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Entrepreneurship has created quite a buzz in our modern society. Many believe that true freedom and fulfillment can only be achieved through entrepreneurship. Entrepreneurs are often described as business focused, risk takers and pioneers.
But not everyone was born with these traits ingrained in their DNA. Those that have to acquire, through education and experience, the essential skills required for entrepreneurship are often at a disadvantage to those that call these traits second nature.
Here are some of the key questions to ask yourself in order to determine whether or not you posses entrepreneurial traits:
- What entrepreneurial traits do I know to poses?
- What do I know about entrepreneurship and business?
- Is my tolerance for risk in accordance with that of an entrepreneur?
- Do I have the resiliency to get back up after multiple failures?
What entrepreneurial traits do I possess?
The first step is to identify which traits you have that make entrepreneurship the right path for you. Understand your entrepreneurial traits and what you bring to the table.
In order for you to be successfully you have to understand your natural traits and how to use them. Consider entrepreneurship as more than a career choice, and take into account the effects it will have on all aspects of your life.
What do I know about entrepreneurship and business?
You may have dreamt about being an entrepreneur but have you ever honestly evaluated your potential as an entrepreneur? Are you made to be an entrepreneur?
A good exercise is to describe the ideal person to run your company, describe their entrepreneurial traits and determine if your traits are in accordance.
A strong business focus is necessary when you choose entrepreneurship. What traits do you posses that will ensure that your business is profitable? Do you have the ability to make the right decisions when the pressure is at it’s highest?
Is my tolerance for risk in accordance with that of an entrepreneur?
If you are confident that you posses the right entrepreneurial traits, the next step is to evaluate your tolerance for risk. What is more important to you, job security or the challenge of learning something new everyday?
The difference between an employee and an entrepreneur is that an entrepreneur will look for different ways to generate revenue, while the employee waits for their annual rates. Are you someone who constantly found different ways to make more money? Where you always taking risks and do you understand the probability of failure when starting a business?
Entrepreneurs often see risk a different way, they understand its necessity and find ways to mitigate it.
Do I have the resiliency to get back up after multiple failures?
We often hear so called influencers claiming to have concrete rules and tricks to being “successful” but we believe that success is a matter of trial and error.
Ask yourself, will you be able to learn from your mistakes and get back up after failing multiple times? Or will failure leave you feeling destroyed and unmotivated, never knowing if success was just on the other side of this final hurdle.
Ask yourself, do you have what it takes to keep giving it your all when things get unpleasant and even seemingly impossible?
You may fail, and if you do, what traits do you possess that will allow you to bounce back? Ask yourself if you posses the traits to be a successful entrepreneur, and if you do choose this lifestyle, don’t look back.
- Self-awareness is key
- Take the time to really access entrepreneurship as a lifestyle choice
Suggestions for entrepreneurial tests you can try:
- Entrepreneurial potential self-assessment (free: bdc.ca)
- BP10: The builder profile test (paid: GallupStrengthsCentre.com)
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Understand the mindset. Choose the culture. Live the lifestyle.