What does it take to be an entrepreneur?
How do I become an entrepreneur?
I've read a multitude of businsss books and autobiographies. In my day job as a financial modeller I interact with many entrepreneurs. There seems to be certain traits common to the entrepreneur. These character trains aren't inherently ingrained. They can be learned and developed with time and effort.
What do I need to be an entrepreneur?
I have witnessed one key character trait common in entrepreneurs. They all have a willingness to take on risk. The ordinary individual has an idea such as spotting an old garage near their house and thinks wouldn't it be good to rent that out as parking for commuters. The ordinary individual is pleased that they came up with a creative idea, smiles to themselves, maybe tells a few friends, carries on with his day and then later forgets that he even had an idea.
The entrepreneur has the same idea but takes immediate action. She goes online to see if it's for sale. She investigates what other garages are earning in the same area. She gets quotes and estimates for repairing the garage and getting it to a useable standard. She calculates what return she can expect. She checks what capital she has available to put up for the purchase. She explores the availability of finance and the cost. She compares her overall expected costs to the potential earnings. If the sums make sense she goes and negotiates an aggressive deal with the seller to give herself a better return on her investment.
The point is that the entrepreneur sees an idea and acts upon it. The entrepreneur turns ideas into reality whereas the ordinary individual dreams. However, there's more to the entrepreneur. They're willing to take on risk. They're willing to go to a bank, take on debt, bet their entire house and sink all of their money into an idea that the believe in. But beware that a good entrepreneur will only take on calculated and measured risk for a reasonable return.
The unflappable entrepreneur
Whilst the ordinary individual has doubts and concerns when taking an action or performing a task the entrepreneur has none. A good entrepreneur will have incredible self-belief that their passion or their project will work.
The entrepreneur will take an idea to market and when questioned and challenged their conviction remains strong. They aren't easily swayed from their path.
Ordinary individuals take pleasure in enjoying down time in front of the TV, doing some sports, relaxing, going on trips. The entrepreneur takes pleasure in working on a new business idea. Of course they have relaxation time but these are fewer and far between.
If you were to ask an entrepreneur about their business I would bet that nine times out of ten they would fire back: "which business?". Entrepreneurs are addicted to having ideas and implementing them. Somehow the entrepreneur seems to fit in time for all of these projects to the point where people wonder where on earth they have all of the time!
Want to become an entrepreneur?
If you truly want to become an entrepreneur then focus on taking action when an idea strikes, be willing to take on risk and have conviction when you are challenged.
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