What Does it Take to Become an Entrepreneur?
So, you want to become an entrepreneur? Starting your own business can seem daunting at first, and doing so requires many skills. Let’s dive into the four main characteristics of an entrepreneur, discovering what it really takes.
1. Perseverance
Steve Jobs, the infamous American business magnate and founder of Apple, once said: “I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance”.
Being able to persevere when challenges arise is an important aspect of any success story, but it’s incredibly pertinent for entrepreneurs. The ability for one to continue, challenge after challenge, is required when it comes to starting your own business or venture!
Try, try and try again — you never know if your next effort could be the success story. Avoiding getting discouraged as much as possible, and ensuring you continue chasing or pursuing the end goal is the only way you can make sure you attain it, to the best of your own abilities.
2. Passion
Oftentimes, individuals choose to pursue entrepreneurship out of passion. They are unable to fulfill this passion or desire in any other company/workplace, and therefore decide to start their own. Doing so is what fuels many entrepreneurs, with “following one’s passion” being one of the top reasons individuals choose to become entrepreneurs.
Devoting yourself to your work, ensuring it is something you love doing each day, and that you’re excited to wake up and continue working on it are all good indicators that you are passionate about your work. And of course, the more passionate you are about it, the more you’ll want to work towards making your business or venture a success!
On the other end of the spectrum, if you are not as passionate about your work as you would like to be, it may be time to take a step back and reflect on what you are doing. Does your work generate excitement and joy? Are you ready to devote your time and energy towards it? Remember, time and energy are two of the most valuable economic resources one has, and it’s important that they are not going to waste! Make sure that you are happy with what you do each day, and satisfied with where you are going. After all, you are in control of both your life, and your business as an entrepreneur!
3. Investment — both emotional and financial
Those who are serious about becoming an entrepreneur, or who are ones already, realize that it is not an easy feat. Yes, there are certain characteristics that one should have to succeed within the domain of entrepreneurship, but it’s also important that you understand the investments you’re making as an entrepreneur. Emotional investment is often a large factor, which can be an asset or a liability. On one hand, becoming emotionally invested in a company can help fuel your passion for the cause or business you stand behind, driving you to continue on the path to success. However, it can also get in the way of rational thinking at times, hindering your ability to make decisions based on what is wise. Using your appropriate judgement and perhaps gaining advice from a third party may be of use when making important decisions.
Entrepreneurship also requires a lot of financial investment — if you aren’t obtaining loans or funding from a grant or other generous institution, money is most likely coming out of your own pocket — which can often be hard, especially since entrepreneurs are unsure about how viable or successful their business could potentially be in the future.
4. The ability to take risks!
Lastly, entrepreneurs need to be comfortable taking risks. As we recall the classic “risk-return” relationship from economics, it also applies to the life of an entrepreneur. The greater amount of risk you take can lead to a greater potential for return, but the fear of taking such risks is often one of the largest deterrents, pushing those who are unable to do so away from the potential or great rewards of entrepreneurship. Alongside freedom and being able to make your own decisions, entrepreneurs are some of the most successful business people today!
Do you have what it takes to become an entrepreneur?
