Understanding The 7 Signs Of Entrepreneurship

Are you an entrepreneur? Do you possess the proper personality type to successfully manage your own business?

Starting a business and making it succeed takes a genuine entrepreneurial fire in your belly. This is something that not everyone is born with. Not everyone is cut out for an entrepreneurial lifestyle.

What Exactly Is an Entrepreneur?

An entrepreneur is basically anyone who starts a business. However not every person who starts a business are ‘entrepreneurs’ in the true sense of the word. For example, people who setup an online website with little or no investment, and do as little work as possible or are unwilling to spend money to make the business successful, are not entrepreneurs.

To be a genuine entrepreneur, you must be actively working towards the success of your business.

How can you tell whether you possess what it takes to launch a business venture? The truth is, there’s just no way for you to know for certain. However, there are certain things that true entrepreneurs tend to have in common.

Not having all of these seven categories doesn’t automatically disqualify you from being an entrepreneur. However, it wouldn’t hurt to possess these qualities. Essentially, the more of these qualities you have, the closer you may be to starting your own business

1. Your lineage are made up of people who could never work for anybody else. Research shows that people who are successful at building businesses are often descendants of people who had their own business. It’s generally easier to get a job than to start your own business. People who start their own business are often grow up working for their parents and that approach to life is often ingrained in them from very early on.

2. You make for a poor employee because you are very comfortable making your own decisions, and find the thought of having someone else make decisions for you, excruciating. Being an entrepreneur is all about making decisions.

People who tend to begin their own business often tend to have been fired or quit more than one job, not because they couldn’t perform the job as well as anybody else, but because they just couldn’t roll with the idea of somebody else making decisions for them. Now this has nothing to do with people who moved jobs because they found better paying ones, or those who were laid off.

The people I’m talking about are people who just could not find happiness in working for someone else no matter how well paid the job was, and quit because they could not motivate themselves enough to become better employees.

3.You are a risk taker, and tend to weigh up the risk and reward before making decisions. If the reward tends to outweigh the risk, you are prepared to take the risk and live by the consequences.

4. You’ve taken your career as far as you can go, or you feel that you’re not making any meaningful progress at all. Sometimes, the desire to begin a new adventure emanates from having elevated yourself to the top of the pile where you are, glancing around, and saying to yourself, “Is this it?”

Generating a high level of success early on can be a truly wonderful thing, but retiring early can at times drive driven and motivated people off the bend.

5. You’ve completed all of the market research you are required to do. Do not even say anything about your awesome business idea if you haven’t invested time into finding out whether a market exists for your product or service.

There are millions of people who have learned the hard way that “cool” doesn’t necessarily translate into “profitable”. Again, do not waste your time building a business around a product or service if you haven’t found out whether there’s a market for your product or service.

6. Your family supports your business venture. Even under the best of circumstances, starting your own business comes with a high level of stress. The kind of stress you would suffer from would be unbearable if you attempt to start the business when you do not have the support of your spouse or other significant family members or friends.

7. You understand that this is something you cannot do by yourself. Promoting a business might be something you shine at. Maybe you managing the financial aspect of the organisation is something you love. Perhaps you are someone who tends to start a business due to the fact that you have the skills and expertise to manufacture a product.

This is all possible. However, it’s doesn’t mean that you are going to be successful at every one of these tasks — or at all of the tasks that involves managing a particular business. You cannot go it alone. You will require some help sometime.

The readiness to obtain that help — getting workers, partners or independent consultants for those key areas in which you need help because you are not skilled in them— is a powerful indicator of likely future success.

To quote Ernesto Sirolli, “No successful entrepreneur has ever succeeded alone,” “The person who is most capable of enlisting the support of others is the most likely to succeed.”

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