Are you meant to be an entrepreneur? According the survey performed by SBA and census bureau, around 600,000 businesses open and about 550,000 close each year in the United States alone. This leaves us with a surplus of only 50k, or 12%. Below are the listed 7 traits that show you are meant to be an entrepreneur.
- Risk Taker
If you are not moved by risks, it’s indicative of your bravery, determination and persistence, with which many entrepreneurs can identify. They are always ready to dive deep into a future of uncertainty. What differentiates a successful entrepreneur from the rest in terms of risk? Successful entrepreneurs are willing to risk time and money on unknowns, but they also keep resources, plans and bandwidth for dealing with “unknown unknowns” in reserve. When evaluating risk, a successful entrepreneur will ask herself, is this risk worth the cost of my career, time and money? And, what will I do if this venture doesn’t pay off?
- Passion matters
Entrepreneur believe that they will change the world. Level of passion and motivation will determine your success in any entrepreneurial venture. From lack of customers to profits, it’s not easy street. Without an undeniable passion for the industry you’re entering, it will be difficult to stay afloat among the disappointments and hard times ahead.
- Networking Abilities
Tapping up your network for solutions? Discussion of the poor demand, unfair competition or poverty won’t improve the bottom line of problems. Successful entrepreneurs reach out to mentors with more experience and extensive networks to seek valuable advice.
- You’re a creative thinker
Since finding innovative ways to solve ordinary problems takes creative thinking, it’s actually not that shocking that the majority of entrepreneurs think differently. Successful entrepreneurs are the influential innovators who don’t just come up with great ideas, they rock the foundations of industry convention with them.
- You’re hardworking.
At the end of the day, those who are willing to put in the most work are usually the ones who reap the greatest reward. If you’re the type of person that likes to skate by doing the bare minimum, the heavy workload of entrepreneurship will likely bury you. Entrepreneurs aren’t afraid to wear more than one hat, work through the weekend or sacrifice for the success of their business.
- You are competitive by nature.
There’s a reason some companies heavily recruit athletes for sales and business positions. The desire to strategize and win translates perfectly into business. If you played sports growing up or are the type that excels when faced with a little rivalry, you might just have what it takes to be an entrepreneur. A competitive nature will force you to not just be better — but be the best. Entrepreneurs love to show off their competitive side through their successes, and won’t give up until they’re on top.
Everybody knows how fickle the economy can be, and it takes an adaptable individual to navigate these changes with grace and persist to make a business a success. Furthermore, as somebody who will frequently encounter unchartered situations and difficult decisions, an entrepreneur is always willing and able to take challenges head on and try to find the best possible outcome. You never know what to expect as a business owner, but entrepreneurs are always ready and able to adapt to the challenge.
- You have an exit Strategy
Not every attempt will result in success. The failure rate of entrepreneurial ventures is very high. At times, it is absolutely fine to take the “practical” exit route and try something new, instead of continuing to make sunk cost investments in the same venture. Many famous entrepreneurs weren’t successful the first time around. But they had the serenity and foresight to know when to cut their losses.
Having an entrepreneurial spirit is usually a part of an individual’s makeup. This trait may have to be nurtured. If you find yourself acting in any of the above ways, you may be on your way to becoming an entrepreneur.