There is a big difference between wanting to do something and making a living while doing that something. That is true for entrepreneurs. It is not easy to be an entrepreneur. An entrepreneur needs to be okay with living with the idea that something that worked or seemed to work can fail instantly. That is why you need to have a specific character to make it work. So, do you have entrepreneurial traits?
How do you handle money?
It is essential to be in control of your money to be an effective entrepreneur. Being a big spender and not able to manage money in your personal life are bad habits that are likely to follow you into a business. Knowing where you spend every penny and being able to earn more than you spend is the lifeblood of a company. So, can you handle money?
Are you comfortable with stress?
The only thing that is certain in business is that nothing is certain. Are you comfortable with being uncomfortable? Entrepreneurship is a rollercoaster that keeps surprising you, and it is never a relaxing experience. You fly blind while under pressure. What is your relationship with uncertainty and stress?
Are you able to commit?
Running a successful business is not just about having an awesome innovative idea. It’s more about strong execution. Without execution, the idea is worthless. Are you willing to commit to one idea, work tirelessly on that, take risks with your own money, having to forgo opportunities for an idea that might not work? Can you commit to that?
Do you learn quickly?
Entrepreneurship requires managing multiple tasks as part of the business, from sales and marketing to accounting, HR, and more. Are you able to learn quickly, accept mistakes, and be able to flexible?
Are you able to chew glass?
A famous saying of Elon Musk, founder of Paypal, Tesla, and SpaceX, is that running a business is like chewing glass. Are you able to handle the pain of failure and running against walls?
Do not think that being an entrepreneur is terrible. It is awesome to have the freedom to create and shape your future. The sky is the limit, but not without commitment, grid, and an unwavering work ethic. So, do you have the traits of an entrepreneur?
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Last modified: January 11, 2021
