Do I have what it takes to be an entrepreneur?
I am young but I still feel I have gained enough passion, knowledge, and experience to be an expert in my field (Health & wellness, beauty, and fashion). I'm also fortunate to have the funds to start my own venture. Is this enough to make it as an entrepreneur? How do I know if I will like it or if the path is right for me?
If you have the guts to risk it all, then yes...you have what it takes. Personally, I asked myself this question: "If I had all the money in the world, just handed to me overnight, what would I do?" My answer was: exactly what I'm doing now. If that's your motivation, then go for it. If you are in it for only the money, you may be sorely disappointed.
Most forms of business will also require you to be quite social. You can have all the passion, knowledge and experience in the world but unless you can communicate this to your prospects it does not hold a lot of value.
You won't know until you try it -- and no one else is going to be able to answer the question for you. Good luck.
Chad's advice is perfect. It's obvious you love the industry you want to do business in so I'm thinking you've already checked that box, and Brian's comment on coping with failure is also very wise.
Risk it all, yes you might fail, and in some respects that might be the best thing that ever happened to you. You may not see it that way at first but eventually you will learn from your mistakes. Is it possible to be successful without failing? Absolutely. There are plenty of under 18's who succeed at their first small venture and grow it from there without ever falling flat on their face. It's not the norm but it definitely is possible.
If business lags in the early stages, don't get discouraged. I recommend finding a business mentor who has been there before. The ones that have gone through the tough times and pushed through are usually the best mentors I've found.
Good Luck and most importantly, have fun!
When you want to start a business, knowledge is important, initial capital and also important, and many more things are also important ...However, the essential and the intent to become better people's lives ...Give It benefits ...In return of the benefits they receive the customers are willing to pay to entrepreneurs. Moreover, the more pay higher, more the benefit they receive.
To know if you prepared are for starting a business are following questions:
- What benefits will I offer?
- Who will be interested in the benefits that I will offer?
- These benefits that i will offer, are already offered by other entrepreneurs?
- What advantages for customers I will offer?
- How much customers will get, and will pay, for additional benefits will I offer?
I have rarely seen an entrepreneur who would ever be happy going back to work for someone else, even if the money was better. The only way to find out if you have what it takes is to jump in feet first and try it. One of the other qualities that it takes is perseverance. Starting a business can be tough and about the time you feel like throwing in the towel is about the time it will turn around and start to be successful. Just keep in mind that it takes a couple of years to get a business off the ground.
You'll be fine if you can stand the thought of it failing and you not quitting until you single handedly turn it into a success through nothing more than grim determination and obsessive insistance to make it work. You have to be ready to kill what you wanted it to be 100 times if that's what it takes, and keep researching and trying new things. Sometimes you'll have the money to try and sometimes you'll be bitterly trying alternatives that you never intended to.
My suggestion to you would be to take a plunge. Nobody can tell you for sure if you are "to be" or not. Especially when you are young you should as you have enough time to recover and the wisdom you get is priceless.
Your question itself clearly states that you have a quality of an entrepreneur. Trust me and I am sure others would agree that the non-entrepreneur types are the ones who will never ask this question to them or anyone else.
I strongly suggest, again, take a plunge. Think of a business, create business plan, use this wonderful platform to gain expert opinion/feedback/advice from community member and don't ever give up. Sometimes it takes few failures to become successful entrepreneur.
To be a successful entrepeneur takes a lot besides some luck. You must have deep determination, imagination, grit and the ability to get knocked down and rise back up a number of time. I would strongly recommend that you get a hold of a copy of this quarters Foreign Affairs magazine. Its a special issue right on target to what you are looking for with some successful entrepeneurs from around the world.
First research: on the fields you want to pursue
Second: see if its still something you want to do
Third: Start a business plan
Fourth:invest in your own business
Fifth: find some investors that's into the same field
sixth: promote and advertise your business
seventh: start gaining customers to help grow your business with strong marketing strategies, use social media, network and keep going to be successful
eighth: keep gaining knowledge you can never learn too much
Whenever I see the word ‘entrepreneur’ I cringe, as it is both a cliché and one of our language’s most abused. I am reminded of the quote attributed to George W that, “The problem with the French is they have no word for entrepreneur.” This may have been a media invention but it illustrated perfectly how arbitrary the term has become as most business owners erroneously consider themselves entrepreneurial.
Following is an extract from one of my Marketing Cliché rants:
So many organisations (large and small) seem to believe that they are in some way entrepreneurial. A few undoubtedly still are and many more possibly were once, the vast majority however simply aren’t, but consider it acceptable hide their apparent inadequacies behind this ubiquitous six syllable marketing cliché!
