What it takes to be an entrepreneur is often up for debate, but here are five signs you may not want to quit that day job:
You might think you were meant to be an entrepreneur, but unless you’ve got at least five of these qualities — some less common than others — don’t give up your day job just yet.
1. Leadership skills:
You hear all the time about how entrepreneurs are born with natural leadership abilities. “It’s in their DNA,” they say. Maybe so, but more likely people become leaders through life experience and education. If you lack formal education or haven’t had much exposure to leadership roles in the past, consider whether this is a skill you can develop. It’s not one that can make or break your start-up, but it’ll be crucial to its success says Paul Haarman.
2. A genuine interest:
Some people want to become entrepreneurs simply because they think it will be cool or fun or profitable. These are foolish reasons and won’t get you very far if that’s all you’re chasing after. You should have a genuine passion for what your business is selling because otherwise customers probably won’t either — and the business likely won’t survive long.
3. An exit plan:
Of course, no one goes into business planning to fail, so we all should have plans in place for when we do inevitably experience failure right? Well it does help. I think the most important thing to do before starting a business is to determine what you’ll do if it doesn’t succeed. It’s true that some businesses experience growing pains at first and then explode into success, but most entrepreneurs need their day jobs until they get there.
4. Unwavering confidence:
Entrepreneurs are happy-go-lucky (or perhaps better said, pretend they’re happy-go-lucky) no matter what challenges come their way because they believe in themselves and their abilities — even when others don’t — and have the confidence to power through those challenges with a smile on their face. If you’re not sure you’re as confident as an entrepreneur should be, start by strengthening your self-esteem, practicing positive self-talk, and identifying your areas of weakness so they can be improved.
Before you tell me off for saying what everyone (who isn’t an entrepreneur) is already thinking, let me say that I’m not suggesting that entrepreneurs are only after money or the lifestyles it enables. What I mean by “wealth” is having enough financial security to make a go of it — whatever the venture may be. Not all entrepreneurs start their own businesses because they want everything entrepreneurship has to offer; some do it out of necessity. If you’re one of these people then success doesn’t necessarily mean making millions but merely achieving sustainable business operations or simply getting by financially. And if that’s you, then there’s absolutely nothing wrong with that.
I would have added a sixth sign: You lack the necessary mindset to take advantage of opportunity and weather bumps along the way. This is something I haven’t seen listed, but it’s a significant trait for entrepreneurs.
So how do I define an entrepreneur? It’s someone who knows what they want out of life, works hard to get it, refuses to be satisfied with anything less than success, and has the mindset necessary to follow through on their plans even in the face of adversity.
If you’re lacking one or more of these qualities then working at a steady 9-5 job while saving up money may your best option until you develop them.
Conclusion by Paul Haarman:
So you like the idea of entrepreneurship but aren’t sure if you’re cut out for it? Then perhaps you should assume a position in front of your television and wait to be offered an opportunity.
While I’m not necessarily trying to discourage anyone from pursuing their dreams, I want people to know that they don’t have to become entrepreneurs in order to accomplish them. If entrepreneurship isn’t right for you then there are other ways in which you can do what interests you, even if that means walking away from your dream or simply waiting until better timing presents itself.