Some people worry about what it takes to be an entrepreneur. If it is you, stop worrying. We firmly believe that anyone with desire and initiative can be an entrepreneur. This article will tell you, how to be an entrepreneur, whether you are ready to become an entrepreneur or whether you should give up.
The Entrepreneurial Personality
Thousands of people start their own business every year. But while most fail. One of the most common causes for failure is poor preparation.
People come from different directions on the entrepreneurial journey. Some of them start after graduate from university, or stay at home to raise their children, or simply because they hate the idea of retirement.
However, most turn directly to entrepreneurship on the part of the workforce. Many of them catch up with their prospective business before they get a job, testing ideas on the site while keeping their day job. Leaving a full-time job to start a business is not an easy decision. You need to be sure it’s time to get started.
First, you need to ask yourself a few questions:
- Do you have enough money?
- If you have a family, are you ready for it?
- Do the product or service have demand?
Many successful entrepreneurs claim that the sense of urgency that made their business not just a desire but a necessity was their driving force. Business Advice: “when the right time has come, you can honestly say, ‘I’m risking my house, jewelry, and other personal securities to get the front end cash I need for the long-term rewards”. But we don’t recommend you, to risk your house.
Willingness to risk everything probably means you’re ready to start now.
While many people think that ignoring a motivation such as annoyance or promotion is the motivation to be your own boss. Most experts say that a set of desires and frustration that leads to entrepreneurship.
Am I an Entrepreneur?
Entrepreneurial mindset is very well possible without an entrepreneurial personality or obligation. According to psychology, a mindset is a set of beliefs that focus on how we look, how we deal with different situations and how we deal with others. Mindset also determines our attitude and view towards the world.
According to the American Psychological Association, personality is based on small individual differences in thinking, feeling, and behavioral patterns. These things make us who we are. You can be social or restrained and sensitive as well.
You can take actions to change the way problems are approached and the way solutions are evaluated. But psychologists say that the personality is generally fixed; you are who you are and it’s hard to change it – not the way you want!
Many people have an entrepreneurial spirit. These people are likely to see situations or problems as opportunities. You get along well with coming up with new ideas, a different mindset. They strive to solve problems in new ways. In contrast, a person with a strong mindset will see things much more smoothly.
But not all of these people have an entrepreneurial personality. What exactly is this personality? First of all, most entrepreneurs are very self-confident, not afraid to take risks, accept mistakes, very adaptable and social.
If you have an entrepreneurial spirit but are not an entrepreneurial personality, you are probably an entrepreneur-ish. Think twice before you go to work if your personality doesn’t match.
The fundamental desire to control destiny is high on the list of reasons why most entrepreneurs start their own businesses. This may risk their families, futures, and careers to become their own boss. Some may not be really happy for working others. They are often convinced that they have a better idea and that working within the corporate structure can only prevent this development.
Strengths and Weaknesses
Rarely, you have all the qualities to succeed in business. Everyone has strengths and weaknesses. The most important thing is to understand your strengths and weaknesses. To do this, consider the most important results in your personal and professional life as well as the skills used for them.
The following steps can help:
- Create a resume.
Prepare a summary that describes your professional and personal experience and expertise. Describe the tasks you were responsible for and the degree of success of each job. Includes specific skills, training, hobbies and results required for the job. Be honest with your answers.
Once you have completed this resume, you will get a better idea of what type of business best suits your area of interest and background.
- Analyze your qualities.
Are you kind and motivated? Are you a hard worker? Are you well organized? The assessment of your personal qualities shows what you like and dislike, as well as your strengths and weaknesses.
If the company require more customer interaction and you have weakness in this area, this is not a company suit for you. Or you want to hire a “person” to take over customer service.
- Analyze your professional qualifications.
Small business owners have different hats, but that does not mean that every trade should be a jacket. All you have to do is know the areas where you are feeling well and need help. Note your skills level next to each feature – excellent, good, average or bad.
Low skills do not mean you are not in the right position. It just means you need to gain expertise or find someone who can help
Once you have your strengths and weaknesses, there are three ways to deal with them:
You can improve the weak areas
Hire an expert to handle the weak areas
Outsource tasks
It is much easier to outsource small one-time jobs to affordable experts with formal, free sites like Upwork.com or PeoplePer Hour.com.
Weaknesses of Entrepreneurs
Define Your Goal
In addition to assessing your strengths and weaknesses, it is also important to define your business goals. For some people, the goal is to be free to do the things they want and others goal is financial security.
If your business isn’t achieving your personal goals, you probably won’t wake up every morning to make the business successful. Sooner, you stop trying to make the concept work.
When setting goals, consider these factors:
- Many entrepreneurs do business for financial security. Think about how much money you earn in your first year of operation and then each year for up to five years.
- This includes areas such as travel, working hours, investing in personal wealth, and location. Are you ready to travel? How many hours are you ready to work?
- Type of work. When setting goals for your work, decide if you want to work outdoors, in the office.
- Ego satisfaction. Be honest: many people promise to satisfy their egos. A business owner can be very happy with your ego, especially if you run a business that is considered glamorous or exciting. You need to determine how important your satisfaction is to yourself.
Before Start
One of the best ways to find out if it is the best time to start a business is to meet other entrepreneurs and see what they do and how they behave. By looking at their lives and talking about entrepreneurship, you know if you are ready.
When you talk to someone who has done this, they will tell you all the negative things about running a business like how long they had to work and what ‘they did to meet the deadlines. You need to hear those things before you get started.
Rather than meeting successful entrepreneurs, you may want to talk to people who have not been so successful. Find out what went wrong with their projects to avoid your problems.
For many potential entrepreneurs, it is helpful to attend seminars or courses on entrepreneurship. You can often find such courses at colleges, educational programs or online. Others seek help from consultancies that specialize in helping small business start-ups.
Private and public associations and organizations such as SCORE or small business development centers are happy to assist you. Don’t hesitate to ask for help.
If you like your child to become an entrepreneur, teach him to earn, save, and invest money from childhood. This article guide you to teach kids about money – 7 Tips to Teach Kids about Money (2020)