3 Keys to being a Great Entrepreneur
3 Keys to Being an Entrepreneur
In today’s tough economy, people are realizing that the government does not create jobs, entrepreneurs do! Two out of three jobs are created by small businesses. A great alternative, to people being laid off, forced into early retirement or not being able to find a job after graduation, is starting your own business. Now is actually one of the best times to start a small business. Almost half a million businesses were created in 2011 and the great thing is that anyone can start a business. The question is, do you have the characteristics and strength that it takes to be an entrepreneur?
I wanted to share some key components that will help you as an entrepreneur and small business owner in order to help you succeed in today’s tough economy.
So, what makes a great entrepreneur? Starting Early or Late?
One of the interesting things I discovered is that many started young. However, this does not mean that all of them became business owners right out of the box. But most of them had the spirit of an entrepreneur from an early age. Most entrepreneurs that started early in life were strongly supported by family and friends while those that started later in life had to overcome the lack of support of family and friends. When you start is not as important as the fact that you decided to start. Those who never make it as entrepreneurs are the ones who cannot overcome their fears and never take the plunge.
Another common theme is our work ethic. This is a trait that is most common in entrepreneurs. Successful entrepreneurs are the first ones in the office and the last ones to leave and are constantly in motion, always looking for the best new product or service. If there is a way to make money, they will find it.
An important characteristic that all entrepreneurs share is the ability to take risks. Every entrepreneur needs to be comfortable with the fact that they are the bottom line; it starts and ends with them. Striking out on your own is not an easy decision. Are you comfortable potentially going without a stable salary? Not knowing when your next deal will close? How will you handle a major issue? Entrepreneurs take calculated risks every day. The position themselves to reduce risk rather than rolling the dice. Every decision you make in life has a variable of risk, the difference is that entrepreneurs calculate risk, determine the risk vs reward and then have the ability to make the tough decision, expecting to reap the reward. Failures are a matter of education and re-evaluation for when the next opportunity comes along.
Some basic questions you need to ask yourself before starting your own business:
- Are you ready to take big risks?
- Are you ready to be the force that constantly moves your organization forward?
- Can you be the dynamic leader or the industry expert that your role will demand?
These are just the first of many questions you need to ask yourself before embarking on your own entrepreneurial journey. Is it always easy? No. Will there be days that discourage you? Yes. But for myself, I wouldn’t have had it any other way.