Becoming an entrepreneur has become easier thanks to the digital world. You can use apps as your assistants and branch out into the world like no other time in history. While it might seem like a good idea, not everyone is going to be successful. There are certain things you need to have within yourself to be good at business. Even if you’re good at one part, you may find that you lack in the other essential areas that make you an entrepreneur. If this is the case, it’s not necessarily the end of the world. You can always outsource, another fantastic benefit of technology.
Many entrepreneurs have found that owning your own business requires having enough passion that your effort is endless. Studies have found that almost 20% of new small businesses fail within the first year, and 50% fail within five years. Here are a few qualities that help in becoming a successful entrepreneur:
1. Am I self-motivated and do I take initiative?
Running a business on your own means, you have to be your own motivator. You have to push yourself even when challenges arise. It’s not easy to be an entrepreneur, but if it’s something you love doing, you’ll keep on going. You will have to put in long nights, make tough choices, and have daily motivation to keep you going. If you can’t do this, it’s likely that your business will never do well. Entrepreneurs understand that the fate of their business is solely in their hands. It should motivate you to push further even when you cannot see the light at the end of the tunnel.
It’s a good idea to reflect on these three points. They are essential to your entrepreneurial success. Are you willing to sacrifice time away from friends and family while you focus on getting your business running? Is this venture going to make you happy because it’s natural for you to work hard?
2. Do I want to go after what is next?
Did you have your own paper route as a kid? Did you take on more houses throughout the time you did this? Were you excited to wake up in the morning to do the task you got paid to do? Did you want to make more money?
It is a great sign if you have always easily managed to do side hustles without feeling like it infringed on your personal life. You likely have the kind of personality that thrives on doing a good job and doing things with passion no matter what job it is. You have a natural drive to get the job done. This hunger for more is something you’ll see in all successful entrepreneurs.
3. Am I a fixer?
Do you mentally solve problems like McGuyver? If so, this is an excellent characteristic towards becoming a successful entrepreneur. When you’re starting your product or service, can you easily see the pain point for potential clients? Can you see what the market or industry you want to be a part of is missing?
Can you simplify a process or solve someone’s daily issue? Maybe you’re looking to create an app that can help people do something much more simply. If you have an endless supply of innovative ideas that improve people’s lives, you will likely do well out there.
Do you enjoy the rush of running your own business and making your own money? These are questions you should ask yourself before going ahead with any of your great ideas. If you have these qualities, you will hit the ground running. You’ll have the motivation and the clarity to make good decisions right from the start. You won’t have doubts flooding in and drowning out your positivity. Having your own business will be a joy when you have these qualities, and you’ll enjoy every moment you’re working towards something. If you don’t have these qualities and are unwilling to make the necessary changes, you’ll likely struggle with a low chance of overcoming the odds.