Entrepreneurship is defined as the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit, (www.businessdirectory.com). Some of the most recognizable figures in the marketplace today are entrepreneurs. Actors, musicians, athletes, are among some of those most notable entrepreneurs; however, names like Grant Cardone, Gary Vaynerchuk, Daymond John, Shawn Thomas, Mark Zuckerburg just to name a few, are those associated with the term. While each of these individuals have a different background, created different businesses, and have achieved different levels of success, what they have in common is the work, sacrifice, and dedication it takes to be defined an entrepreneur and obtain entrepreneurial success.
With social media, a redefined marketplace, and access to technology there are more entrepreneurs and ideas being created now than ever before. You are also seeing the failure rate and closing of businesses now than ever before. There are economic factors that are contributing to this; however, it’s operator error that is the largest of these contributors. Now before you shake your head, understand that I know failure is only part of the entrepreneurial journey and that operator error is part of that failure but what I’m talking about here is that some operators are not entrepreneurs.
If you are a struggling entrepreneur or deciding on becoming an entrepreneur you need to evaluate FIRST if entrepreneurship is for you. If you have a friend, family member, or know someone that is wanting to start a business or create a brand then you should want to know why they want to do this and if they know what it will take to be successful at this. A great way to measure yourself against the thoughts and wants of becoming an entrepreneur is self-evaluation. Ask yourself or others you know going through the same feelings, emotions, etc these six questions on whether or not entrepreneurship is for you.
1. Will you take the risk? Are you prepared to risk your time, financial “security”, and; at times, your livelihood for the very idea and business you are wanting or looking to create? Being an entrepreneur requires you to take enormous risks and; most of them, is done not knowing what the outcome will be or if their will even be an outcome.
2. Can you make independent decisions? Entrepreneurs are faced every day with making decisions solely on their intuition, judgement, feeling, and overall sense of direction with where their idea and/or business is going or needs to go. Sometimes these decisions aren’t popular and ones that others don’t offer guidance, assistance, or support for. You have to show a relentless ability to make these decisions and stand by them even if that means you are the only standing on that side in the end.
3. Can you sell? No matter what type of entrepreneur you are, idea you create, or business you start, unless you have a heavy bankroll and can hire right away you will have to sell. This will require persuasiveness and willingness to become persuasive. It will also require you to lead, organize, and facilitate meetings and sales leads and opportunities. It will become one of the most challenging and vital roles you will have during the start-up and start-out phase of your entrepreneurial journey.
4. What kind of negotiator are you? This is another layer of your duties as an entrepreneur and one you will have to use early of, if not right away and will be challenged time and time again. You will have to show sharp negotiation skills as well as a thick skin when selling, explaining, and ultimately seeking a home for your product or service. If you show the slightest weakness and unwillingness to learn and get better in this area, your entrepreneurial journey will be a long, hard road to take.
5. Are you a creator or a reactor? Entrepreneurs are known for the abilities to create solutions, products, and/or services that fill a void or need in a particular marketplace. This skill of creation allows them the opportunity to create leverage, build credibility, but offer solutions to the marketplace. While entrepreneurship will create some reactionary things, you would much rather be on the creator side than simply reacting to other things being created.
6. What does your power base look like? Entrepreneurship is a “deep end” swim from the beginning. Most of the truly successful entrepreneurs will tell they were all in from the beginning. Most knew nothing or had little knowledge of the field, industry, or market they were in; however, they understood a need, saw the opportunity to create the solution, and went all in on offering that to the market. While they put in the long hours, sleepless nights, barely ate, and made numerous sacrifices most had support from someone or someones that made the journey less arduous. Communication is king and for many your power base might not understand what you are doing but getting their support is something that could be of huge benefit to you in the long. Make sure your power base includes those you NEED right away while you work towards those you WANT.
Matt Crane is a Business Development Coach/Trainer, Entrepreneurial Success Architect, Founder and Creator of the Power Of Great podcast on iTunes, Stitcher, Soundcloud, and a Motivational Speaker. Matt is a trending live streamer via is Power Of Great Live Stream Training Sessions on Periscope and has been featured internationally on live stream applications on all platforms. Matt will be a featured speaker at two major conferences in Las Vegas Nevada this year and has already been booked to speak and train internationally for 2017. To inquire more about Matt or to book him to speak at your conference or event email firstname.lastname@example.org and follow him on all social media platforms @iammattcrane