Successful entrepreneurs are clearly different from people who just want a job. There are critical differences you need to be aware of before you decide to quit your job and start your own business. Many times people think that a business is a solution to being unemployed. The truth is that 90% of businesses fail within the first five years and 90% of the 10% fail within 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 on a job is putting more money than you make into 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 security and money. They don’t really care about themselves or their families. I know it sounds bad, but it’s the truth. They are fixated on the idea that it will become a business. I know this to be true because I am the same way. My poor husband is an orphan most of the time because I can’t think of anything else 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 his 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.
Ok, now if that didn’t scare you, let’s look at the typical qualities of an entrepreneur.
The contractors are:
1. Driven and unafraid to take risks
A true entrepreneur sees an opportunity to create something and has the perception that the opportunity is going to be very successful. They don’t necessarily think of things in terms of being rich. The reward is seeing an idea grow into a viable business or take an existing business and improve its performance. It is not uncommon for an entrepreneur to sell a business after he has been successful because he does not want to run it and wants to create another business. However, they hire employees to manage it for them and move on to the next idea.
Entrepreneurs are tenacious and do not give up easily. They are constantly excited with the excitement they feel seeing their idea become a reality and a huge success. You may be worried about income, etc., but continue to know that everything will work out in the end and a business will be born. Their stubborn and focused attitude drives them because they can taste, feel and see the end results.
3. problem solvers
Entrepreneurs are problem solvers. They are most effective when they are solving a problem with a team. They understand their limitations and look for external talent to enable the solutions to be implemented. Entrepreneurs love having someone else do the work for them while they continue to move forward with their vision.
Entrepreneurs are not afraid to beg, borrow and steal (not really) the money needed to make their idea a reality. The idea is a mistress and nothing is spared if it means the idea is being fulfilled. They don’t worry about safety, health insurance, where the next $ is going to come from because they KNOW this is the right thing to do.
5. Able to manage diversity
An entrepreneur is capable of juggling a million tasks at once or makes sure they have hired or cajoled someone to juggle 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 concepts and the best ways of doing things and are constantly attending seminars to learn something new that can be applied to a business to improve it.
Simply put, entrepreneurs have a desire for freedom, wealth, making their own rules, being responsible for the results of their activities, finding a problem and turning it into a business and making a difference in the world. His idea of fun is building a successful business.
Take this short quiz and see if you have the traits 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 reduce your standard of living until your business is profitable?
4. Will your family and friends understand why you don’t go to parties, movies, events that seem to stand in the way of your success?
5. Have you had other businesses and still feel compelled to try again?
If you answer yes to these questions, you have a good chance of success. The key qualities are fearlessness, confidence, focus and drive.
Listen to your gut and ask yourself, “Am I really ready to give up safe life as I know it?” If you are, do it.