Successful entrepreneurs are distinctly different from individuals who just want a job. There are critical differences that you need to be aware of before you decide to quit your job and start your own business. Many times people think a business is a solution being unemployed. The truth is, 90% of businesses fail in the first five years and 90% of the 10% fail in ten years.
The reason for this failure is that we are not taught the qualities and given the knowledge needed to be successful entrepreneurs. We are trained to be employees so we can earn money for someone else. That makes you think doesn’t it? Every hour you put in a job is putting more money than you make in someone else’s pocket. Whose pocket, you ask? The successful entrepreneur.
So, why are successful entrepreneurs successful business owners? The answer is they have a totally different mindset toward security and money. They really don’t worry about themselves or their families. I know that sounds bad, but it is the truth. They are fixated on the idea that 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 but how to grow my business, or start a business, etc. I was not aware of 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 their is a balance in my life because I would rather be playing with my creation and learning new things.
Okay, now if that did not scare you let’s look at typical qualities of an entrepreneur.
1. Driven and Not Afraid to Take a Risk
A true entrepreneur sees an opportunity to create something and has the perception that the opportunity is going to be very successful. They do not necessarily think of things in terms of being rich. The pay off 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 they do not have a desire to manage it and want to create another business. Or, they hire employees to manage it for them and move on to the next idea.
Entrepreneurs are tenacious and do not quit easily. They are constantly high on the thrill they get from seeing their idea become a reality and a huge success. They may be worried about income, etc., but push on knowing that everything will work out in the end and a business will be born. Their obstinate, focused manner drives them on because they can taste, feel, and see the final 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 seek outside talent to enable the solutions to be implemented. Entrepreneurs love to have someone else do the job for them while they continue to move forward with their vision.
Entrepreneurs are not afraid to beg, borrow and steal (not really) the money required to bring their idea into fruition. The idea is a mistress and nothing is spared if it means the idea is being satisfied. They do not worry about security, health insurance, where the next $ is coming 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 one time or makes sure he/she has hired or cajoled someone into juggling for them. Entrepreneurs are masters at manipulation. They can sell an idea to anyone talk them into being part of the team and make sure the idea becomes a reality.
Entrepreneurs are perpetual students. They are intrigued by concepts and better ways to do things and are constantly going to seminars to learn something new that can be applied to a business to make it better.
Bottom line, entrepreneurs have a desire for freedom, wealth, to make their own rules, to be responsible for the results of their activities, find a problem and turn it into a business, and to make a difference in the world. Their idea of fun is the creation of 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 of your time birthing a business
2. Are you unemployable because you like to think and aren’t afraid to give your opinion
3. Are you prepared, if needed, to lower your standard of living until your business becomes profitable
4. Will your family and friends understand why you won’t go to parties, movies, events that appear to be in the way of your success
5. Have you owned other businesses and still feel driven to try again.
If your answer is yes to these questions you have a good chance of success. The key qualities are no fear, trust, focus and drive.
Listen to your gut and ask yourself: “Am I really ready to give up the secure life as I know it?” If you are, go for it.