People become entrepreneurs for many reasons. Sometimes it’s just because they cannot find a job that pays enough, is interesting enough, or challenges them enough.
Other times it comes after a long life of working for others and moving up in a company and then realizing that they can do more with their own business. Yet others start a business because they want time freedom and flexibility.
While there are many reasons for becoming an entrepreneur, it’s critical to choose the right business and run it properly if you want to be successful.
It’s fun to say you’re an entrepreneur, but it’s a whole other thing to really do it successfully.
What is Entrepreneurship?
Starting a new business has always been a daunting task as it is needed a lot of pre-requisites.
It’s another thing that running your own business can also be much more exciting, fulfilling, and rewarding than working for someone else.
The most common entrepreneur is the person who has many ideas and struggles with them in their mind. They dwell on how to channel them and convert them into profitable businesses.
In fact, an entrepreneur’s journey starts with the equation Ps – 1= Pf, which means, the probability of success is equal to one minus the probability of failure.
An entrepreneur’s mindset
Who is an entrepreneur and what mindset is essential for successful entrepreneurship? Reid Hoffman, executive chairman and co-founder of LinkedIn once said: “An entrepreneur is someone who jumps off a cliff, and builds a plane on the way down.” and the mindset that plays a vital role in your success. that’s included- ‘the Bungee jumper mindset’ — taking the risk, the acrobat mindset — being flexible, the student mindset — keep learning, the eagle mindset — a bird’s eye view, the champion mindset — making it happen.
The Ultimate Personality of an Entrepreneur
There are lots of articles you can read online about all the personality traits that an entrepreneur should have. Many of them bring up the idea of being passionate about your work; however, there are more important things than passion when it comes to business success.
After all, some days you will hate your business. But you really don’t have to be that passionate about the work, just excited about the results. This list of skills and personality traits that you need to be successful all hinges on your ability to do the work.
- Expertise on your Trade– You need to know what you are doing. Without that, you need to at least have someone you can call on who knows what they, as the expert, are doing. You can outsource everything in your business, so you don’t (for example) need to know how to build a website to be a website builder. You just need a plan for finding clients and assigning the work to other people.
- Perseverance without procrastination– Once you start a business, you cannot give up when the first thing goes wrong. You need to be able to stick it out until you experience success. If you have done the research and you have the actions planned, you need to do those before throwing in the towel. Stick to it for at least a prescribed amount of time before quitting.
- Ability to bounce back – In truth, an entrepreneur needs to be able to fall and get back up immediately. Things are going to happen that cause you to second-guess yourself. That is normal. All businesses have normal ebbs and flows. Your ability to weather these storms is what will make you an entrepreneur.
- Affluent Resourcefulness – A lot of people think you need a lot of resources to start a business, but in truth, you just need to be resourceful enough to recognize when you have access to something amazing. For example, some of your resources may be money, people, or technology.
- Unbeaten motivation – If you don’t have the natural ability to motivate yourself and others to achieve a vision or goal that you have in your own head, it’s going to be hard to be successful. However, if you lack motivation but you have the skills and desire, you can buy it in the form of a coach to help you find it.
- Dedicated commitment – This is the ability to truly be in your business 100 percent. You don’t want to dabble in this business and that business and play at business. You want to do your due diligence and then stick to a business and make it work.
- Innovative sense of Adventure – Owning and running a business is a journey that you’re going to take which is going to be a lot like being on a rollercoaster. There will be ups and there will be downs. Sometimes you will go very fast between the two; that’s the way it is. They say that an entrepreneur likes to take the risk, but the truth is a person who works for someone else is taking a risk too; they just don’t realize it.
The other traits are also important, but when you notice that entrepreneurs encompass all types of personalities, from introverts to extroverts and everything in between, you quickly realize what makes them successful.
Once you make a choice to become an entrepreneur, the next thing you need to do is to decide which type of business you need to start to be successful.
Feel free to criticize me, you are always welcome!