Do You Have What It Takes to Become an Entrepreneur?

do you have the qualities of an entrepreneur

Do you have the qualities to become an entrepreneur? Do you have the skills, experience or knowledge to start in a business? Are you motivated enough? Are you off the right frame of mind to become a successful entrepreneur?

While some people are extremely sure that having your own business is the right thing for them, many people do and should in fact question whether they have what it takes to become an entrepreneur.

In most cases if you are motivated enough, you can overcome the hurdles in your path to start your own business.

However, it is a very prudent thing to consider what you are getting into and whether you will in fact be happier and more fulfilled running a business. Here we go.

what you need to become an entrepreneur

Qualities Of A Successful Entrepreneur

  1. Are you problem solver? Becoming an entrepreneur is usually means that you have to have an hands-on approach to solving problems.
  2. Do have the determination and the motivation? You should have enough determination and motivation to carry yourself through the ups and downs of running a business.
  3. Are you prepared with a sound business idea? You should have the patience to do enough preparation for your business idea to make sure that it is a success.  
  4. Do you have good reasons for doing this? Different people can have different reasons for starting their own business. Maybe they are they un-satisfied with the kind of growth that they see in their personal jobs or they have the deep-seated urge to become independent and master of their own destinies with their own businesses while most entrepreneurs succeed, there are many that fail as well.
  5. Can you afford to quit your full time job? Before you quit a full-time job to start your own business, you should also ask yourself if this is indeed the right time for you. Do you have enough financial backing and is your family ready for this change.
  6. Do you have the ‘entrepreneur’ personality? While some experts put great emphasis on the kind of person you need to be in order to be successful in running a business, the truth is that all kinds of people can be successful as entrepreneurs.
  7. The need to start something. If you feel a certain kind of urgency that you need to be in business for yourself, then the odds are that you can make things work out for you. If you are at that point where no other kind of an arrangement will satisfy you then starting out on your own, then perhaps it is time that you took the 1st steps to becoming an entrepreneur.
  8. It’s not just about the money. Starting a business and making something for yourself is not just about money for most of the entrepreneurs. It is connected to the deep-seated sense of fulfillment and satisfaction. This kind of fulfillment either comes from utilizing a certain skill set and knowledge to the best of your ability or it comes from reaping the kind of rewards that you feel that you deserve both monetarily and in your personal life.
  9. Are you ready to learn? Not everybody is born with a business mind. Nor is everyone is born to be an entrepreneur. But with the motivation, skill, patience and frustration, you can succeed at starting your own business.
  10. Do you have a special skill, knowledge or education? Most of the people who start out with their own business to it in their field of expertise or knowledge. So if you possess a specialized knowledge in any particular field, you have an upper hand.
qualities of an entrepreneur

Your Strengths And Weaknesses As An Entrepreneur

It is not necessarily for a single person should possess all purported qualities of a successful entrepreneur. Rather, it is rare.

However, focussing on your strengths and weaknesses will help in making decisions such as the kind of business you should start, how you tackle business problems etc.

To analyse your strengths and weaknesses, start by evaluating your skills, qualifications, knowledge as well as the experience that you have had in a particular field. 

The following steps are helpful in deciding your strengths as an entrepreneur. 

Create a Resume

  • Create a resume for yourself as if you are applying for a job. 
  • Make a list of your qualifications, or skills. List any prior experience as well as the expertise gained in previous jobs. 
  • Describe the duties that you have performed in the past. 
  • Include your educational background, accomplishments, hobbies and any knowledge that is pertinent to your business. 

Making a resume about yourself and your professional skills will give you a good idea of where your strengths lie. It will also help you decide the field that you want to start a business in.

Analyse Personal Traits

Analysing your personal qualities is helpful in deciding the kind of business that you want to be in. For example, are you a problem solver? Are you patient? Do you prefer to or not to interact with people?

You should also analyse personal qualities such as whether you a good management and organisation skills. 

If you find lacking in any particular area, you can devote more time to becoming better at it. You can take part time courses, read-up on the subject, or decide to hire better qualified people to handle things better.

can you become a succesful entrepreneur

Analyse Professional Capabilities

Running a business will require taking care of several facets of the business such as marketing, sales, promotion, business developer, customer service, utility, management, hiring, expanding etc. Your own professional capabilities in these fields means you will be in a good position to make the overall decision as well.

A good quality of a business owner is the ability to delegate the right work to the right person. You do not have to be a person who can do everything but you must have a cognitive recognition of what you can and cannot handle. You should be able to get the job done, even if you are not going to be the one doing it.

Is This the Right Time to Start a Business?

right time to start a business

Before you start your own business you might take a pause and consider whether this is the right time to do it or not. This is but natural specially during the current economic conditions. The fact is that if you feel ready to start a business then it never really is a bad time to do it. Provided that you are ready to go through the proper acts of preparation.

