So You Want to Be an Entrepreneur?
Top Signs You Have What it Takes
Taking the leap from having an entrepreneurial dream to actually putting it in motion and growing a venture is exciting – and a big one! If you are currently sitting in the “dream” stage, you might be wondering if you’re really ready to breathe life into your idea. Better yet, are you ready to embrace the life of an entrepreneur? To answer this question, you have to first understand what an entrepreneur does and what traits these individuals share.
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The Heart of an Entrepreneur
While today’s entrepreneur has become almost synonymous with “business owner”, there actually is a difference between the two. Business owners oversee an established company with a tried-and-true product and customer base, with the main focus of making a profit. Entrepreneurs, on the other hand, include those who take on high-growth and high-risk endeavors in order to generate new value. The main focus is innovation.
To dive a little deeper into what it really means to be an entrepreneur, let’s take a quick look back in time. The term “entrepreneur” was first used in the 18th century by Richard Cantillon in his book “Essai sur la Nature du Commerce au General”. He is also credited as being the first to establish the entrepreneur as a “risk-taker”. It is believed that the term comes from the combination of two Latin words: “entre”, to swim out, and “prendes”, to grasp, understand, or capture.
So, an entrepreneur is someone who makes a conscious decision to choose freedom; the freedom to focus on the things in life that light them up, that move them and that make a big impact on those around them. It is someone who trades a life of predictability for boundless uncertainty. They find a way to use their passion to fulfill a need and solve real problems – on their own terms. Entrepreneurs are disruptive and independent, creative and versatile, strategic and determined.
Signs You Have What it Takes to Become an Entrepreneur
Is the heart and mind of an entrepreneur beginning to sound more and more like you? If you’re still unsure, consider the following signs that you have what it takes to become an entrepreneur:
You have the right mindset
It all starts with the right mindset; the drive to do something bigger, more meaningful. Entrepreneurs maintain a positive attitude that allows them to view challenges as opportunities to learn and improve. Their high level of confidence also enables them to push forward even under less-than-desirable circumstances.
You have a strong support network
The most successful entrepreneurs have a mentor, an advisor or other entrepreneurs they can turn to when they need insight and advise. They make sure they have a strong support network of like-minded individuals whom they can share their ideas, goals, hopes and fears with.
You’re comfortable with being uncomfortable
Entrepreneurs are people who accept that they are going to face tough choices and go through tough situations. They recognize that the biggest opportunities and results both come from a willingness to embrace the discomfort that comes along with it.
You have identified a problem that needs to be solved
Entrepreneurs recognize that the strongest fuel is having a personal connection to what they’re doing. Whether they see shortcomings in their industry or have a specific frustration that others share, entrepreneurs first identify a key problem and then work relentlessly to solve that problem.
You know how to add value to people’s lives
Highly successful entrepreneurs take solving real challenges a step further by determining how they can make people’s lives easier and more meaningful. Today, it’s not as much about who’s first, it’s about who does it best – who delivers the most value to the customer.
You’re in it for the long haul
Everything always takes longer than expected when it comes to starting a business, which is why persistence, not patience, is the key to entrepreneurship. The road to success is never a straight line. Tenacious entrepreneurs approach problems from all sides, face challenges head-on and know when to cut things that aren’t working.
Are you self-motivated and can motivate others?
Do you enjoy competition?
Do you have persistence and self-discipline?
Do you plan ahead?
Are you able to look at situations from different angles?
Do you consider yourself a risk taker?
Do you feel that you communicate effectively with others?
Are you motived by the independence to make your own decisions?
Do you examine mistakes and learn from them?
Are you driven by a strong personal need to succeed?
Do you find experimenting with new ideas exciting?
Do you see challenges as opportunities?
Do you value education over entertainment?
Do you seek out advisors and feedback?
Do you consider time a valuable asset?
Signs You Have What it Takes to Become an Entrepreneur
Now that you have done a little soul-searching and you believe this journey is right for you, it’s time to set your goals in motion. Here are five steps every successful entrepreneur must take:
Move to the “growth” stage
While the image of being an entrepreneur can look different from person to person, there is at least one thing every entrepreneur has in common for sure: they start. The first step in starting your journey is to transition from the “dream” to creating something that can flourish. The early days of your venture will be devoted to finding your target audience, marketing your offering, developing repeatable processes, defining goals and sharing your vision.
Build the right team
Your company values are your business’ DNA, which is why it’s so important to have them in mind when you make important business decisions. Before hiring anyone, identify what your company’s core values are. Then look for employees that embody those values. In fact, the more open your business is about its beliefs, you may discover that you attract like-minded individuals.
Develop a winning culture
A passionate team is the backbone of a successful company. The secret to inspiring employee motivation is to create a positive company culture in which they can thrive. Sharing the big picture with your team is a great place to start. Paint a compelling future to let your team see the impact of their individual roles. You will not only boost their motivation, but also build trust and transparency.
Experiment in stages
Every business faces the challenge of constant change. As your business grows, you will have to find a way to embrace the twists and turns to enjoy sustained success. One of the best approaches is to experiment in stages. Before committing, make small changes when trying out new ideas, evaluate the results and then make adjustments as needed.
Keep your eye on the future
Above all, keep your eye on the future! Especially as a new entrepreneur engrossed in day-to-day challenges, it is easy to lose sight of the long-term. Make sure you stay connected with the reason you started your entrepreneurial journey in the first place. Frequently circling back to your “why” will ensure that your decisions and actions are always aligned with your purpose and have a meaningful impact.
There are so many variables you’ll face on your entrepreneurial journey. The best way to prepare is to develop a winning business mindset and equip yourself with as many tools and resources as possible. The Right Method RESET Signature Course can help you do just that. Learn how to reset yourself, adapt your mindset and unlock the power of your purpose – live your best life.