Preparing for Entrepreneurship

Having the Right Stuff to Become a Business Owner

Aug 21, 2009 Carla Crepin-Swift

The keys to success and self fulfillment vary as much as the businesses do. However, the qualities and perspectives necessary to become an entrepreneur remain the same.

People often find themselves doing things for which they have no natural skill or passion because to do otherwise would be frowned upon by society. This has lead to many people living pay check to pay check without any real sense of fulfillment. Part of a person’s success in life has to do with becoming a master of those things for which she has a comparative advantage.

Preparing to be an entrepreneur requires the individual to be true to herself by having a deep level of introspection in an honest fashion. The following qualities will help determine if she has what it takes.

Level of Risk Inclination

Business is all about risk. Great reward is not achieved without taking risk. All the business people, for whom individuals have profound respect, have reached where they are by understanding how empowering risk actually is.

There are people who have 'great ideas'. Some of these same people are the ones who have the best ‘Get Rich Quick’ schemes. Yet, when confronted with taking the necessary risk to make things happen, they cry out like a child who is afraid of the dark.

Others get beyond the idea stage. Yet, upon recognizing the level of sacrifice that is required, they retreat into the world of safety that they know all too well. The lesson remains that the aspiring entrepreneur must be true to herself. Only then will she know if she has the fortitude to handle the inherent risks that come along with owning any business.

Confidence

Other titles for confidence are guts, drive, lack of fear and optimism. Successful entrepreneurs have managed to curtail their fear of failure and focus on potential success. They do so by conditioning their minds to work tirelessly towards the achievement of their business objectives.

In business, confidence is everything. Self-confidence ensures stability in entrepreneurship. If the entrepreneur lacks confidence in the products and services she offers, no one will have confidence in her and her business will not succeed.

People buy products and services not only on their merit, but also on how much the entrepreneur makes them believe that they need the benefits of her product in the first place. Her confidence will also make potential customers feel that the product will deliver the perceived benefits.

Being confident does not mean that the entrepreneur will get away with sub-standard products. It means that she is willing to put herself out there and create her own opportunities fearlessly.

Dealing with Rejection

This is another very critical area an individual must examine when determining if she has what it takes to be a successful entrepreneur. Rejection is inevitable. Not everyone will respond to her product or confidence favorably.

All great entrepreneurs have said that they built their success on the blocks of rejection which were thrown at them throughout their career. This includes rejection even from other entrepreneurs or the first potential client. The lesson is not to try to avoid rejection, but instead find ways to deal with it. Each instance of rejection brings success closer.

Consider this example: Colonel Sanders, at the age of 66, started living on his social security check but soon found that it was inadequate. Therefore, he tried to start a business selling his recipe for fried chicken. He was rejected 1,009 times before someone said ‘yes’ to his Kentucky Fried Chicken. The rest is history. He became a multi-millionaire at an age when most people have already retired. (Kiyosaki, 202)

Commitment to Objectives and Goals

People will always have something to say. Some make intelligent contributions while others do not. The business world also speaks to aspiring entrepreneurs in ways that may be difficult to decipher. Yet, loved ones and colleagues can and do persist in trying to deter the individual. They should not be blamed for this since their intentions are (usually) good.

It is the aspiring entrepreneur who has the ultimate power in determining the decisions she makes. She must intelligently discern the opinions of others, while making sense of the economic environment. However, she should not loose sight of her strategic vision. To do so is to forfeit control of her life and allow others to take her off the road she is traveling.

People with entrepreneurial aspirations must be willing to leave their predictable lives and venture into the unknown world of business. They must be able to control the reservation and fear that have kept them in their current situation. Only then can they experience all the benefits of being a successful entrepreneur.

Source:

Kiyosaki, Robert T. “Rich Dad, Poor Dad”. Warner Books, 1997

The copyright of the article Preparing for Entrepreneurship in Entrepreneurs is owned by Carla Crepin-Swift. Permission to republish Preparing for Entrepreneurship in print or online must be granted by the author in writing.

Preparing for Entrepreneurship