Sat 11 Jan 2014 | By:

Do You Have What It Takes To Be An Entrepreneur?

Let’s face it. Entrepreneurship is NOT easy or for the faint of heart.

Do you have what it takes to be an entrepreneur

You want the freedom and the benefits of being your own boss, but are unsure if you should make the leap and start your first business?

Entrepreneurship is the ability to use whatever skills and knowledge that you have to create a profitable business from scratch.

Entrepreneurs and small business owners create jobs, help the economy, and most importantly make a difference in the lives of the people around them.

If you don’t stay on top of your business’ taxes, you won’t be able to re-coup your initial investment, expand your business, or make a difference in the world. So, to be a successful entrepreneur, it is important that you keep the eye on the prize! So how does an entrepreneur succeed?

 

Having What It Takes

Not everyone can be an entrepreneur. Taking the leap from formal employment to being your own boss isn’t always an easy decision and can be pretty scary. That being said, you may need to ask yourself some fundamental questions. For example:

If you can answer ‘Yes’ to these three questions with a straight face, you have passed the first test!

“I don’t regret the things I’ve done, I regret the things I didn’t do when I had the chance.” –Unknown

 

Being Shrewd

In the business arena, there are big sharks and small ones. Once you have your startup off the ground, you have to face the competition and be able to catch the customer’s attention.

You need to put a marketing plan in place and have the ability to execute. It may be difficult at first, but always remember that anything worth having is worth working for.

“In order to succeed, your desire for success should be greater than your fear of failure.” – Bill Cosby

Being Resilient

You can’t afford to give up at the first sign of trouble. You’ll need stamina and willpower to face challenges and make adjustments without shame. It’s okay to learn from your mistakes and change direction when necessary.

“Forget all the reasons it won’t work and believe the one reason that it will.” – Unknown

Having Great Communication Skills

It’s very important that you are able to communicate with customers, lenders, and your employees. It doesn’t help you to have amazing products or services if nobody understands the benefits. Often times you’ll hear “image is everything”.

So you will need to make your business’ brand stand out, be easily understood, and very appealing to your target market.

“COMMUNICATION – the human connection – is the key to personal and career success.” – Paul J. Meyer

Knowing When To Call Time Out

Like any entrepreneur, it’s so important for you to know when to cut your losses. If your business is doing badly, you may need to take a break and really figure out what happened.

You should be able to ask for advice from fellow entrepreneurs or be able to fully analyze every aspect of your business. Not all successful entrepreneurs succeed in their first attempt, but they are able to learn from past mistakes and make sure they never make them again.

“Though no one can go back and make a brand new start, anyone can start from now and make a brand new ending.” – Carl Bard

Being Socially Responsible

‘What is an entrepreneur’ is a question to be answered within the framework of good social responsibility. As an entrepreneur, always look for ways to help the community around you.

When you give back and make a difference in your customers lives (and even non customers), your business will benefit from the reputation boost and attention.

“The best way to find yourself is to lose yourself in the service of others.” – Mahatma Gandhi

When everything is said and done, you need to really analyze why you want to start your first business. Please keep in mind that nothing is impossible as long as you apply and educate yourself on a daily basis.

Business books, blogs, and talking to other entrepreneurs can help you answer this question if you haven’t already.

If you’re ready to start your business, click here to get started today.

About Ryan James

Half hardworking hermit, half avid adventurer, Ryan founded Startup Savant to simplify entrepreneurship and pay it forward by donating a portion of all revenue to support children's education via DonorsChoose.org.