Why do you Want to be an Entrepreneur?

So you want to be an entrepreneur: you have an idea that you want to launch into the world.

However, have you ever stopped and asked yourself: Why do I want to be an entrepreneur?

People want to become entrepreneurs for many reasons, there is no right or wrong answer:

• “I want to make an impact in the world”
• “I want to leave behind a legacy”
• “I want to be my own boss”
• “I want to create real wealth”
• “I want to make the world a better place”

So why is entrepreneurship a path you want to take? After all, entrepreneurship is not for all.

I get it: it’s tempting to go full steam ahead and want to launch your great idea into the world.

However, it’s also important to have a clear idea as to why you want to take on this journey.

Thanks to Kauffman Fasttrac, I’ll talk about taking the leap and the traits of entrepreneurs.

I’ll discuss why your personal/professional goals are crucial and if they align with your idea.

Finally, I’ll talk about assessing your business idea and extra resources for further reading.

Taking the Leap

Before taking the entrepreneurial leap, there are 2 questions that you need to ask yourself:

“Is my idea good enough, and do I have enough experience to be a successful entrepreneur?” 

Successful entrepreneurs turn feasible ideas into profitable businesses. Think about it as such:

• What do I need to start a business: A product or service that someone is willing to pay me for.
• How many customers do I need: That depends on my goals and how well it meets their needs.

Ask yourself: Do I have a feasible idea? Does it meet a customer need? Will they pay for it?

Experience within an industry that you want to build a business in can give you an advantage.

However, it’s not always necessary. In fact, it makes you stand out as you do things differently.

You can use your energy to learn about a new field, and leverage other people’s experience.

Ask yourself: Am I building on experience? If not, what information do I need to be successful?

Characteristics of Entrepreneurs

A question to ask yourself: Do I have the right characteristics to become an entrepreneur?

There are no right or wrong answers, but many entrepreneurs share a common set of traits:

• Desire and Passion: You need to have passion in what you are doing or you will give up easily.
• Thrive in Uncertainty: You must be comfortable being in environments that can be uncertain.
• Determination and Resilience: You don’t give up, when things look bleak, you keep going.
• Accountability: You must realise and accept that you are responsible for your own actions.
• Self Confidence: You believe you can solve any problem that arises – fake it till you make it.
• Value the Bottom Line: You have a grasp on the finances and the factors that ensure success.
• Problem Solving: You look at problems from unique perspectives and come up with solutions.
• Networking: You are comfortable meeting new people and building strategic relationships.
• Market Awareness: You follow markets and see opportunities everywhere, that others miss.
• Business Knowledge: Where you lack skills, you seek advice from mentors and professionals. 

Take time to reflect on your traits regarding the common characteristics of entrepreneurs.

Ask yourself: which traits do you have? Which are lacking? What can you do to improve them.

Your Personal Vision

Entrepreneurship can majorly change your lifestyle. That’s why a personal vision is important.

A personal vision serves as a compass for an entrepreneur’s decisions. Think of the following:

• Personal and professional life balance: What days and times am I willing to work every week?
• Flexibility: How much flexibility and time do I need or want in my schedule? 
• Location: Where do I want to live/work? Will my business allow me to be flexible where I live? 
• Travel: Do I want to travel? Do I have limits on how much I am willing to travel?
• Physical requirements: Do I have any physical or mental requirements that I am to consider?  
• Family requirements: How might business ownership impact my family? Positive or negative?

You will need to determine what is important for you in your personal and professional life.

This will help you decide what entrepreneurial venture to pursue that will match your vision.

Your Professional Goals

Take some time to think of your professional goals. Identifying your professional needs and financial desires is key to determining a vision for you and the business. Think of the following:

• Social Interactions: Do I want to have frequent contact with colleagues/peers? How much?
• Daily Operations: Do I want to have a team and/or a cofounder or run the business by myself?
• Skills: What skills would I need others to bring to the table that I currently do not possess?
• Expertise: What areas do I plan on building expertise? What are my strengths/weaknesses?
• Job Security: How much job security do I, as well as my family, need to be quite comfortable?
• Future Goals: Where do I see myself in the future? Would I still be in this business or another?

Keep in mind that your personal vision incorporates not only you but your friends and family.

Your professional goals are more focused on what you want to get out of entrepreneurship.

Personal Vision Statement

Here is a question for you: how do you create a business that you love? I mean really love?

A business that actually keeps on track with your personal, professional, and financial goals?

Well you need to actually take some time out and create your own personal vision statement.

You may be thinking: “I don’t have time to work on that, I need to start work on my business!”

However, just the act of writing a statement will help you refine your ideas and stick to them.

Having a clear vision will help you make more strategic decisions, now and in the long term.

Your vision statement helps you communicate your goals and keeps you on track for success.

So what are you waiting for: Have an attempt at writing your own personal vision statement!

• Think of the following: Why do you want to be an entrepreneur and start your own business?
• How will creating a business help you achieve your personal, professional, and financial goals?

Assessing Your Ideas

Before starting a venue, take time to see whether it fits your personal and professional goals.

Although you may not be able to that 100%, think of your vision and consider the following:

• Personal Fit: Does this business idea fit with my personal, professional, and financial goals? 
• Talents and Skills: Do I have the talent and skills to implement this idea (or a team that can)?
• Risks and Rewards: Are the rewards sufficient to offset the risks associated with this idea?

What happens if, after you’ve gathered information, you aren’t sure if you want to proceed?

Rather than pursing a risky idea, you may decide to look at your other options, such as:

• New Idea: Identifying and researching a new business idea, one that aligns with your goals. 
• Further Education: Getting education or training to learn more about the idea or industry.
• Delaying Starting: Waiting to improve your personal situation before starting the business.
• Acquiring Experience: Getting experience in that industry in order to learn more about it.

If this process leads you to pursing a different business idea, then consider yourself fortunate!

You’ve just saved yourself resources, time, and money that can be used on a new business.

Still want to be an Entrepreneur?

I think this post is maybe one of the most important entrepreneurial topics I’ve written about.

So many people come up with an idea, and then dive straight into launching it right away.

That enthusiasm is great, but unfocused enthusiasm leads to just a waste of time and money.

The fact is that not everyone is meant to be an entrepreneur, just like any other profession.

If after reading this blog your idea ticks all the boxes, then what are you waiting for, go for it!

Still want to be an entrepreneur? Check out this book: So You Want To Be An Entrepreneur?

This book will help you find out what entrepreneurship is really like before you take the leap!

So why do YOU want to be an entrepreneur? Please feel free to share in the comments below! 

If you have enjoyed reading this blog post, check out my other blog: What is your Net Worth?

Also, if you have any suggestions for future blog topics, please share in the comments below!