FacebookTweetPin

This is What It Takes To Become An Entrepreneur

Gravatar for Enoch Omololu
Written by Enoch Omololu
Published on

Dollar Financials is reader-supported. This means we may earn a commission if you click to sign-up or make a purchase.  Read our disclosure.

Many people love the idea of starting a business, making money, and becoming celebrated entrepreneurs, but this journey is unsuitable for everyone. It requires certain qualities, characteristics, and discipline to start, maintain, and expand an enterprise.

This article briefly discusses how to distinguish those who have the potential to become entrepreneurs from those who may not.

Can Anyone Be An Entrepreneur?

Anyone can be an entrepreneur, but that doesn’t mean everyone has the qualities to excel in this role. In an entrepreneurship journey, you become your boss, face the risk of having an unstable income and bear the pressures of running an entire company. Yet, despite all of these responsibilities, the success of your startup is never 100% guaranteed.

Creating a business comes with many risks, uncertainties, and responsibilities. Hence, only individuals with the necessary qualities required to succeed should undertake this path.

What Does It Take To Be A Successful Entrepreneur?

The qualities below differentiate those who can be entrepreneurs from those who may struggle in this role.

You Are Self-Motivated

One of the critical qualities of a successful entrepreneur is being self-motivated. In this line of work, no one else can keep you accountable for your tasks other than yourself. So, you must clearly understand why you want to become an entrepreneur and be willing to put in the necessary work to achieve your entrepreneurship goals.

Those who can continue to stay motivated to work consistently amid doubts, temptations, and maybe even other people’s criticisms have a higher chance to succeed in business than those who only work when motivation or inspiration comes from external sources.

You Are A Natural Leader

Even multi-billionaire tycoons cannot sustain their companies alone. The more successful you become, the more you’ll need the support of others around you. No individual can excel at everything, so as an entrepreneur, you must possess natural leadership skills to lead a team or company.

Successful, natural leaders are self-aware, adaptable, confident, and accountable. Besides having these intrapersonal skills, you must also possess interpersonal characteristics or skills related to communicating and collaborating with others as a leader.

Empower your team, become a role model, and listen as much as you vocalize your thoughts to be a leader who can guide a business to success.

You Are Willing To Take Risks

As an entrepreneur, being a risk-taker is also essential because the higher the stakes are, the better your returns or results can be.

However, taking risks doesn’t mean investing recklessly or pursuing new projects without research. It means being open-minded to new concepts and ideas, even if there’s a chance they won’t be successful. Always calculate the risks you’re taking and ensure what you’re staking matches your potential gains.

You Are Not Afraid Of Failure

Even the most prominent business figures now have experienced failures countless times. Billion-dollar companies such as Meta, Tesla, and Apple are all creations built from a series of setbacks, as their founders have admitted.

As long as you learn from your mistakes and approach problems, plans, and concepts with the acceptance of possible failure in mind.

Let failure be your teacher, not the factor that hinders you from improving, innovating, and taking risks.

You Are Always Willing To Learn

No matter how much of an expert you are, there is always something to learn in your industry. So, rather than viewing everyone else as competition that you must avoid, treat those much more knowledgeable than yourself as mentors or role models to mold yourself to become a better entrepreneur.

Likewise, treat problems, situations, and failed attempts as valuable learning opportunities. Those who cannot adapt and learn in business get left behind by other business creators.

You Love Innovation

Most successful businesses thrive because they are innovative. They tackle market problems differently than most and are fearless in introducing new products and services that others may find absurd or impossible.

Innovating increases your chances of having a market breakthrough. So, love innovation as much as you value tried-and-tested concepts and plans.

You Can Make Big Decisions

As leaders, entrepreneurs often bear the heaviest responsibility within their teams or companies. Hence, they must be able to face hard decisions that can either make or break their business.

When making a big decision, it’s important to consider all possible factors. Be persistent and confident about your choices as a leader, and always take full responsibility for the outcomes of your decisions.

You Are Creative

Creativity plays a vital role in driving success, whether in your business’s strategic planning, your company’s establishment, or the development of innovative products and services for your customers.

The more creative you are, the bigger your chances of achieving positive results. So, while practicality is vital for successful startups, you should still let the creative thinker in you prosper.

Who Shouldn’t Consider Entrepreneurship?

There’s no concrete way to tell whether an individual should not be an entrepreneur. However, as a general rule of thumb, you may be better off finding career paths other than entrepreneurship if you lack most of the above qualities.

Starting and leading a business is often riskier compared to regular employment. It requires very high levels of discipline, willingness, and leadership qualities. Not to mention, this career does not guarantee you can earn a consistent income flow.

Being a founder means bearing heavy responsibilities on behalf of many people, possibly working around the clock and even risking your financial investments.

If it doesn’t sound like you can handle these challenges, exploring other alternative career options may be best. Doing so lets you find a career that aligns better with your risk tolerance, preferences, and personal goals.

I initially published this article on Forbes.

Related:

Pin

Get paid to answer surveys, shop online, surf the internet, play games, and watch videos. Get a $10 welcome bonus.

Get a $10 sign-up bonus when you join and complete your first online purchase of $20 or more. Get paid to shop and more. (US/Can only).

Work as a proofreader from home and earn up to $40/hour. Get all you need to start your online proofreading business with a top-rated course!

No current offers for this category.

Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

Leave a Comment

EXCLUSIVE OFFER
Join the best survey site and earn gift cards and PayPal cash from your couch.