So You Think You’re An Entrepreneur?

Friday 5th June, 2015

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Starting a business doesn’t happen overnight and having one doesn’t mean that you’re instantly an entrepreneur.

Most people want to become entrepreneurs because of its limitless perks; you get to have time freedom, financial freedom, and basically a lifestyle that you’ve always dreamed of.  You can’t call yourself an entrepreneur if you haven’t experienced the roller coaster ride of starting and running a business. So before you can enjoy the allure of what entrepreneurship has to offer, you should be first aware of some realities that you will be facing.  You have to develop qualities that will hone you to become great at your business and earn the tile of entrepreneur.

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You need to have a great capacity for pain and discomfort.  Yup, nobody said it would be easy.  Everything starts from step 1.  Goal oriented entrepreneurs know that there will be times that you will need to stay up late, work longer hours, push yourselves to your limits, and frequently step outside of your comfort zone.

You need to have the emotional, physical, and financial confidence to be able to get you through the hard times.  Often, starting entrepreneurs give up because they don’t have enough belief in themselves and their business idea.  Belief, with the underlying confidence supporting it, also gives you the impetus to approach and communicate people whom you will be needing on your side such as co-founders, prospective employees, potential clients, suppliers, JV partners, and so on

You also need the ability to see the bigger picture.  Being an entrepreneur, you must always look at the bigger picture of what is happening in your business; you need to have strategies other than focusing on tactics.  You need to view finances, strategy and growth from a more holistic point of view so you can plan months and years into the future rather than just days and weeks, whilst still retaining the confidence to be flexible.  This ability will not only save you time but more importantly, resources.

You need to be able to take calculated risks and grab relevant opportunities without being afraid of failures.  Most successful entrepreneurs experience a lot of failures before they get to any modicum of success, although those with the right mindset and strategies can actually achieve great levels of success first time around.

Just remember the old adage:  “If you do what you’ve always done, you’ll get what you’ve always gotten.”

There will be no rewards without any risk.  If you worry too much about failing, you will never get further from where you are right now.  You will learn best from your mistakes in business so, instead of fearing them, learn to embrace them.

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You also need to be open for appropriate and relevant learning.  Learning should never stop especially when you’re running a business; you need to gather all the information you can and use them to your best advantage.  Read articles, get tips from the experts, attend seminars, webinars, and local business workshops.  In this present day, there is lots of available information ready for your consumption.

Select the highest quality information that you can find, and spend a good proportion of your time in the initial days learning, because the depth of your knowledge can get you along way in business, and can often help you avoid many of the pitfalls along the way. Having said this, once you’ve established a solid grounding and know what it will take to take your business from conception to launch, and the key success factors, it’s also important to remember that learning only has to take place in a manner which is just-in-time.

A lot of entrepreneurs fall into the trap of learning for learning’s sake, and end up reading articles and undergoing training because they think that they “might” need it in future. In this case, rather than wasting time, bookmark it, or make a note so you can come back to it when your business is at the point of needing the information it offers. Often, by the time you get to this point, industry knowledge and methods have moved on, so the prior time spent learning may well have been a waste!

Learning these things are where end to end business training, mentoring and coaching can be hugely invaluable, providing the wisdom and experience to be able to steer you away from the common and lesser-known mistakes and pitfalls, and the best business mentor, will match the lessons with the specific stage you’re at in your business, and be able to help you address specific problems directly.

Lastly, you need to exhibit the qualities of resilience, flexibility and effort.  It may be too much of a cliché but working with something that you have a desire to apply effort to, roughly translates as your “passion”. So, when you’re underway, it won’t feel like work all the time, whilst you must acknowledge sometimes you will need to turn your hand to the less salubrious tasks.  The level of effort that you apply will define your long-term success in your entrepreneurial venture, and whenever the hard times hit you, only your resilience will help you get back up.

Effort, also is the application of intelligence and smart-working to produce outstanding results. It is the quality which helps you overcome your own personal flaws, and remain determined to make your life a success. Then, you must add flexibility. Flexibility is ultimately intrinsic to being able to remain on track. Without flexibility, your business will end up missing your goals, and the chances are you won’t notice until it’s too late. Or you may just miss an opportunity presented to you because you remained too rigid and failed to spot synergies or partnership opportunities. Keep a flexible mindset at all times, cherish your resilience, and remember to graft when effort is required.

So, in summary, it has to be said, that anybody can start and own a business.  Unfortunately, without the right attributes not everyone can be an entrepreneur.  Most of the time, a real and full-fledged entrepreneur is the business owner that actually succeeds.  So, you think you’re an entrepreneur? Give yourself a long hard look, and decide what you need to change in order to reach the levels of success you dream of.

Momentum Global is an innovative provider of professional quality business training and coaching, which we combine with advanced yet simple personal change techniques, to maximise the success of our clients.

Momentum openly exposes the various less-than-scrupulous online practices that take financial advantage of inexperienced entrepreneurs and small businesses.  Momentum instead provides clear, honest marketing, backed by needs-based training products and services, at affordable levels.

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