Why would anyone want to be an entreprenuer? Answers to this question may vary from person to person, but whatever is given for this question is very important. Let’s consider some common reasons that drive people to start their own businesses.Entrepreneur or not. I don’t want to scare you away, but unfortunately this is one assignment you must do just in the beginning because being an entrepreneur is not easy at all. Taking this little advice into serious consideration will save you time and a lot of frustration. In this article I will outline the winning attitude to adopt for your survival and the price to pay when deciding for entrepreneurship.

 

  1. To get rich – Statistics tells us that 46 percent of millionaires are self employed. Other forms of wealth accumulation such as corporate employment or inheritance come after self employment. This fact contributes to the crave for people to start their own businesses.
  2. To pursue their dreams and passions - Some self employed people want to prove to the world that they can live from doing what they like. It may not be easy to take this route, but some people risk taking it.
  3. To break from corporate employment bondage – These are people who are tired of red tape politics. Normally such people are high achievers who want rewards based on accomplishment and not on seniority by complying with management demands. Such people get intimidated by the thought of wasting their time and energy building a career they might not enjoy rather than risking their life savings on plausible business ventures.
  4. Forced by circumstances - Looking at their potential and skills, such people prefer earning from their efforts than getting a static reward from employers. Sometimes they could feel exploited and have experienced unfair practices from management, such as nepotism and no support.

 The list is endless. I believe you have read so far because you are an entrepreneur, otherwise you’d have navigated away from this page. So, as you prepare your journey, it is very important to know your reasons because you will need to reflect on them when faced with trying times.

 

The starting Point

The very first thing to do is to ask yourself if you really are an entreprenuer. Planning, researching, taking action, persistency, knowing and understanding your market theories and concepts form a good basis for starting up. Entrepreneurs love to take action, so if doing these basics is a challenge to you, then you must think again.

If you call yourself and entrepreneur, you must have or be willing to develop some or all of the following traits:

 

  1. Good at value adding – Combining existing resources in new and more productive ways
  2. Innovative – Create value out of raw materials and human manpower which before were worthless
  3. Optimizer – Shift economic resources form low output areas to areas of higher productivity and greater yield. This involves systematically searching for and responding to unmet needs and new consumer demand brought about by change.

 As stated in the introduction, you must have very good reasons for starting your own business. If any of the following happens to be your reason for starting a business, please think again.

 

  1. Feeling unappreciated – The right solution would be to change your job, but not starting your own business
  2. Hoping to work less – This may be obvious to some but not to many. Most people think of running a business as a fantasy, its unfortunately not so as you may be required to work more hours than when you were employed, sometimes during public holidays and Sundays. Sadly, you need to adjust to this kind of working pressure. So if you are not ready, you may break.
  3. Looking for fame and recognition – Rather you’d attach yourself to a large well-know company or a political team. It’s interesting to learn that most entrepreneurs are fairly conservative and would not seek the limelight.
  4. Planning to get rich quick – Let me reveal to you this Million Dollar secrete, ‘Entrepreneurs don’t believe in buying lottery tickets, but they believe in selling them’. If you are planning to get rich overnight, sorry because it might not work out for you.
  5. Tired of being told what to do – Remember that your new bosses will now be your customers and suppliers. You must deliver what your customers want and maintain a good relationship with your suppliers to remain in business.

 There also could be many unworthy reasons to add to the list. Your reasons shouldn’t be anywhere close to the above or else you could be heading for worse conditions.

 

Do you have what it takes?

 Irregardless of race, sex, status, experience, education or whatever, you must do a self introspection to assess your readiness for entrepreneurship.  Below are some of the demands and conditions you will face as an entrepreneur, which you must truthfully find answers to.  

 

  1. Master your financial destiny – Depending on your chosen strategy, you may lose, win or draw. So be ready to work as hard as you wish your financial destiny to be.
  2. Willingness to loose your savings – It is always said that running a business is a gamble, it truly is. So, are you prepared to loose all that you have for trying out a business idea? If so, go on and try.
  3. Physical stamina and emotional strength to handle stressful work loads – Remember that it will involve managing staff, talking to suppliers, visiting customers, negotiating prices, marketing and many business activities. You must be ready for all of that.
  4. Does your family support you – If they are not, you may end up divorced or in the streets begging for a slice of bread. Your family should be prepared to endure the stress that may come with starting a business.
  5. Are you willing to lower your standard of living – This condition may be temporary. However, temporary is subjective to the productivity pace your chosen type of business will take.
  6. Can you wait – Running a business sometimes requires patience and discipline. It may happen that you get passionate on an idea that you are not skilled at. Thus you may have to take some lessons before you start. It doesn’t matter the time required, but if you truly want to win, you must wait for the right time.
  7. Supervision skills – Can you supervise and manage employees in such a way that you draw the best out of them?
  8. Innovativeness - Do you have the tendency to see a breakthrough where people are stuck?
  9. Do you have a purpose and direction in your life – Unless you have the ability to forecast your efforts towards an idea, you may still be unprepared for the road ahead.
  10. Do you have a thick layer of perseverance – If it doesn’t work the first time, are you prepared to take a million more attempts? You may have to change your approach but nothing can take the place of persistency.

 You know the answers to each of the questions above. You may have to double click on some of them by asking your friends to give you their fair judgment on what they know about you for each of the questions.

 To nurse your idea to success, please network with those who are already in the business and read all related material to learn new skills. Successful entrepreneurs are able to make great discoveries because they keep alive in themselves the curiosity and wonderment of a small child exploring the universe for the first time. Successful entrepreneurs are also active, energetic, imaginative, adaptable, enthusiastic, independent, bold, ethical, competitive, flexible, objective, creative, optimistic, curious, friendly, organized, decisive, hardworking, determined, patient, disciplined, honest and perceptive.

 Be the judge, good luck!

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