What are the warning signs that a budding entrepreneur should look out for to realize that he really is not cut out to be an entrepreneur?
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Some people are more suited to work for other people. This group of people will be wasting their time and money if they set out to be entrepreneurs. What are the warning signs that a budding entrepreneur should look out for to realize that he really is not cut out to be an entrepreneur?
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Answer:
As far as I am concerned, I don't believe that it is an accident that a person has set out on an entrepreneurial journey ... and if you have already taken the initial steps, why not just continue, whether you think your're cut out for it or not. Not everyone that chooses to be entrepreneurial ends up being acknowledged publicly as an entrepreneur. But that should not stop them continuing on the entrepreneurial journey. Because being entrepreneurial simply means that you seek self-actualization, a life of significance and actions that can make a difference and add meaning to your world. These are noble human goals that should never be abandoned, especially by those that have already taken the initial steps towards their achievement. There is no 'one-perfect-fit' entrepreneurial type. Sure they do share certain http://startupeducation.wordpress.com/characteristics-of-an-entrepreneur/but their skill sets and personality types come from diverse fields. Myers-Briggs identifies that entrepreneurs can come from fields as diverse as the ISTP âCraftsmanâ, the ESTP âDoerâ, the ENTJ âField Marshalâ, the ENTP âInventorâ or the ENFP âChampionâ type temperament. Like every entrepreneur that has gone before you, you will have your share of disappointments, set-backs and failures but I would never say to someone that has already begun the entrepreneurial journey to do anything else but to dust yourself off, start again, push on and never give up until you find the path that leads to your success - however you might define it! If you identify with most of the following characteristics of an entrepreneur then I say, continue the journey ... if not, then perhaps another option could be considered: have high energy enjoy creative pursuits are self-confident possess healthy levels of self-esteem are futuristic in outlook enjoy finding solutions to problems willingly trade present risk for future benefits learn from failures (yours and others). thrive on change have a natural predisposition to showing initiative willingly accept personal responsibility The entrepreneurial journey is a 'road less travelled' life-choice that is open to everyone. But those that are committed to the journey will stay the course in spite of the disappointments, set-backs and failures. We have far too few of them that have chosen this path to be discouraging a budding one by saying that they are not really cut out for it. All entrepreneurs have moments when we wonder 'what have I done?', but we continue anyway, mostly because we perceive the alternatives as being a less than worthy investment of our lives.
Peter Baskerville at Quora Visit the source
Other answers
Per http://www.businessnewsdaily.com/5373-entrepreneurship-traits-qualities.html You can't stand the heat. Before you jump into self-employment, make sure you're very comfortable being uncomfortable. Every day, you'll need to try something new for the first time. You have to be ready to put yourself out there and do things youâve never done before â all with less financial security. You have professional ADD. If you get bored and frustrated easily, or you're the type of person who likes to go in a new direction every 60 days, business ownership may not be for you. Being an entrepreneur requires unwavering laser focus to achieve your business goals. You get stage fright. As a business owner, you are the primary spokesperson for your company. You need to be ready and willing to take center stage and spread the word whenever possible. If you're uncomfortable in the spotlight or you donât like public speaking, you'd better master these competencies before you launch. You hate roller coasters. As a business owner, you never know whatâs around the corner. It could be a really steep hill or gut-wrenching free fall. There will be countless ups and downs, and you need to be prepared to hang on and enjoy the ride. You think complexity is cool. Complexity may be cool, but it's hard to create, market and sell. The simplest solutions are the most successful, and as a business owner, you need the ability to distill concepts to their simplest forms so they can be easily communicated. You can't explain the steps of shoe-tying. Tying a shoe is a complicated. So is running a business. You have to be able to delegate tasks and to direct others, meaning you need the ability to break big ideas into easy, actionable steps for implementation. You don't believe in marketing. Marketing makes the business world go round. If you don't embrace it, you'll never succeed. You need to be ready to dedicate effort and money to the task of marketing your company, and give it time to work using a variety of mediums. There's no silver bullet. You're easily winded. Once you get past the adrenaline rush of starting your own business, you'll encounter a portion of the journey called the "middle mile." This is where you face challenge and drudgery. Your feet will hurt and your breathing will be labored. Despite these inconveniences, you must be able to place one foot in front of the other and press on. You're a problem passer. In business, there are problems that must be decisively resolved by the owner. Sometimes customers and employees will be unhappy with your decisions and that's OK. Successful entrepreneurs never postpone difficult choices. You're on the quest for quick cash. Profit shouldn't be the reason you are in business. You are in business to solve problems and to serve others. If you find a way to deliver a better solution or service than your competitors, you will make plenty of money, but it doesn't happen overnight.
Hunter McCord
Interesting question. It's important to define "entrepreneur". Do you mean anyone who starts any business or someone who aims to create the next Amazon, Space X, etc.? In my experience, there is a pretty distinct difference between employees and employers/entrepreneurs. Much of it has to do with both risk tolerance and what is ultimately important to that individual. Even so, an employee-type may decide to have a side business, which is or aims to be profitable and therefore more than a hobby, making them an entrepreneur. BUT, much different than dedicating a big part of your life to entreneurship. Can someone learn to be an entrepreneur? Potentially, but personality traits aside, this comes down to what is important. We all make choices with the limited amount of time we have. If starting/spending time with family or leisure activities (that are not business-building) is most important, then it's unlikely the "entrepreneur" is going to have the desire to put in the tremendous amount of time, money and energy needed to start a company and see it through. This is not to say an entrepreneur can't have a family or leisure activities outside of work. In fact, one should. But the ability to live with the fact there will be a cost in time, lack of security, mental energy, capital, etc that one's business-building is going to require--at least at the start--that will affect other areas of your life, is important.
Ron Cicero
As I've stated in one or two previous answers to similar questions, the term "entrepreneur" holds within it an inherent willingness for risk. Therefore, in my opinion, the litmus test for entrepreneurship is one's willingness to risk significant amounts of personal capital and time in order to grow the business.
Ophir Ben-Yitschak
For me the personality trait that should be a warning signal against being an entrepreneur is being risk-averseâunwilling to assume personal financial risk or to risk personal credibility and if you're the type of person that can easily accept defeatâyou will not taste triumph. If you get discouraged easily, take criticism personally or advice begrudgingly, you are not cut out to be an entrepreneur.
Christian Teece
When you fear failure - because failure is part of the entrepreneurial journey When you feel that you are unable to deal with the stress - because there will be stress When you need/want more money than a startup salary can afford - startups will always be able to afford only subsistance salary for their founders... if at all
Prajakt Raut
1) Cashflow or rather lack of Cashflow ; 2) Not knowing the accounting status i.e. what is the net worth, receivables, payables, profit etc. ; 3) always being overwhelmed; Reason running business involves:- 1) market or busines ; 2) finances ; 3) operations / execution ; 4) accounting / ERP All this shoukd result in 1) Making profit and making enough to pay all the stake holders ( including himself/herself) sufficiently and promptly 2) happy empliyees and happy customers 3) sustaining the above two
Selwin Prabakar
The funny thing about this question is that it's targeted at the wrong crowd. Most entrepreneurs just are.
Don Grgic
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