Is Entrepreneurship For You? (Guide)

Starting a business can be exciting and fulfilling if have the right personality type and a tolerance to take calculated risk. Becoming a successful entrepreneur requires thorough planning, creativity and hard work. 

The nature of being an entrepreneur means that you fully embrace ambiguity and are comfortable with being challenged regularly. Also to become a successful business owner, you will need to work more than standard business hours. 

Your hard work can provide several personal benefits such as being your own boss, setting your own schedule, and earning money doing something you enjoy. Being your own boss also means you’re the one making tough decisions.

However, the options that are appropriate for one entrepreneurial venture may be completely inappropriate for another. Entrepreneurs must make a bewildering number of decisions, and they must make the decisions that are right for them.

You will make all the key decisions in the running of your business. Ultimately you can have colleagues and advisors but the running of the business is your responsibility. It’s an opportunity to practise great leadership and get the best out of others too.

Since entrepreneurship is not an easy path, it's a good idea to create a business plan before you begin your startup business. That way you can have maximium control and bechmark your results with your business plan.

What does it mean to be an entrepreneur?

An entrepreneur is someone who sets up and runs businesses. Thus, an entrepreneur is a person with the ability and desire to establish and administer a startup. He/she identifies a need that no existing business addresses and determines a solution for that need.

It's more than being a business owner; it's a perspective and a lifestyle. in order to become an entrepreur make sure you have a solid idea that you’re passionate and ready to pursue.

Most successful entrepreneurs create and extract value from researched opportunities and turn them into viable businesses. That said, any founder of a successful household-name business began as an entrepreneur.
“Entrepreneurship is living a few years of your life like most people won't so you can spend the rest of your life like most people cant.” - Warren G. Tracy’s student

Unlike working for a company, where your salary is decided by someone else, when you run your own business, your income is decided by you alone. If you work hard and the business is a success, you can reward yourself. 

Being an entrepreneur is high risk, high reward – you could make millions, or you could make nothing at all. But the earning potential is higher than almost any other career. Successful entrepreneurs see the risks involved in starting a new business but understand that without risk, there is no reward. 

Entrepreneurs must continually ask themselves what business they want to be in and what capabilities they would like to develop.

Further, an entrepreneur can tackle only one or two opportunities and problems at a time. Therefore, just as a parent should focus more on a toddler’s motor skills than on his or her social skills, an entrepreneur must distinguish critical issues from normal growing pains. 

Before you can set goals for a business, you must be explicit about your personal goals and must periodically ask yourself if those goals have changed.

Many entrepreneurs say that they are launching their businesses to achieve independence and control their destiny, but those goals are too vague. If you stop and think about it, most successful entrepreneurs create specific goals. 

For example, they may want an outlet for artistic talent, a chance to experiment with new technology, a flexible lifestyle, the rush that comes from rapid growth, or the immortality of building an institution that embodies their deeply held values.

Only when entrepreneurs can say what they want personally from their businesses does it make sense for them to ask the following three questions:

What kind of enterprise do I need to build? Long-term sustainability does not concern entrepreneurs looking for quick profits from in-and-out deals.

What risks and sacrifices does such an enterprise demand? Building a sustainable business—that is, one whose principal productive asset is not just the founder’s skills, contacts, and efforts—often entails making risky long-term bets.

Unlike a solo consulting practice—which generates cash from the start—durable ventures, such as companies that produce branded consumer goods, need continued investment to build sustainable advantages.

Can I accept those risks and sacrifices? Entrepreneurs must reconcile what they want with what they are willing to risk.

When entrepreneurs have aligned their personal and their business goals, they must then make sure that they have the right strategy.

What does it take to become an entrepreneur?

A successful entrepreneur embodies many skills, talents, and characteristics that allow them to thrive.

Success cannot be easily defined, but it is helpful to recognize that there are certain traits that you as an entrepreneur can have that will help you along your journey to create great and meaningful enterprises.

