Are you cut out to be an Entrepreneur?
There is an enormous difference between desiring or liking
something and having the character traits to succeed in it. While making money should not be the primary motive for setting up a business, profit is key to sustaining and growing a business. So if what you enjoy doing is not making money, it is at best a hobby, and should be left at that.
For those who seek an answer to the question "Are you cut you to be an Entrepreneur?" though, a yes to the following 5 character traits would be key to
successful entrepreneurship if you ask me.
- You must be able to wear
many hats at different times.
- Market the business,
understand basic accounting, be able to coach and train your staff, posses
customer service skills, people management skills and more.w
- You must be prudent and
good at managing money.
- Money (cash flow) is the
"blood" that sustains the life of a business. Inability to manage money well would ruin
the business over time.
- You must be comfortable
with and master calculated risks.
- Start ups go through lots
of ups and downs, often on a daily basis. An entrepreneur is able to
respond to the changes in the market as they occur.
- You must be great at
execution.
- A good business plan is
nothing without effective execution. An entrepreneur must be fast in
response to market, and proactive in reading and acting on market
intelligence.
- Innate entrepreneurial DNA
is a plus.
- Having a instinctive
(inborn) passion for business (a desire to provide solutions for problems), is an added advantage.
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