Entrepreneurs: the qualities of an entrepreneur
Successful entrepreneurs are clearly different from people who just want a job. There are critical differences that you should be aware of before deciding to quit your job and start your own business. Many times people think that a business is a solution while unemployed. The truth is that 90% of companies fail in the first five years and 90% of 10% fail in ten years.
The reason for this failure is that we are not taught the qualities and knowledge necessary to be successful entrepreneurs. We are trained to be employees so that we can earn money for someone else. That makes you think, doesn’t it? Every hour you spend at work is putting more money than you make in someone else’s pocket. Whose pocket is it, you ask? The successful entrepreneur.
So why are successful entrepreneurs successful business owners? The answer is that they have a totally different mindset towards safety and money. They don’t really care about themselves or their families. I know it sounds bad, but it’s the truth. They are obsessed with the idea of it becoming a business. I know this is true because I am the same way. My poor husband is an orphan most of the time because I can’t think of anything other than how to grow my business or start a business etc. I didn’t realize this until I read a description of a typical entrepreneur and the impact their activities have on their families and friends. It takes a conscious effort to make sure there is balance in my life because I prefer to play with my creation and learn new things.
Okay, now if that didn’t scare you, let’s look at the typical qualities of an entrepreneur.
1. Driven and not afraid to take risks
A true entrepreneur sees the opportunity to create something and has the perception that the opportunity will be very successful. They don’t necessarily think of things in terms of being rich. The payoff is seeing an idea grow into a viable business or taking an existing business and improving its performance. It is not uncommon for an entrepreneur to sell a business after it is successful because he has no desire to run it and wants to create another business. However, they hire employees to run it for them and move on to the next idea.
Entrepreneurs are tenacious and don’t give up easily. They are constantly excited by the excitement they feel as their idea becomes a reality and a great success. They may be worried about income, etc., but go ahead knowing that everything will work out in the end and that a business will be born. Their stubborn and focused manner drives them because they can taste, feel, and see the end results.
Entrepreneurs are problem solvers. They are most effective when solving a problem with a team. They understand their limitations and are looking for external talent to enable the implementation of the solutions. Entrepreneurs love having someone else do the work for them as they continue to advance their vision.
Entrepreneurs are not afraid to beg, borrow, and steal (not really) the money needed to make their idea come true. The idea is a lover and nothing is spared if it means that the idea is being fulfilled. They don’t care about safety, health insurance, where the next dollar comes from because they KNOW this is the right thing to do.
5. Able to manage diversity
An entrepreneur is able to juggle a million tasks at once or makes sure they have hired or cajoled someone to do them. Entrepreneurs are masters at manipulation. They can sell an idea to anyone, convince them to join the team, and make sure the idea becomes a reality.
Entrepreneurs are perpetual students. They are intrigued by the concepts and the best ways of doing things, and they constantly attend seminars to learn something new that can be applied to a business to improve it.
In short, entrepreneurs want freedom, wealth, create their own rules, be responsible for the results of their activities, find a problem and turn it into a business, and make a difference in the world. Your idea of fun is creating a successful business.
Take this short quiz and see if you have the makings of a successful entrepreneur:
1. Are you willing to spend all your time building a business?
2. Are you unemployed because you like to think and are not afraid to give your opinion?
3. Are you prepared, if necessary, to lower your standard of living until your business is profitable?
4. Will your friends and family understand why you won’t go to parties, movies, or events that seem to get in the way of your success?
5. Have you had other businesses and still feel compelled to try again?
If your answer is yes to these questions, you have a good chance of success. The key qualities are fearlessness, confidence, focus, and drive.
Listen to your instincts and ask yourself, “Am I really ready to give up on safe life as I know it?” If so, go ahead.