Being an Entrepreneur
Do you have the following traits?
- high energy level
- commercially focused (e.g. understand and are interested in money and how to make it)
- enjoy a challenge and have a creative attitude towards overcoming obstacles.
Christopher Golis, author of “Enterprise and Venture Capital” (1998), identified a number of common characteristics of entrepreneurs. These included high energy levels, an interest in money, a creative attitude towards obstacles, and calculated risk-taking. In starting up a business to commercialise an idea, you are entering the world of entrepreneurship and small business. In this initial Pre Start-Up phase, you need to decide if this is the business and lifestyle for you.
An Entrepreneur is a person who converts an opportunity into a workable and marketable concept. They apply their time, money, skills and effort to the process of getting their product or service into the marketplace. In starting up a business with the aim of commercialising an idea, you are entering the world of entrepreneurship and small business. In this initial Pre Start-Up phase, you need to decide if this is the business and lifestyle for you.
Motivation is the level of effort that you and others will put into achieving the goal of commercialising an idea. Motivation is concerned with how hard a person is willing to try. Importantly, motivation is about the quality as well as quantity of the effort. Many successful entrepreneurs tell us that they sought to start a new business or venture because:
- They felt that they were blocked from achieving great things in the company they worked for.
- They had a personal experience in wanting a product or service to help them or their family, but it was not available – so, they developed the product or service.
- They just always had a burning desire to start a business.
Think about the following questions. There are no right or wrong answers to these questions.
First, think about your personal, family, financial, professional lifestyle and social needs. These issues affect every businessperson. Now prioritise this list. What sort of business best fits your top priorities?
Second, are you in shape to start a business? Think about your health, levels of energy, personal well-being. Do you have access to support from family and friends?
Third, review your current job situation. Are you excited about going to work each day? Is there something else you would rather do?
Finally, pull all of this together to explore various businesses you would like to be in. Consider your needs, your health, time, energy and what type of work really motivates you.
Successful Entrepreneurs are shown to be moderate risk takers who don’t leave things to chance. They have a great desire to succeed, to solve problems put in front of them and to have total control of the work they do.
Entrepreneurs come in all ages and backgrounds – all types of people can learn to start up a business.
Entrepreneurs are doers and thinkers – they like action, but they are also very methodical people.