Vesta Digital Blog

How To Tell If You Are An Entrepreneur

Posted on: October 5, 2010

mind of an entrepreneurMany people are diving into the world of small business ownership. Whether this has to do with the state of the economy and job market, or the innate desire to “be your own boss,” the result is a boom in people wanting to own their own business.

There is a difference between a small business owner and an entrepreneur. Steve Smith, a mentor for small business owners and entrepreneurs for the consulting team OneCoach International, wrote an informative brief on Focus.com

The brief discusses the qualities that separate small business owners from entrepreneurs. Read the excerpt below and learn how to transcend the booming market of small business ownership and dive into the world of entrepreneurship:

The term entrepreneur simply means: one who has an idea and takes the financial risk and accountability for the outcome of their pursuits. The real meaning can be better understood in the characteristics an entrepreneur should possess in order to achieve the results they desire.

Desire to succeed

The true entrepreneur never gives up in their quest to reach the benchmark of success they have set for themselves. The real test is not in being successful but in being willing to do it again if the 1st, 2nd or 3rd attempts fail.

Determination & work ethic

Their relentless desire to succeed is fueled by a ‘dogged’ work ethic. They think nothing of putting in 15+ hours a day pursuing every aspect of their idea. While this level of determination is all but a requirement in the early phase of getting your idea off the ground, it can also be a blind spot in terms of being able to set priorities and stay focused on specific activities that drive accomplishment.

Having an innovative mindset

Few business ideas today are truly revolutionary. Most are an adaptation of an existing idea. The entrepreneur will frequently borrow an existing business model and make significant improvements to it in order to create a niche that they can grow. They are constantly looking for ways to realize their dreams by innovating what’s already in play, even when they’re not sure that the market is ready for it.

Willingness to go it alone

Entrepreneurs see opportunities differently than most people and will pursue a course of action that maybe unclear to close friends or family members. Frequently, their community will question their motives, ambitions or even sanity in an attempt to keep them from being hurt by their unshakable quest to see the venture to completion. The true entrepreneur understands this level of ‘loving scrutiny’ and presses forward despite the lack of perceived support for what they see very clearly as their road to financial freedom

Acting on creative ideas and solutions

This is one of the key factors that separate entrepreneurs from all other well intentioned business people. Entrepreneurs have an ability to find creative solution to situations that appear daunting and take action on them; sooner rather than later. Their ability to see unique approaches to the opportunities they take on enables them to act on decisions that are critical to the project’s continued momentum. The downside of this ‘go-getter’ mentality can be a pattern of frequent and unneeded ‘trial & error’ because not enough consideration is taken to research and test an idea before jumping into it with all four feet.

Making decisions in the absence of complete information or solid data

At the beginning of an idea, there may not be enough information available to comfortably decide on a particular course of action. The entrepreneur knows this and is confident in making decisions under these circumstances. They recognize that intuitive thinking or ‘gut feelings’ play a role in forging ahead into the unknown and see this as exhilarating as pursuing the idea itself. The entrepreneur knows that there is no better way to kill a promising idea in the early stages than to become paralyzed in the decision making process.

Jack of all trades

The entrepreneur knows how to do many things. They also know how to improvise and find others who can fill in their knowledge or skill gap with whatever is needed to keep moving forward. And while this ability to juggle and assimilate to a variety of situations enables to entrepreneur to keep things in motion, the downside is often an inability to accurately assess a true area requiring expertise outside the entrepreneur’s capabilities. In some cases, critical decisions may be made hastily or incorrectly causing unintended setbacks.

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