Current Economic Scenario

Of course, starting out in a booming economy makes a lot of things connected with starting a business easier.  Money is more easily available for funding a business and consumers are vying to spend the extra dollar.

However, starting in difficult financial conditions where not many people are looking to start up, just might mean that your business gets noticed more. You must take the necessary steps in order to ensure that your business decision is right for you and your family. Any steps that one has to take before starting a business such as doing market-research and arranging for substantial funding needs to be done more seriously when the economic conditions are difficult.

Your Current Financial Situation

Before you can decide if this is the right time to start the business you must also consider your financial situation. It is commonly said that  you should at least have 6 months to one year of financial backing. These funds should be enough to not only sustain the business during the initiation stages but also to support yourself and your family in your current lifestyle.

Many people say that they knew it was the right time to start a business when they felt motivated enough to do it. They reached a point in life where they were ready to put their entire savings and security on the line to start a business. This does not mean that you should go ahead and do exactly this. It only means that that is the level of motivation that you probably require to start a business and make it successful.

If you are going to quit a full-time job and start a business, think about whether you are more comfortable starting out full-time or with a part-time venture to get a feel of future business potential. You can even start putting away money before hand before you quit your job in a special savings account and build up the financial cushion you will need when starting a full time business.

good time to start a business

Do You Feel Motivated Enough

Motivation is important because business startups usually take time before they can start  showing a profit. So before deciding to start a business make sure that you are motivated enough to carry yourself, your family responsibilities and your business growth through the initial inception stages.

Many entrepreneurs will vouch for the fact that it was the simple fact of being motivated enough that made them take the leap in to entrepreneurship. It was motivation that made them take the leap of faith carry on through with whatever hurdles that came their way in setting themselves up in the right business.

Do You Have Your Family’s Support

When you decide to start a business make sure that you consult with your family and loved ones as well who need your support. It is equally important to have the support of your family when you start out with a business.

This is especially true if you are going to quit a full-time job. See how they feel about it and if they are as confident in your move as you are. Any doubts or concerns that they might have about you starting out on your own with the business should be considered carefully by you. It is not uncommon to get carried away by a set of personal circumstances which might lead you to make a decision in haste.

A business startup should never been done in haste. A business startup requires planning, thought and an organized approach to the future.

What Does Your Market Research Say

You might think that you have a great idea and that you will succeed by launching your own business. However best business practices and common sense dictates that you do a market research to prove to yourself that your business idea is indeed a potentially successful one. Doing some market research is classified as one of the most important steps that you should take my most of the business and management groups. It is also the one step that is ignored by almost 40% of the new business startups.

More than 60% of entrepreneurs who did market research before starting the business say that the research was crucial and pivotal in the success of the business. Doing a market research will give you an idea beforehand about the potential problems with your business such as lack of adequate customers, lack of adequate financing, need for effective marketing and sales strategies which might require additional funding etc. we have discussed market research in great depth in later chapters.

In a nutshell, doing market research before you officially launch a business is the 1st step in starting out. It gives you a good idea of what you need to do in order to make your business concept a success.

Changes In Social Life

Are you ready for the times when you actually might not be a available to your family and friends because your business requires your time and attention? This is very likely to happen. The initial stages of setting up a business can be very time-consuming. You can easily find yourself overwhelmed with paperwork, promotion, developing business strategies, having meetings with your accountant and lawyers, marketing the product, making  business contacts, getting your product or service out in the market etc.

Till the time that the process of starting your own business gets streamlined, you have to be prepared that your business is going to take up much of your time and attention. This also depends upon the kind of help that you have available to you. If you have people in the family who are helping you out or you have hired professionals to do the job for you, then you might have more time available to give to your family and friends.

However, in most cases even with professionals helping you out, the demands of starting a new business can  to keep you very preoccupied. Coming back to the previous point, this is another reason why involving your family in helping you set up a business is a good idea.

Get A Feedback From Other Entrepreneurs

Get feedback from other entrepreneurs. See what you can learn from their experience. Ask them about the hardships and the problems that they faced when starting out with the business.

Many entrepreneurs will only focus on the negative aspects and the problems they faced when starting out. This should not discourage you. However, you must listen carefully and see how you can avoid or overcome these problems in your case. Discovering real life examples of potential business problems is valuable information and what you need to circumvent them when starting out on your own.

Along with meeting successful entrepreneurs, also speak to the people who did not succeed. Find out what went wrong with their business ventures so you can avoid the same pitfalls. You might learn crucial steps they overlooked such as doing adequate market research, having enough funding etc.

You can also attend entrepreneur seminars and classes at community college and continuing education programs near you or online.

You can seek help from specialized firms and associations and organizations that help small businesses get on their feet.

Associations and organizations both public and private such as SCORE or the Small Business Development Centers, are often eager to help small business owners such as yourself.