Are you an Entrepreneur or Wantrepreneur?
This is the question; I keep asking everyone who asks for advice on running his own business. I got this question from the “Scott Fritz” book named “The 40 Hour work year”; he first described that people are two kinds, one has new idea (Entrepreneur) and other will get the idea someday (Wantrepreneur). His book discusses how he started his own business and how he exited for a high value, so what is the difference between entrepreneur and wantrepreneur; there is a big difference. It is as simple as time and money difference; entrepreneurs are the only breed of people out there that learn to leverage their money and time to get more freedom and seek new experience to do what they want, while a wantrepreneur is someone who doesn’t factor in those aspects and get consumed with other factors.
Therefore, what is freedom and money according to Scott book; they are equivalent to value and business. The concept here shows how value is related to an outcome or business, and just like any business; when you add more time to it and you become the person they get back to, where you handle situations and operations, it consumes you more and don’t let you focus on the business idea itself. So, to increase the value simply decrease the time solving problems and focus more on advancing the business and that is the 40 hour per year idea. Most of the business acquisitions that ar currently taking place in the world rely more on ideas other than people; whereas the entrepreneurs focus more on getting new ideas to market and leave wantrepreneurs to operate and manage them. Thus; how to increase your business value is simply to give it less time and focus on anther business.
So how to distinguish yourself from the wantpreneurs?
1. Always seek new ideas and have passion; entrepreneurs are driven by passion and wantrepreneurs are driven by idea of being an entrepreneur.
2. Be decisive and action taker, do not wait for the website to complete or the product to be ready, take a step to start marketing. Entrepreneurs say what they do and wantrepreneurs talk about it but take no action.
3. Prepare to invest and sacrifice, this is a very tricky part. Some entrepreneurs measure their success by how much profit generated relevant to the invested time. In real life, every entrepreneur knows how much time is needed to invest in ideas to make it happen and understand that the only time you see the world’s shortcut is just in the dictionary.
We all love the idea of being our own boss, having our own business but in real life, it is much harder to have the self discipline and attitude to pursue those ideas from inception to reality.