Top 5 Ways to Know if You’re Cut Out to Be an Entrepreneur – Part 2

Top 5 Ways to Know if You’re Cut Out to Be an Entrepreneur – Part 2

This is a continuation of Part 1.

There will be seasons in owning a business where you’ll have a lot of wins and there will be certainly seasons when you’ll have a lot of losses. But whichever way the seasons blow, you must be ready and willing to do whatever is necessary to adjust with the times.

What is extremely important and connected to the characteristic of malleability is resilience. You have to be able to adjust and maneuver to whatever is happening in your business and you have to be equally able to recover from setbacks that occur as well.

You will undoubtedly hit obstacles and adversity along the way. So, you must be able to recover quickly from those trials and struggles to land back on your feet and be able to live in your business another day.
 

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3. Are You a Problem Solver?

One of the top things that you will do as an entrepreneur is solve problems. Each day will offer you the opportunity to discover new ways of solving new challenges that face your business. Doing so will grow you in ways you can’t even imagine. So, problem-solving, and the ability to do so is a quality that is necessary and essential as a business owner.

4. Are You Open to Growth and Learning?

Entrepreneurship is all about learning and growing. If you are not interested in either, the world of entrepreneurship is not for you. Most entrepreneurs go into business without ever having any business experience or knowledge. Although not the best way to go into business, most of these entrepreneurs end up learning on the job. You have to be willing to adjust your thinking, adjust your doing and be open to ideas and concepts you never imagined before.

If learning and growing is not on your list of ambitions or if it’s something you’re resistant to doing, entrepreneurship is definitely not the right option for you. However, if you are open to learning different ways of thinking, different ways of being to improve all levels of your business and of yourself, then entrepreneurship very well may be a great opportunity for you.

5. Do You Have Faith and Belief in Yourself?

Entrepreneurship is not the career to go into if you have low self-esteem. Why? Because the challenges you will inevitably face as an entrepreneur will create more insecurity and uncertainty in the belief of yourself than you had prior to going down this road.

Although you may have the support of staff, employees and team members, at the end of the day, when all the dust settles, if you do not believe in yourself and your ability to hurdle the challenges and move forward, you will not succeed.
 

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A big part of the entrepreneurial game is the mental development and processing that has to occur long before you see successes in your bottom line. If you do not believe in your ability to weather the storms, you too, as many that were discussed at the beginning of Part 1 of this article, can very easily find yourself in a depressive state of mind.

All the preparation in the world will not prevent you from having to endure some trials and challenges in running a business. Even with them, it does not mean it is not doable – what it does mean is that you have to put yourself in the best position possible to make the best choices that will put your business in the most optimum position to succeed.

It also means that before you throw your hat in the entrepreneurial ring, you should work on developing some of the characteristics that will be essential to keep you in the game. I’m a believer that it can be done. But you have to be willing to stay on your grind, persevere and do all that is necessary to keep your business and yourself in the game.

Affirmations can help you break through fears, challenges, self-doubt and all sorts of things that block us.

The 7 tips I offer in this free report have the amazing power to help you break through these blocks so you can soar! Access the free report here.


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Top 5 Ways to Know If You’re Cut Out to Be an Entrepreneur – Part 1

Top 5 Ways to Know If You’re Cut Out to Be an Entrepreneur – Part 1

Many people see entrepreneurship as a sexy alternative to a 9-to-5. The problem with that view is that it is so far more than that and so far more difficult than the perception of what it appears to be.

Often times people see entrepreneurship as a means of creating freedom, flexibility, and great wealth. What they normally don’t see are the trials, hardships, lack of funding and uncertainty which can be a significant part of the journey as well.
 

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A recent study showed that entrepreneurs have a high rate of depression. It is connected to the life of uncertainty, often lack of stability and ongoing hardships that entrepreneurs face at times. Obviously, that’s not all of what entrepreneurship is but you better know before you go into it that these factors certainly amount for some of it.

So, these are the top 5 ways to know if you are cut out to be an entrepreneur.

1. Are You Able to Deal with Uncertainties?

At some point in your business, or your career of entrepreneurship, you will face uncertainty. No matter who you are or what type of business you open, uncertainty is most certainly to be a part of your path. It doesn’t mean you can’t create certain pieces to put you in the best position, but what it does mean is that even with that being the case, uncertainty is guaranteed to be an element you face along the way.

There can be uncertainty around staffing, finances and reaching goals among other things. But it is crucial to be able to handle the uncertainties and not allow them to slow you down or stop you from moving forward in your business venture.
 

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2. Are You Able to be Malleable?

The reason you need to be malleable is because you are going to have to take some hits and curveballs along the way. There will be times when what you expected to occur doesn’t happen and what you hadn’t expected will. So, you must know how to move with the flow of things and to be adaptable to the differing circumstances you will face on your path.

Check out Part 2 of this article here.


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Why Entrepreneurship is Not For the Weary

Why Entrepreneurship is Not For the Weary

If you’ve been in the entrepreneur lane for more than a minute, you know that there is at least one time in which you’ve wondered if you should continue running on as a business owner or if you should just call it a wrap. Every business owner has had to come to that question and most have had to ponder it much more than once.

Entrepreneurship is not for the weary. You will be tired, tried and tested throughout your tenure. So, if you haven’t experienced it yet, know that at some point you will. And when you do, take comfort in knowing that the exception to the rule would be someone whose circumstances did not require them to think of it at all.

When that moment happens to you, it is important to take an analysis of where you are in your business and where you still have yet to go. Owning a business is no small feat. It requires tenacity, unrelenting faith and perseverance just to name a few. Even with all the right characteristics, there will be moments in which you wonder if you should go on in your business.
 

