity and innovation
Are you able to think of new ideas? Can you imagine new ways to solve problems?
Great entrepreneurs rarely invent just one profitable product or service. They are inventing and innovating constantly. Ideas that take off are rare, so you may need to come up with a lot of bad ideas before you come up with the great idea.
Doing things quickly
Do you accomplish things with a sense of urgency, or are you one of those people who will never really get around to doing it?
Successful entrepreneurs get things done quickly. You might have a multi-million dollar idea, but if you don’t get it out there before someone else does, that idea will no longer be profitable to you.
Objectivity and logic
These qualities are important when you’re trying to market your idea or product. You need to be objective and logical in all aspects of your business, like who to hire and fire, how you analyze the competition, and how to decide your business strategy.
Having that competitive drive is one of the things that keep entrepreneurs committed and excited. Being competitive is vital to grow and succeed in business.
The most important attribute of an entrepreneur is to never give up.
According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. But instead of giving up, these entrepreneurs learn from their failures and just keep going. Entrepreneurs are survivors.
You may have the greatest idea in the world, but if you cannot persuade customers, employees and potential lenders or partners, you will not succeed.
If you enjoy public speaking, engage new people with ease and find you make compelling arguments grounded in facts, it’s likely you’re poised to make your idea succeed.
Nature or nurture?
Despite being able to identify some of the qualities of an entrepreneur, the debate over whether entrepreneurs are born that way or can be taught the skills to start and run a successful business continues to divide opinion.
In the meantime, entrepreneurs will continue to be born – and made – perhaps you are one of them?
FOR MORE INFORMATION CONTACT:
Barbara Dennis OBE, DL, CMgr, FCMI
P three business development