Have You Got What It Takes To Become An Entrepreneur?

An entrepreneur is someone who creates a business from a small idea and harvests it and promotes its growth but in doing so is willing to take risks but also reap the rewards if that risk bears fruit. It sounds a simple enough concept but in reality, being an entrepreneur requires a lot of time, skill, and commitment. The truth is most entrepreneurs will fail to get their start-up off the ground. For every successful business story or entrepreneurship, you hear about there is a flip side, the time, or rather times, it didn’t work out. Being an entrepreneur is not for everyone, do you have what it takes?

Photo Credit; Burst from Pexels

Have you got the idea?

First and foremost you need creative thinking to harvest an idea. You have to be able to identify a profitable start-up, you simply cannot build a business without one. Ask yourself some of these questions;

  • Does your idea fill an undeserved demand? A gap in the market?
  • Does it improve something?
  • Does it reduce the cost of something?

If you can address one or better yet all of these points it is a good indicator that you are starting in the right place. Your big idea has to improve the lives of others in one way or another if you want to get it off of the ground. Your idea doesn’t have to be groundbreaking but there needs to be space for it. Carry out a little research amongst friends and family, make a test group and trial your ideas past them. Just remember if you have done your market research thoroughly and are confident in your idea don’t be swayed by others whose opinions may differ from yours. That is not to say you ignore them just heed them with caution. Perhaps your idea is a little left field, that doesn’t mean it won’t work. There would have been a time where the thought of CBD oil for the mass market or the need for cannabis concentrate companies wasn’t there but it just takes one person to see through the obstacles and believe in a product to develop it into a fruitful business.

Can you progress that idea?

So now you have the million-dollar idea but it won’t make you a dime if you cannot execute that idea into a reality. Your idea may not even be that original there may well be someone with a similar idea to you but if they are the ones to act upon it they are the entrepreneur. If you have the drive and determination to turn your idea into a reality then you have the makings of an entrepreneur, even if it doesn’t work out.

A top tip; if you are truly passionate about entrepreneurship and you want to see your idea take off it is always easier if you have an idea or business plan that you are truly passionate about. If you have identified a product ideal for a gym, for example, it helps if you can talk about the need for that product from a place of passion and experience. 

Can you take the hits?

Being an entrepreneur is not plain sailing. You will be knocked back more times and you succeed. You may think you have the best idea on the market but others may not agree with you. You will face many challenges and you will need thick skin to be able to make it as an entrepreneur. If you take each failed attempt personally or as a sign of defeat or failure then it may not be the route for you. To be a successful entrepreneur you have to be able to take the hits and knockbacks and use them as motivation to get up and try again. If you look into some of the world’s most famous business leaders they will have a story to tell that involves many failed business attempts before the right one finally took off. It is part of the course, just don’t let it define you. 

Can you take a risk?

Ask yourself, how much are you willing to lose for this idea? Are you prepared to leave your comfortable job? Or invest your life savings? Not wanting to take that risk is understandable and enough to put many people off taking the plunge. As an entrepreneur there will be risks you have to take, can you learn to minimize the risk and deal with the fallout if it doesn’t pan out? Learning to take risks but also manage those risks is a skill that every entrepreneur needs, have you got what it takes?

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