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I have had to ask that question at some point in almost all of my businesses. But know you can never create a successful business without making it through some dark seasons. Entrepreneurship can produce the most unbelievable, amazing results, but once you get to it, know that you deserve every bit of that success after all you would have had to endure to make it there.

When you do your analysis, look at whether you’re currently doing the best you could possibly do in the business. Look for support in the areas where you see gaps, and determine what is going to be required to get you out of that hole.

If you are able to do what is necessary to produce the end result, keep running. But if you see that even with the necessary components it is still not worth it in the end, or you are not willing to do what’s required to get there, perhaps it’s time for you to let it go.
 

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Nothing comes without sacrifice. There is a price for everything. Many who have built successful businesses will tell you that often times those they loved had to be sacrificed. For some, the sacrifice was worth it. For others, it certainly was not. But only you can determine whether the sacrifices it took for you to get there was worth it for you or not.

Seek out advice from those with specific expertise in the areas you need support. But be sure to make the best decision for yourself and one that you can live with and not regret as your life goes on.


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How Angel Investors Can Help Your Business Grow

How Angel Investors Can Help Your Business Grow

Angel investing is a powerful way for entrepreneurs to fund their businesses. One of the major reasons why businesses don’t succeed is due to the lack of capital.

Angel investors are often wealthy individuals who are interested in investing seed money or capital to expand a business. Many are interested in bringing certain ideas and innovation to fruition.
 

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Some angel investors love to contribute their expertise to the businesses they invest in. Some have already created successful businesses and have a tremendous amount of business experience they want to share. Others may not have the expertise, but could be interested in learning. Whatever the interest of the angel investor, it is important to know exactly what their expectation is as it relates to being a part of the company their money is helping to support.

Most angel investors require ownership in your business in exchange of their investment, while others do not. Some may require you to pay a particular investment return without requiring shares. You are able to negotiate and structure the best deal for yourself and your business. But just remember, if you are in need of the funds, the investor has the upper hand. They will have a significant advantage when structuring the deal for your company. There are tons of companies seeking out investors. You are not the only viable business opportunity in town.

Many angel investors focus on specific industries and sectors. Some may only be interested in women-owned businesses or tech, but whatever the type of investor, do your research to make sure you have the angel investor and investment that is best for you.
 

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Finding the right angel investor can be difficult. It’s going to take much more time and effort than you may anticipate. So, make sure to give yourself a significant amount of time to search for one.

Once you find one, you’ll want to make sure you complete your due diligence before signing any agreements. I advise you to seek out a corporate attorney to assist you in the process and ensure it is the best deal for you. Do not wait until the last minute to do this. Bring the attorney in early as the right one will help you to avoid a ton of pitfalls in this process.

I have seen countless investment deals go bad. So, you’ll want to do whatever is possible to put yourself in the best position at the beginning. Otherwise, it can be a huge liability to yourself and ultimately your business in the end.


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Are Entrepreneurs Born or Made?

Are Entrepreneurs Born or Made?

What an interesting question to ask. Entrepreneurs are the backbone of American business. Small businesses are the engine of the US economy and account for the creation of the majority of new jobs in the country. Some of the greatest minds of our time are entrepreneurs. Many believe entrepreneurs are born with certain skills, abilities and characteristics that give them an advantage to succeed as an entrepreneur. Others believe absolutely not. They think that many or all of the skills required to be a successful entrepreneur can be taught. I happen to believe the answer is both.

I believe there are people that are born entrepreneurs. It’s just in their blood – their DNA. These are individuals who regardless of their environment or exposure, they were just born with the natural attributes to become a successful entrepreneur. What are those qualities you might ask? There are many, but some of the essential ones are determination, tenacity, problem-solving and creativity. You don’t have to have equal amounts of each, but you must have an abundance of the most vital ones. Those would be around endurance, perseverance and grit.

The road of entrepreneurship is not an easy one to travel, so you must have an unrelenting commitment to see it through.

 

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Even with that, I absolutely believe that you can be taught many important skills required to be a successful business owner and entrepreneur. These teachings can make an entrepreneur soar. Many of these are related to business principles and leadership.

I often think of myself when reflecting on this topic. Has my serial entrepreneurial journey come from what was already inside of me or was it developed from being raised in a home of entrepreneurs? My first jobs were working in my family businesses – parking garages and working on homes to rent. My dinner table conversations were around the stock market and what types of businesses could be created to fill the gaps in particular areas.

I certainly don’t believe that those elements in my life were meaningless. But I definitely don’t think I would have been able to do it had there not been some of the vital characteristics already inside of me to draw from, such as an undying will to persevere. Entrepreneurship can be grueling. It is not a trek for the weary. So, if you don’t possess some of these fundamental components already, you very possibly may not endure. And those are characteristics that are very difficult to teach, if they are even teachable at all.

 

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I think the best entrepreneurs are the ones that are smart enough and wise enough to know that whether you were born an entrepreneur or you developed into one the smartest and most effective entrepreneurs are those who know you must continue to learn and grow as an entrepreneur. You cannot just rest on your laurels.

Regardless of how you became an entrepreneur, if you don’t understand the critical importance of continuing to expand in that role, you will be doomed to run into tremendous challenges, setbacks and often defeats as a result of you simply being left behind. You will be at a huge disadvantage, because the world, including business, continues to evolve.

If you are not willing to keep up and expand your mind, you will essentially remove yourself completely from the entrepreneurship lane.

 

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Which do you think? Are entrepreneurs born or are they made?

I can’t wait to read your comments!


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