Why would anyone want the risks and hassles associated with being an entrepreneur? The three main reasons are…
You can be your own boss.
Entrepreneurs are attracted to the idea of being your boss. These individuals would instead work for someone else than pursue their dream of owning a business. People choose to be their own boss for many reasons. Examples include being laid off or frustrated by corporate structures.
Realizing ideas, dreams, and passion:
A second reason why people start their own businesses is to pursue their dreams, passions, and ideas. Although many people share the same goals, very few people actually work hard to realize their entrepreneurial dreams. Many entrepreneurs answered that they felt forced to start their business by their employers, who were not open to change and innovative ideas. These entrepreneurs didn’t let their dreams simmer; they worked hard to bring their passions, ideas and passions to life through entrepreneurship.
Financial Rewards:
People become entrepreneurs in order to reap the financial rewards that come with these perceived opportunities. Perceived is because many small businesses fail. The average entrepreneur does not make as much money as a traditional worker, which is why so many people don’t take the plunge. Although it is possible, it is unlikely you will reach the same level as Larry Page or Sergey Brin (Google) and even Jerry Yang (Yahoo). It’s not a good idea to make money as your primary motivation for starting a business. Financial incentives are necessary, but they shouldn’t be the sole reason you start a business. These three traits are essential for entrepreneurs to be successful.
Passion:
Passion is an essential trait shared by successful entrepreneurs. These entrepreneurs have passion for their businesses and believe their company will make a positive impact on the world. Sergey Brin and Larry Page are prime examples. Both men have enough money to last many lifetimes. They aren’t planning to retire and live in luxury. Instead, they will continue working towards their passion: Google.
If you aren’t passionate about your business, it is best not to become an entrepreneur. You will fail if you are only half committed to your business. Entrepreneurs must be 100% committed to their business in today’s dynamic and competitive business environment. They need to work long hours to defeat the competition and continue to innovate on products and services to help it grow. If you don’t have passion for your business, you will eventually give up and succumb to the ever-changing demands.
Focus & Tenacity:
Focus and perseverance are essential to meet the ever-changing demands of your business. Entrepreneurs need to focus on providing value to customers and provide high-quality products to improve their lives. This creates a win-win situation for everyone. They must be resilient and able to overcome setbacks and fail, as both are inevitable. Entrepreneurs must remain focused on the end goal and be determined to achieve their vision and mission because most start-ups fail.
Execution Intelligence:
Every entrepreneur must strive for execution intelligence. This is the ability to execute business strategies and ideas as efficiently as possible. This includes creating a business model, raising capital and establishing clients and partnerships, managing finances and leading and motivating employees. You will be more successful as an entrepreneur if you have execution intelligence and a remarkable ability to transform innovative ideas into tangible actions and results. If you want to succeed as an entrepreneur, it is not easy. It is essential to ensure that you have the right skills and resources to be able to access legitimate business opportunities that can provide adequate financial rewards over the years.
You can also read my other posts on entrepreneurship. To help you think about the requirements of entrepreneurship before you embark on this journey, here are “10 Chinese Proverbs”.
“Opening a shop is simple, but keeping it open is difficult.”
“In every crisis, there is an opportunity.”
“Defeat is not bitter if it’s not swallowed.”
“Failing to plan is planning for failure.”
“If it’s worthwhile doing, it’s worth making well.”
“Cheap goods are not good, but good things aren’t cheap.”
“Sow a thought, reap an act; sow a habit, reap the habit; sow habit, reap the character; sow a character, reap the destiny.”
“Learning is a treasure which will always be with its owner.”
“Patience can be a virtue.”
“Make happy all who are near you, and those who live far will come.”