Successful entrepreneurs possess many of the following attributes:

  1. Self-confidence & self-belief
  2. Willingness to take a risk
  3. Self-motivation
  4. Good communication skills
  5. Strong managerial experience
  6. Comfortable with taking on extra responsibilities

As a budding entrepreneur you should carefully examine the list above. Consider which of these qualities you possess and which you need to develop.

Get ready to handle yourself, and your emotions, to stay focused on your project. Because the path to becoming a successful entrepreneur isn’t easy. 

So patience, patience, patience - it generally takes about 3 years for a new business to become profitable. Additionally, it often takes far more hard work, ingenuity and perseverance than the typical 9-to-5 job.

At the foundation of every successful start-up or business is an entrepreneur with a clear vision. 

All businesses start from an idea, and those ideas can grow and develop into fully-fledged companies that make a profit and have a significant impact on the world. Creating new products and services, in turn, creates new job opportunities and stimulates economic growth.

Economies are powered by innovation. Much of that innovation derives from forward-thinking individuals who possess the drive, skills, and background to turn a business vision into reality.

What are you trying to accomplish with your business? What change in the world are you wishing to make? Once an entrepreneur has a clear vision of what they want to accomplish, they can take the proper steps to actualize their goals.

Having the belief that you can take your product or business to success is a sign of an effective entrepreneur. This characteristic, more so than the others described, results from self-reflection and development. 

Entrepreneurs aren’t born with the confidence in their idea or product, it is cultivated. With obstacles bound to find their way onto an entrepreneur’s path, belief in the vision can carry them through all hardships.

Many great enterprises spring from modest, improvised beginnings. William Hewlett and David Packard tried to craft a bowling alley foot-fault indicator and a harmonica tuner before developing their first successful product, an audio oscillator.

Walmart Stores’ founder, Sam Walton, started by buying what he called a “real dog” of a franchised variety store in Newport, Arkansas, because his wife wanted to live in a small town. 

Speedy response and trial and error were more important to those companies at the start-up stage than foresight and planning. But pure improvisation—or luck—rarely yields long-term success. 

Hewlett-Packard might still be an obscure outfit if its founders had not eventually made conscious decisions about product lines, technological capabilities, debt policies, and organizational norms.

"The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand." - Vince Lombardi

To turn a business idea into a real business, entrepreneurs must recruit and lead a team of employees. Since the entrepreneur is the owner and vision behind the company, they must set the standards and guide employees towards the path of success. 

Strong leadership qualities are essential for building and overseeing a successful team.

Open-mindedness: In the business sector, every situation that arises can become an opportunity that your business can utilize for its benefit. The best entrepreneurs avoid becoming too attached to the services and goods they currently provide. 

An open-mind entrepreneur can evaluate changes in the market and shift the focus of their business to take advantage of a new opportunity.

Innovative: Generating new or better ideas, starting a business and earning a profit requires a creative person. The entrepreneur has to create new ideas to succeed in the face of stiff competition.

Types Of Entrepreneurship

Most people think of an entrepreneur as someone with dreams of becoming a titan of industry. While many would-be entrepreneurs have a lot of goals, most hope only to create a successful business, whether that success spans the globe or reaches no farther than their local community. Types of entrepreneurship:

  • Small-Business Entrepreneurs
  • Investor Entrepreneurs
  • Technology Entrepreneurs
  • Internal Entrepreneurs
  • Online Entrepreneurs

No matter your kind of entrepeneur, all Entrepreneurs requires dedicated people willing to bear the involved responsibilities. You are responsible for the business's finances as well as legal issues, sales, keeping the company afloat and many other things related to the business. 

Whether the business succeeds or fails, it is all in your hands. However, the increased responsibilities give you a larger stake in your business and can help you develop a wide variety of useful skills.

To Become a successful entrepreneur you must have is a willingness to learn and expand your base of knowledge. Even if you’ve become unrivaled in your area of expertise, there will always be something new to learn. 

Recognizing that you don’t know everything is required to keep your business flexible and valuable. By encouraging yourself to continue learning, you keep the fire bright and burning.

Aside continous learning, be relentless in your pursuit of success so that you can take your vision and imbue it with enough motivation to continue in your ventures no matter the results. 

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