Is Entrepreneurship for Me?
Within the last 10 years especially within the last 3 due the world wide pandemic the idea of being an entrepreneur has probably been through almost all of our heads. Entrepreneurs command a high level of "respect" among people nowadays. It's not difficult to figure out why. After all, most, if not all, on the billionaire's list are entrepreneurs, and only a handful are CEOs or employees.
When you ask the public about entrepreneurs, they say they are very creative, have great vision, and usually have great leadership ability. Indeed, many great entrepreneurs do exhibit these traits. Furthermore, most experts agree that entrepreneurs have five ways of thinking that set them apart. So, if you're trying to figure out if entrepreneurship is for you, then try to come up with an answer to the questions below and see if you "qualify" as an entrepreneur. But let's keep it real girl… it’s not for everyone and that is okay as well.
QUESTION 1: HOW DO YOU REACT TO SETBACKS?
A Chinese proverb says, "Failure is not falling down but refusing to get up."
This proverb simply embodies the reality that each entrepreneur faces. Each day an entrepreneur faces hundreds of uncertainties, and that's not even the hard part. The challenge is to come up with alternative solutions to each of these outcomes. Imagine doing that every day. Setbacks are part and parcel of every entrepreneur's life, one of the most challenging aspects of entrepreneurship. Unfortunately, the truth is that most people aren't up to these challenges, and when such challenges arise, react to them negatively instead of persevering. Being an entrepreneur you have to be open to mistakes and having the courage to get back up and try again. Being humble and understanding yourself is a key component.
Setbacks are an opportunity for entrepreneurs to receive feedback or identify weaknesses in their strategy or themselves. They then take appropriate steps to ensure these setbacks don't happen again.
QUESTION 2: DO YOU VALUE RISK?
When you hand them a business proposal, you would know a great entrepreneur from one destined to fail. A person destined to fail would only look at the downside and remain blinded by the potential gain. In a way, they bear a close resemblance to that of a gambler who cannot make a calculated bet.
A great entrepreneur would certainly consider her potential gains but, most importantly, pay attention to the risk she exposes herself to. If it's not worth it, no matter how rosy the potential upside is, she may choose to let that go for a better risk-reward ratio.
QUESTION 3: DO YOU HAVE PROBLEM-SOLVING SKILLS?
Being an entrepreneur means you have to wear multiple hats simultaneously. Thus, you have to be a real problem solver. You should develop the skill of breaking down complex problems into actionable parts. You don't have to solve one problem at once. Heck, you don't even have to solve the same problem yourself.
Part of your talent is to find the right person or tool to help solve the problem for you. That's what it means to be an entrepreneur. In addition, you want to make sure that you are solving problems before problems arise. KEY TERM… BE PROACTIVE! If you don’t know what it means to be proactive, we will tell you here first… To be proactive is to be acting in anticipation of future problems, needs, or changes. This will save you a lot of time, money, and mistakes in the entrepreneurial process. It’s a hard concept to understand but once you have the mind set it makes things so much easier.
QUESTION 4: DO YOU MAKE DECISIONS WITH YOUR HEART OR MIND?
You often hear this, "trust your gut feeling." What does this mean exactly? It means that contrary to what your mind might suggest, sometimes it's better to trust your instinct, and it will lead you to the correct decision. Is that it? Well, yes, this is true. BUT only if you've had years of experience! Otherwise, what would you even base this "instinct" on?
You cannot just let your heart, gut, and "instincts" take over when you're starting. You have to rely on facts, numbers, trends, data. Once you get the hang of it and have a strong grasp of the market you're into, that's the time you can rely on your gut feeling.
QUESTION 5: ARE YOU WILLING TO ACCEPT CHANGE?
When you read biographies of successful businesswomen, from Sara Blakely to Sophia Amoruso to Oprah, you'll find that these successful women have undergone dozens of transformations to survive in their respective industries. Not only because they were joining the journey of entrepreneurship but also because for centuries business has been a man's world. As mentioned earlier, an entrepreneur must assume multiple roles, sometimes all at the same time and under a lot of pressure. Ladies, we rule the world! So don’t be hesitant to change it will get you further in the long run.
This necessity will often require a person to change for the better. Whether the job requires you to assume different identities, personalities, or images, a person needs to undergo different iterations to be a successful entrepreneur.
Do you have other questions in mind that a person planning to be an entrepreneur should ask? Please feel free to let us know in the comment section.