Do I have what it takes to become an entrepreneur?
I’ve done some reading over the last few days (years in fact, but the messages are a little different now that I’ve taken the leap) and I’ve uncovered the qualities that many entrepreneurs seem to possess. I’ve taken another look at myself to compare whether I measure up to the standard: am I really fit to become an entrepreneur? These are some of the qualities that I’ve found that can be summed up in the acronym LEAP OUT:
LONG-RANGE VIEW
”Begin with the end in mind”, as Stephen Covey says. You have to know where you want to go before you take the first step in order to achieve the results that you want.
ENERGY
Long days, long nights, occasional disappointment, reworks, rewrites. Dealing with consultants/suppliers, employees (eventually), accounts receivable, accounts payable, shipments, banking institutions, investors, customers, cash flow, creditors……enough said.
AMBIGUITY COMFORT
One of the reasons most people do not leave their jobs and become an entrepreneur is that they cannot reconcile the difference between the ”certainty” of a steady paycheck and the possibility of an unsteady income stream that comes with the life of an entrepreneur. An entrepreneur must be able to accept and manage the idea, that while “pay days” may indeed be more lucrative than when with an employer, they most likely will not come on a regular schedule.
PERSEVERANCE
There will be disappointments and set backs. There will be times when it seems as if I’ve made a mistake. But I’m sure that this trait is one that is critical for new entrepreneurs. There is no mindset that says, “I’ll give this a try until this date”. I have the attitude that I will stick with my plan until….until I’m successful.
OPTIMISM
To become an entrepreneur a person must have a positive outlook on life in general and about the affairs of the business in particular. The focus must be on the goals that have been set and NOT on any of the obstacles that may (will) occur.
UNDAUNTED BY FEAR (not necessarily unafraid)
Sure, there are risks. Sure, there are unknowns. But those who are able to become an entrepreneur will look at those risks, fears and unknowns, assess the situation as best they know how and yet will proceed courageously through those circumstances.
TAKE CHARGE
Anyone wanting to become an entrepreneur will need to be a leader. The vision, inspiration and motivation must come from this person in order for investors, employees and customers to be comfortable enough to participate in the venture.
I will need to continually nurture these traits until I have succeeded.
Until next time,
Dino
Tags: become an entrepreneur, becoming an entrepreneur, entrepreneur
August 3rd, 2008 at 9:51 am
Great post! I love the acronyms you use.
Thanks for giving for to one of my chief barriers, “ambiguity comfort”. One of my mentors recently told me that one of the great opportunities of middle age is “gaining comfort with discomfort”.
As to your point about risk, increasingly it is risky to stay in a job (where you have one customer, your employer) versus being in a business (where you have multiple customers, your clients). Its tricky.