Are You Cut Out to Become an Entrepreneur?
Jerry is the operations manager of a large supermarket chain. He is regarded as one of the best in the industry. He earns top dollar for managing the businesses of other people. At one point in his career, he had decided to quit and become his own boss. With contacts in all the right places, it was easy for him to open his own supermarket.
Everyone expected him to succeed. So it was a big surprise when after 2 years of being his own boss, he closed his business and went back to work for other people. When asked about his experience, he said he was simply not "cut out" to become an entrepreneur. He is better off working for someone else.
While a lot of business gurus might object to the idea of people either being "cut out" for entrepreneurship or not, there is no denying that each of us have unique traits that can make it either easier or harder to succeed on our own business. Some people perform better in a business. Some people perform better when they are reporting to someone else.
According to Sun Tzu's Art of War, "If you know the enemy and know yourself, you need not fear the results of a hundred battles". In practical terms, an honest assessment of your skills and your personality can help you predict whether you will be happier and more successful being employed or self employed.
Why is it that some people succeed at becoming entrepreneurs? It's definitely not I.Q. There are smart self employed people and smart employed professionals. Neither can we say that one group is more dedicated or more passionate than the other.
It's hard to pinpoint exactly what characteristics set entrepreneurs apart from everybody else. Most of the time, it's a combination of several things combined with the right environment or opportunity. If you would like to see if you have what it takes to become a successful entrepreneur, check out this list of characteristics common to successful entrepreneurs:
1. No room for failure. Most successful entrepreneurs set out thinking there's only one option, and that is to succeed in business. If they fail in one business venture, they don't apply for a job. They set out on another business venture. This single mindedness to succeed at becoming a successful entrepreneur is perhaps the most important thing you need to have in order to succeed.
2. Learn from mistakes. Successful entrepreneurs learn from their mistakes. When there is something wrong, they don't rest until they find out exactly what it is. And once they know the root of the problem, they proceed to stamp it out. In this sense, they are perfectionists, because they want to make sure things are always done right.
3. Possesses great selling and marketing skills. Successful entrepreneurs are confident when it comes to selling and marketing their products or services. This is important because as the business owner, everyone looks to you to lead them to where the money is.
4. Have an eye for opportunities. Stories about how successful entrepreneurs landed on their big breaks will tell you one thing about them - they know how to spot and take advantage of a good opportunity. Of course, this is not something that happens merely by luck of by chance. A good deal of preparation and hard work placed them in a position to benefit from a once in a lifetime opportunity.
5. A good boss. A successful entrepreneur knows that he cannot do it alone. So he surrounds himself with people who can help him. He is not reluctant to hire people who are smarter than him. He is someone his employees respect and look up to. And he knows how to reward talent accordingly.
Everyone expected him to succeed. So it was a big surprise when after 2 years of being his own boss, he closed his business and went back to work for other people. When asked about his experience, he said he was simply not "cut out" to become an entrepreneur. He is better off working for someone else.
While a lot of business gurus might object to the idea of people either being "cut out" for entrepreneurship or not, there is no denying that each of us have unique traits that can make it either easier or harder to succeed on our own business. Some people perform better in a business. Some people perform better when they are reporting to someone else.
According to Sun Tzu's Art of War, "If you know the enemy and know yourself, you need not fear the results of a hundred battles". In practical terms, an honest assessment of your skills and your personality can help you predict whether you will be happier and more successful being employed or self employed.
Why is it that some people succeed at becoming entrepreneurs? It's definitely not I.Q. There are smart self employed people and smart employed professionals. Neither can we say that one group is more dedicated or more passionate than the other.
It's hard to pinpoint exactly what characteristics set entrepreneurs apart from everybody else. Most of the time, it's a combination of several things combined with the right environment or opportunity. If you would like to see if you have what it takes to become a successful entrepreneur, check out this list of characteristics common to successful entrepreneurs:
1. No room for failure. Most successful entrepreneurs set out thinking there's only one option, and that is to succeed in business. If they fail in one business venture, they don't apply for a job. They set out on another business venture. This single mindedness to succeed at becoming a successful entrepreneur is perhaps the most important thing you need to have in order to succeed.
2. Learn from mistakes. Successful entrepreneurs learn from their mistakes. When there is something wrong, they don't rest until they find out exactly what it is. And once they know the root of the problem, they proceed to stamp it out. In this sense, they are perfectionists, because they want to make sure things are always done right.
3. Possesses great selling and marketing skills. Successful entrepreneurs are confident when it comes to selling and marketing their products or services. This is important because as the business owner, everyone looks to you to lead them to where the money is.
4. Have an eye for opportunities. Stories about how successful entrepreneurs landed on their big breaks will tell you one thing about them - they know how to spot and take advantage of a good opportunity. Of course, this is not something that happens merely by luck of by chance. A good deal of preparation and hard work placed them in a position to benefit from a once in a lifetime opportunity.
5. A good boss. A successful entrepreneur knows that he cannot do it alone. So he surrounds himself with people who can help him. He is not reluctant to hire people who are smarter than him. He is someone his employees respect and look up to. And he knows how to reward talent accordingly.