Someone once said that Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people cant. While many choose to live the life of an employee, there are many more who decide that they want to control their own lives, they want to create things to make a difference in other people’s lives; these persons are generally referred to as entrepreneurs.
Who is an Entrepreneur?
An entrepreneur may be regarded as someone who seeks out opportunities, identifies market needs and combines factors of production to create a product or service that he or she can sell to satisfy those needs.
Qualities of an Entrepreneur
Some highly regarded qualities of entrepreneurs includes,
- they take calculated risk and avoid gambling,
- they plan purposefully, they are persistent,
- they always try to project a positive image,
- they are creative,
- they are independent and
- one of their most important quality they are relationship builders.
While these are some qualities of successful entrepreneurs, not possessing one or more of those qualities does not mean that one will not be successful as an entrepreneur.
General Rules for Being an Entrepreneur
While different entrepreneurs may find success in many different fields from manufacturing to media to finance to consulting, some of the principles for being an entrepreneur remain the same. There are some general rules for being an entrepreneur, some of these may include
- Ensure that your product or service solve a problem, satisfy a need and make a difference in people’s lives, success is easier when this is in place;
- Write a business plan (or not)- You need to plan, planning is an indispensable part of entrepreneurial success, if you fail to plan you may as well be planning to fail.
- Build your personal brand- Many businesses succeed because the entrepreneur behind the business had a strong personal brand that people trust and can relate to.
- Build a team- Business is a team sport, and while in the beginning you may start out building your business alone, eventually you will need a team of people with you to really grow.
- Seek out investors- Find persons to invest in your business if necessary in order to generate the much needed capital entrepreneurs are normally lacking. Even if the investor is your grandmother
- Network- Join meetup.com and hang out with other like-minded entrepreneurs, especially the successful ones. You will start to understand how they think and how they do business. This is important for entrepreneurial success.
Harsh Realities about Entrepreneurs
Being an entrepreneur can be very rewarding, but there are also some harsh realities that are not really talked about by many. Some of these are;
Friends and families may not understand what you do and you may not get much support from them
In the beginning while starting your business, you may be broke for a while, since you may not be making any money
- Customers and employees alike will frustrate you. Anything that can go wrong, will go wrong (Murphy’s Law) and when they do you will want to quit
You may fail on your first or second or third attempt at entrepreneurship
However, like Steve Jobs said, once it is understood that everything that we call life is made up by people who are no smarter than we are, it becomes easier to get over some of these obstacles mentioned above.
As stated before, being an entrepreneur is not for everyone, however for those who decide to take this route through life can experience a life that very few people can dream of, a very rewarding and fulfilling life.
What is Your Experience as an Entrepreneur?
I’d love to know about your experience about being an entrepreneur. Please share in the comment section.