So you think you have what it takes to be an entrepreneur? Sure, it’s great to be a leader and to make your own decisions. But do you have what it takes? There are many things for an aspiring entrepreneur to consider.
Creating a business takes a considerable financial investment, a lot of time and many, many hours of hard work. Your starting point is therefore to ask yourself if this is really something you can see yourself doing for the next years. As mentioned on entrepreneur.com, there is a big difference between wanting to be able to make a living doing something, and the actual chance it’s going to work out.
Follow the leader
Are you a leader or a follower? Are you comfortable directing a team of employees? It is very likely that you will be hiring staff at some point, even for a starting business. Keep in mind that leadership skills are a part of making it as an entrepreneur. Good leaders make good entrepreneurs.
How do you manage your money? There are really only two options: either you make it through the initial stage and get to build on your investment, or you don’t, which will be the end of your business. An entrepreneur knows how to handle uncertainty, and knows finance through and through.
Do what you enjoy
Seek out your talents and let your interests decide where you will go with your business. It’s all about distinguishing yourself out there, and what better way to do so than by doing something that you love and know everything about?
Your business plan is your bible. A solid business plan takes into account and analyzes as many different situations as possible. This is where your keen insight and experience with corporate and finance come into play. Formulate your goals and most of all, how and when you are going to achieve them.
Know your customers
Yes, the start-up of a new business is a hectic time. But the fact that your business is small scaled has its advantages. It allows you to get to know your customers, for example. In the corporate world, most customers are just some file on a computer. Work on a personal experience for your clients, they will be sure to appreciate it.
It’s all about creating a competitive advantage: something that makes you preferable over your many competitors.
Invest not only in your business, but in yourself
Keen entrepreneurs are always on the lookout for ways to improve themselves. This means you should keep cultivating yourself, your talents, and your interests. In other words: go to conferences, take courses and read books on relevant topics.
The best advice to anyone that is an aspiring entrepreneur is arguably: ‘Know thyself.’ It takes certain skills to be an entrepreneur. Being honest to yourself about whether you possess these assets is the very first step on an exciting road to building up a business, or choosing a career path that better suits you.
By Laura Macek, Journalism and Content Intern at Who’s Who