Entrepreneurship – Do You Have What it Takes?

entrepreneurship
The clear majority of North Americans if polled would tell you that they dream of being their own boss, to work from home, travel when they want, but very few achieve it.

Most of these same people are fantasizing over the idea of being an entrepreneur without fully understanding what that means. So to help understand if entrepreneurship is for you, what it is and do you have what it takes I will start with a clear definition.

Entrepreneurship is defined as the willingness to manage a business venture. An entrepreneur is a person who is involved in bringing products, services or opportunities to the market.

They create value in the lives of others.

The etymology of the word is from the French word “entreprendre” which means to undertake and from the English word enterprise which when combined is “entrepreneur”.

Investopedia has an explanation of the origin which expands on it as a person who seeks out wasteful uses of limited resources and capital and moves them to something more fruitful. An entrepreneur is a creator and an innovator.

Now that we know the definition let’s see if you have what it takes?

In this day of high technology and internet, the possibilities are endless for the average person to create and start a business.

In fact, everything that we can see, feel and touch started out as a thought in someone’s mind.

So the first thing that you have to have to be an entrepreneur is a creative mind. We all have one; you need to slow down long enough to get your creative mind into a working form such as written down.

Use the tools you already have to get the ideas written out. Word, Excel, mind mapping programs and so forth. Use the technology to create and hone your creative idea.

This creative idea can be anything from online marketing, to book writing, selling on Amazon, a better way to get “x” product to work better and so forth. It could even be getting a service already in play to the masses more efficiently. Legal Zoom is just one such example.

Accept the fact that this means moving out of your comfort zone.

If you need to keep your current employment but want to start your business with your creative idea, how about trading off some recreation time and television watching time to pursue your creative idea that will change the lives of those around you.

You need to shift your comfort thinking to uncomfortable thinking.

The issue of capital always comes up when starting a business. Yes, you will need it. Depending on the direction you go, you will need money.

However, maybe not as much as you may think! Using resources like LinkedIn and other social networking is next to free to get the word out.

You will need to understand what email marketing is all about and how to use transponder services that allow for mass email marketing.

Entrepreneurship means you will need to be patient and accept the fact that the payday is weeks, months or possibly years in progress.

Do not let that dissuade you.

If your idea is of value then the customers will come when you create, perfect, and properly market your product or service. So here are a few summations on what it takes to be an entrepreneur:

  • Creative mind
  • Slow down long enough to get the creative thoughts on paper or document
  • Understands that this is a new product or an innovation of existing product or service
  • Willing to move out of comfort zone at least a little each day
  • Understands the need for capital but also uses the leverage of technology for efficient marketing
  • Is very patient on themselves as they progress down this journey

Do not be too hard on yourself because technically speaking; if you started down the road of entrepreneurship, then you are one.

It is just a matter of enjoying the journey and the failures.  Being an entrepreneur is never finished, it is a journey of joy and love for what you do and for other people.

Author

BA in Accountancy, he entered the entrepreneurial world by starting his first online marketing business in 2004. Passionate about personal finance, the stock market and a digital marketing addict. I also love to read books on entrepreneurship and technology and always on the lookout for new opportunities. I'm an avid golfer and currently a 15 handicapper.

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