“Make money while you sleep!”
That headline and at least a dozen other variations of it try to convince you how easy it is to start your own business. Why, if sleeping were the only criterion for making money, we’d all be billionaires by now.
The truth of the matter is that you need to put quite a bit of time and effort into your new business before you can sleep soundly at night—let alone make money while you sleep.
Not every person is cut out to be an entrepreneur. Before you go bounding off to turn your idea into a business, you should spend some reflective time to ensure you have the characteristics of an entrepreneur.
Below are a few of the traits and characteristics of every highly successful entrepreneur:
A successful entrepreneur knows his strengths and weaknesses.
Take a critical look at yourself before you start a business and honestly assess your strengths and weaknesses. Knowing your strengths mean you can concentrate on these areas in building your business.
Knowing your weaknesses is equally as important, however. It’s these areas you may want to outsource to freelancers or as your business grows, assign to a personal assistant or an employee. In this way, you can spend more time doing what you do best and love to do.
Every successful entrepreneur is tenacious.
Sure, the way some people talk about starting their own business, you’d think they were making money – and tons of it – from day one. The truth of the matter is that it takes a while before any business makes money.
And your business model may have to go through many revisions before you can even make money. You’ll have days putting your idea together, wondering if you’re making the right moves. You’ll have doubt.
But one thing you can’t do is to give up. If one thing doesn’t work, try another. There’s a saying in the East that you “fall seven times; get up eight.” Don’t give up. Success could very well be the next attempt.
Or, to quote, Thomas A. Edison, who had the tenacity of a bulldog, “the three great essentials to achieve anything worthwhile are, first, hard work; second, stick-to-itiveness; third, common sense.”
A successful entrepreneur is self-motivated.
An important trait of any entrepreneur is working without supervision. When you strike out on your own, there won’t be any supervisor nagging you to do this or do that. You’ll need to have the internal motivation that pushes you to go even if you’re tired.
Scrutinize your life and decide if you’re a person who can work based on no one else’s directives but your own. There will be nobody to tell what to do, how to do it or on what time schedule. You’ll need to have the impetus to keep your own schedule, the enthusiasm to keep working and the drive to be successful.
These are only three traits of the highly successful entrepreneurs. If you can honestly say you’re able to do all of this, then you owe it to yourself to follow your dream of starting up your own business. Remember: know your strengths and weaknesses.
If you really have what it takes to be an entrepreneur, come and join me.