An entrepreneur is an individual who takes on direct responsibility and the significant commercial risk of turning a brand new idea or invention into a profitable finished product through assertive risk-taking and true innovation.
Neither starting a home business, opening a café, selling stuff on e-bay nor purchasing a franchise has anything to do with being entrepreneurial. An entrepreneur and his or her entrepreneurial business venture are by definition breaking new ground and doing it in a way not successfully achieved before.
I hope you’re your corporate communications will not fall fowl of the term entrepreneur in the same context as you question here.
Other words you should abolish from you vocabulary include “Passion and Expert!”
So if you believe there is even the slightest hint of entrepreneurialism in your enterprise spell it out, you potentially have a world beating USP, rather than another marketing platitude!
Most people that start young and do well. have passion, confidence and are not afraid to make mistakes. You know inside if you are ready. If you have the capital it takes to get rolling then do it. Do it understanding that there is a big chance you may lose it all however you are willing to take that risk.
Know who your customer base is. Is the service you giving provide a need for the masses? Go for it!!
Best of success, Gil
Hi Lexi ~
It's unclear from your question exactly what business you plan to start; I visited your profile page and it looks like it may be cosmetology? If possible, I'd suggest apprenticing with an experienced entrepreneur in your field first. This way, you can learn what pitfalls to avoid, and more importantly, the ins ad outs of running this type of business. The value of business acumen cannot be understated; too many people have a passion for what they do, but no idea of how to launch and manage a business.
There are lots of places to get great guidance about running a business (such as SCORE, a group of retired executives who volunteer their time to help young business owners) and all manner of classes and books. When you feel you've asked every question you can think of and feel secure in your ability to take the risk, then it's time to jump! Because as the others here state, and I agree, once you're self-employed there's no going back to "employee" status!
All the very best to you ~
you have :
the other things you need are:
willingness to change
persistence or more importantly Grit.
I think if you have all of the above, not only will you have what it takes to be an entrepreneur, but you will also be a successful entrepreneur.
Hello Lexi, you need to ask yourself these questions.
dedicated to tasks i set or are given to me?
a person to see things through?
a person who has trusted advisers, resources?
a person with belief I can get things done?
If you answer yes then there is one more question to answer.
Will I do all in my power to complete the task of success before I give up?
I have always said to myself until I have tried all I can to succeed at a particular business I start and not succeeded then I will make a change in direction.
I hope this helps. I also pray which is my strength.
Do you have what it takes? No one on this forum knows the answer to that. Really, not even you. The fact that you ask the question tells me you might but you're worried. What are you afraid of?
You say that you are young and that you have enough passion, knowledge and experience. Define enough. Not to me, but to yourself. If you have "enough" why are you asking? What are you afraid of?
You have the funds; Damn lucky you! That is one less worry, and that is a great advantage, one few have in the beginning. If you have it and you're not afraid of losing it all (plus a wee bit more), good! But I ask again, what are you afraid of?
Knowledge and experience are gained and if you have gathered them, fantastic! Passion is another thing. Does you blood burn? Does listening to your "boss" drive you insane because you know that you can do it better? What happens when you are that boss? Will it still drive you crazy? It should.
Entrepreneurialship is a cruel and heartless lover. It will thrash you, it will beat you into the ground, it will try your very last nerve and make you want to consider giving up. It will drive you to the edge of sanity and then drag you back into the loony bin with it again and again. Sanity is a relative term.
Entrepreneurs are not sane. If fact we are far from it. The things we do in order to be "in business" no person in their right mind would ever do. We are crazy, and many will be happy to point that out.
If you are willing to risk it all and you know in your heart that you still need to do it, I will say it again.
What are you afraid of?
No one can answer this question for you. This is about soul searching and knowing thy self. If you feel you are ready, then go of it.
I would be looking for the following qualities in a successful entrepreneur: curiosity, determination, honesty and passion for the area of business you enter into. Furthermore, you need to be able to network and to have an true interest in your customers business. If you do not see yourself as a customer servant for your customers, do something different than starting your own business.
Good luck! Peter
Being a successful entrepreneur requires a certain mindset. There is a saying about entrepreneurs working 80 hours a week to avoid a 40-hour work week. There's lots of hard work and sacrifice and you must be self-motivated. It's great that you have the money, but do you know how to spend it? I'd recommend getting a mentor or business coach to start.
Any venture you would like to start should make you excited and happy.Study the market,your strengths and advantage you offer to the buyers in this venture over your existing friends in business.may be you can ask " if I am a buyer,what firm will I choose ? Always love the job you do and success coupled with happiness is yours for sure