What Does it Take to be an Entrepreneur?
The skills and strengths arising from military experience, such as leadership, organization,
and the ability to work under pressure, lend themselves naturally to entrepreneurship, and as a
result, many Veterans find themselves attracted to business ownership when they leave the
military. If you are considering entrepreneurship, it is important to assess your strengths
and weaknesses to determine whether you are cut out to be a business owner. Although there are
no guarantees in business, successful entrepreneurs tend to share many similar characteristics. The
following is a guide to help you determine if you share the entrepreneurial characteristics of
other successful business owners.
Step 1: Think about why you want to be an entrepreneur
There are many reasons people take the plunge into entrepreneurship, but not all reasons are
the right reasons for opening your own business. Below are the most common reasons people consider
business ownership as a career.
1. You want to be your own boss
Although this is the number one reason given by new entrepreneurs when making the change from
employee to self-employed, there are a few important things to consider. Without a boss watching
over you, do you have the self-discipline to get things done, to do them right, and to finish them
on time? Without a boss to blame, are you willing to take responsibility for mistakes and fix
problems yourself? If you eliminate the demands of your boss, will you be able to handle demands
from customers and clients, suppliers and vendors, partners, and even yourself?
2. You are tired of working 9 to 5
As an entrepreneur, you can usually set your own hours but that does not necessarily mean
shorter hours. Many entrepreneurs are forced to put in 12-18 hours a day, six or seven days a week.
Are you ready to work that hard, and is your drive for entrepreneurial success strong enough to get
you through the long hours? You may be able to sleep in and work in the comfort of your home in
your fuzzy slippers on occasion, but probably not initially and probably not all the time.
3. You are looking for an exciting challenge
Entrepreneurship is full of decisions that can affect your company’s success. Everyday is a
new adventure, and you can learn from your mistakes as well as from your successes. Many successful
entrepreneurs claim they are adrenaline junkies, motivated by the excitement of business ownership.
That excitement requires risks, however, and you must know your own tolerance for risk.
Entrepreneurship, as exciting as it may be, means putting everything on the line for your business.
Sound too risky to you? Or maybe it sounds like just the adventure you are craving.
4. You want to make more money
Entrepreneurship can be an escape from structured pay charts and minimal growth opportunities,
and, as a small business owner, your hard work directly benefits you. Despite the potential of big
payoffs, however, entrepreneurs sometimes have to work months—even years—before they begin to see
those profits. Oftentimes, entrepreneurs take a pay cut when they start out on their own. Are you
willing to sacrifice your current level of pay until your business becomes a success?
5. You really want to become an entrepreneur
This is perhaps the most important reason people should enter entrepreneurship.
Entrepreneurship takes time, energy, and money, but it also takes heart. It must be something you
want to do in order to succeed because it takes drive and motivation, even in the face of setbacks.
If you are considering entrepreneurship just because you haven’t found anything else that suits
you, make sure you are honest with yourself about whether or not you are ready to be an
entrepreneur.
Step 2: Assess your skills
Do your skills apply to entrepreneurial success? Many of the skills needed in
entrepreneurship are those gained through military experience, including:
- Leadership
- Ability to get along with and work with all types of people
- Ability to work under pressure and meet deadlines
- Ability to give directions and delegate
- Good planning and organizational skills
- Problem-solving
- Familiarity with personnel administration and record keeping
- Flexibility and adaptability
- Self-direction
- Initiative
- Strong work habits
- Standards of quality and a commitment to excellence
Think about your other skills that might help you become a successful entrepreneur. Are you
good with money with a strong credit history? Do you have a high energy level? Do you see problems
as challenges and enjoy trying new methods for success? Listing your skills will not only help you
assess yourself as an entrepreneur, but it might also tell you what kind of business you should
start!
Step 3: Define your personality
Your personality often helps determine what type of work best suits
you. People preferring structure might find the corporate environment most suitable while
creative types might enjoy flexible jobs with relaxed policies. Like any job, there are certain
types of personalities that thrive in entrepreneurship.
- Goal-oriented
- Independent
- Self-confident
- Innovative and creative
- Strong commitment
- Highly reliable
- Competitive
- Desire to work hard
- Problem solver
- Good manager
- Organized
- Honest
- Tolerance for failure, but a drive to achieve
- Idea-oriented
- Motivated by challenge - Calculated risk-taker
- Courageous
- Persistent
- Adaptable
- Positive
Even if you do not have all of these characteristics, you can still be a great entrepreneur.
Every entrepreneur is a blend of skills and strengths. Think about the skills or traits you don’t
have, and learn to improve them or work to overcome them on the road to entrepreneurship!
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“Change is the law of life. And those who look only to the past or the present
are certain to miss the future.” – John F. Kennedy, 35
th President of the United States of America and Navy Veteran
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