Can you be a Successful Entrepreneur?
Know ahead what it takes to be an entrepreneur.
You may be highly skilled in a specific area or having a brilliant concept for a new product, but turning that into a successful new business can be a tough proposition.
Having been there and done that, I know being an entrepreneur is not for the faint hearted. Are you willing to take the risk of implementing your epic idea, take on the role as leader of the company and assumes full responsibility for its execution, success, or failure?
In the business world, startups are always hard and probably the toughest challenge to face. My opinion is that a majority of “C Level” executives (CEO, COO, CFO etc.) would fail implementing a startup. There is a significant difference between running an existing company than building one from the ground up. An entrepreneur’s challenge is twofold – getting a business off the ground is one, but the real challenge is staying in business.
Questions to Ask Yourself
Below are a series of questions that will answer the question: Can you be an entrepreneur?
Can you handle risk? Are you comfortable with being uncomfortable? Can you handle taking educated risks and surviving the constant ups and downs of owning a business?
Are you a problem solver? Get ready – you will have plenty of these.
Are you a self starter? If something needs to be done, will you get after it – like right now?
Can you deal with failure? Do you have the strength to move beyond temporary challenges?
Are you disciplined? Can you focus on what is important, and not just what’s urgent?
Do you know your own strengths and weaknesses? You must know these. What you are not good at you must hire other people to do.
Do you have good communication skills? Strong communication skills sell products and motivate employees.
Can you delegate? Can you stop thinking you can do it all and hire appropriate help?
Are you humble enough to ask for help? This is not a sign of weakness!
Are you confident? Do you have faith in yourself that you will succeed?
Are you competitive? Just as in sports, can and do you play to win?
Are you determined? Can you treat defeats as opportunities for success?
How strong is your work ethic? Will you be the first person to arrive at the office and the last one to leave?
Are you passionate? Do you genuinely love what you are doing? Will you put in those extra hours to make the business succeed for reasons beyond the money?
Notice that these characteristics are personal attributes and generally have little or nothing to do with good business practices. Even if you score high on the list you still need to execute on smart business decisions. Business acumen comes to some naturally, others – well not so much.
Either way a business coach can help in that regard by offering one-on-one mentoring that will grow your business and ensure smart business decisions.